Debt Dumpers - 2019

DH and I have decided on a 5 day trip to Jamaica for our 15 year anniversary. It is not a budget trip in the slightest as we went with a high end, all inclusive, adults only resort but we are not going in to debt for it and decided we ain’t getting any younger for these types of things. We have the added, but necessary, expense of passports that we’ve never gotten. We booked the trip 5 days ago, but it’s still sitting in pending on my cc account. We haven’t been contacted by them to confirm we made the charge but I’m starting to worry it’s been stopped by them due to being an unusual transaction. I will probably call them if it doesn’t clear in the next couple of days. I have the money sitting here ready to pay it off.

We will probably change up our family vacation plans to something simpler than California and save that for next year. Our son enjoys history and water parks (what a combination). Any thoughts on where we might go to incorporate both of those things?
 
We will probably change up our family vacation plans to something simpler than California and save that for next year. Our son enjoys history and water parks (what a combination). Any thoughts on where we might go to incorporate both of those things?

You could go to Williamsburg, VA. Colonial Williamsburg is amazing for a history buff and Busch Gardens (amusement park) has a waterpark called Water Country USA in Williamsburg as well. While you are there, you can also visit Jamestown Settlement and Yorktown Battlefield National Historic Park and Museum.

https://buschgardens.com/williamsburg/water-country-usa/
https://colonialwilliamsburg.com/
https://www.historyisfun.org/jamestown-settlement/
 
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You could go to Williamsburg, VA. Colonial Williamsburg is amazing for a history buff and Busch Gardens (amusement park) has a waterpark called Water Country USA in Williamsburg as well. While you are there, you can also visit Jamestown Settlement and Yorktown Battlefield National Historic Park and Museum.

https://buschgardens.com/williamsburg/water-country-usa/
https://colonialwilliamsburg.com/
https://www.historyisfun.org/jamestown-settlement/

Seconding Williamsburg! I've never done the Busch Gardens there but have heard fantastic things!
 
We will probably change up our family vacation plans to something simpler than California and save that for next year. Our son enjoys history and water parks (what a combination). Any thoughts on where we might go to incorporate both of those things?

You could go to Williamsburg, VA. Colonial Williamsburg is amazing for a history buff and Busch Gardens (amusement park) has a waterpark called Water Country USA in Williamsburg as well. While you are there, you can also visit Jamestown Settlement and Yorktown Battlefield National Historic Park and Museum.

https://buschgardens.com/williamsburg/water-country-usa/
https://colonialwilliamsburg.com/
https://www.historyisfun.org/jamestown-settlement/

Third for Williamsburg. That would be a great vacation for him and there's a lot to do in that area. You and your DH would enjoy it too.
 


Well due to the snow storm that's still hitting the Sierra, we won't be heading up to Tahoe tonight like we hoped. I may try and figure out something else to do this weekend, but i'm not sure what at the moment. At least we have Disneyland to look forward to in the next 2 weeks. This will probably be our last short weekend trip before we go for 4-5 days in October before our APs expire. (Granted I've said this before and we've always squeezed in another short trip, so it's not out of the realm of possibilities lol. I think for our October trip we're going to go out with a bang and stay at either the Grand Californian or the Disneyland Hotel since the days we'll be there coincide with Fall Dapper Days (which i've always wanted to attend) and we'd be able to use their hotel discounts. I'm pretty positive we won't be renewing our APs when they expire.
 
DH and I have decided on a 5 day trip to Jamaica for our 15 year anniversary. It is not a budget trip in the slightest as we went with a high end, all inclusive, adults only resort but we are not going in to debt for it and decided we ain’t getting any younger for these types of things. We have the added, but necessary, expense of passports that we’ve never gotten. We booked the trip 5 days ago, but it’s still sitting in pending on my cc account. We haven’t been contacted by them to confirm we made the charge but I’m starting to worry it’s been stopped by them due to being an unusual transaction. I will probably call them if it doesn’t clear in the next couple of days. I have the money sitting here ready to pay it off.

We will probably change up our family vacation plans to something simpler than California and save that for next year. Our son enjoys history and water parks (what a combination). Any thoughts on where we might go to incorporate both of those things?
Are you on the east coast and how far would you like to travel? Williamsburg as suggested, or Charleston. Charleston, not sure of waterparks, but I researched some neat hotels at Hilton Head, and maybe not with waterparks but some pools and beach and some offer tours into Charleston, just a thought. I actually want to do this one of these days. Williamsburg also has a Great Wolf Lodge, if interested, I've been there, so you could lodge and waterpark, and then also go out and see Williamsburg.
 
Well due to the snow storm that's still hitting the Sierra, we won't be heading up to Tahoe tonight like we hoped. I may try and figure out something else to do this weekend, but i'm not sure what at the moment. At least we have Disneyland to look forward to in the next 2 weeks. This will probably be our last short weekend trip before we go for 4-5 days in October before our APs expire. (Granted I've said this before and we've always squeezed in another short trip, so it's not out of the realm of possibilities lol. I think for our October trip we're going to go out with a bang and stay at either the Grand Californian or the Disneyland Hotel since the days we'll be there coincide with Fall Dapper Days (which i've always wanted to attend) and we'd be able to use their hotel discounts. I'm pretty positive we won't be renewing our APs when they expire.
That's too bad about Tahoe. Having Disney to look forward to though is good!
 


Small update for me. Got my new zero transfer card. Got our largest balance transferred over and I started the process to transfer over our next largest. We'll pay the balance for two months, then transfer the balance of our last card over and all our balances will be on that card. My husband is continuing to use his high limit card (the largest balance card) but that is budgeted as thought it's being used from our debit card, lunches and gas) and will be paid off each month). Once the balance is under 50% on the zero interest card, we will pay off the balance again on his card and move all regular spending to the zero interest card and leave that as our primary card because of the lower interest rate.

I also paid off a credit card in full yesterday. Balance was 704. Our total credit card debt is down now from $11,400 to $10,900.

All cards but my debit cards have been out of my wallet for over a week now and I'm OK with that. I want this so bad. Once the balance is at 0 I can use the money I was using trying to keep the cards under control to finish paying for our Disney Christmas 2019 trip and then an emergency fund. But you guys have me nervous about tax time!

I went back through my posts to find my last update since I am ready with a new one and I guess it's been a while, but it's also kind of nice to see that even though in this time lapse we have back slid and had a few issues come up (sick kid - not sick sick just a visit to the IMM care and some meds, car issues and a bit of over spend) we still come out a little ahead.

Our total credit card debt is down from 10,900 to 10,600

Current balances are
300/8800 (this is my husband's regular use card, we pay this off each month)
7800/10000* Int free until 12/2019
2500/12500* Int free until 5/2020
*Interest free cards that we have transferred all balances to from previous higher interest cards. I used them to meet the spend bonus by using them as debit cards and then paying them from our budget line items from our account. I am no longer using them for daily use).

I'll remind you of my goals (not necessarily in any specific order, but if I have to pay for the trip out of paychecks or bonuses before all the CC debt is paid off for example, I am fine with that).

Pay off credit card debt
Have emergency savings
Pay for 12/19 Disney trip without incurring new debt
Buy house in 2020/2021
Build longer term savings (several months of expenses)

This was bonus time (quarterly) and it was large so I actually have an additional $2,000 in play.
Should I use that money to...
1. For my emergency savings, and have a small piece of mind that I have a little safety net just in case.
2. Throw the extra at the credit cards (I am not using the no interest cards while dumping debt).

We usually make a $1000 dent a month on our balances when things are running mostly smoothly, and we do have about 3k coming in April from our taxes as well. I am pretty confident that we'll have our credit card debt eliminated by July, and that's if we continue two steps forward one step back. It could be as early as May if we do very well.
 
Looking for opinions here, just for some ideas/feedback. Going forward, we're going to divvy out extra income each month on a percentage basis. We've identified 4 main goals/categories at this time:
  • House Savings (down payment, moving costs, furniture, etc) - currently at $17,500
  • Extra Payments on Car Loan - currently $30k at 3.8%, $550 payment, 6 years left
  • Emergency Fund - currently at $2350
  • Travel Fund
Currently we are living with my in-laws, and the car loan is our only debt. The general idea is that we would keep saving towards a house but pay down the car loan either until it's gone or refinance it so the payment/interest is lower. We do plan to maintain some flexibility in that if we decide that we're within $XXXX of paying the loan off, we might pull it from other funds if we want. Travel will come out of OT/Commission pay (where most extra income is from). Currently we aren't contributing to the Emergency fund; I just add any bank account interest to it each month.

So here's my question, and where I'm torn. How hard would you contribute to the Emergency fund? Obviously if we turned around and bought a house tomorrow we would not be happy with $2300, but I don't know that I want to divert a large chunk of money to it and say, not pay off the car loan when our expenses are so low.

ETA ridiculous car loan
 
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This was bonus time (quarterly) and it was large so I actually have an additional $2,000 in play.
Should I use that money to...
1. For my emergency savings, and have a small piece of mind that I have a little safety net just in case.
2. Throw the extra at the credit cards (I am not using the no interest cards while dumping debt).


i don't know what if any emergency savings you currently have but if it's not at minimum what the deductible on either your auto or renter's insurance is then i would use that $2000 to it. you can read through postings over the past month of unexpected odds and ends that have come up for people so it's inevitable-stuff happens. better to have that money set aside then have to figure out how to come up with it/shortchange your payoff plan w/the existing credit card debt.

dave ramsey sez $1000 in the emergency fund, i just feel more comfortable with insurance deductible amount if they are higher (which mine are to keep my rates lower).
 
I went back through my posts to find my last update since I am ready with a new one and I guess it's been a while, but it's also kind of nice to see that even though in this time lapse we have back slid and had a few issues come up (sick kid - not sick sick just a visit to the IMM care and some meds, car issues and a bit of over spend) we still come out a little ahead.

Our total credit card debt is down from 10,900 to 10,600

Current balances are
300/8800 (this is my husband's regular use card, we pay this off each month)
7800/10000* Int free until 12/2019
2500/12500* Int free until 5/2020
*Interest free cards that we have transferred all balances to from previous higher interest cards. I used them to meet the spend bonus by using them as debit cards and then paying them from our budget line items from our account. I am no longer using them for daily use).

I'll remind you of my goals (not necessarily in any specific order, but if I have to pay for the trip out of paychecks or bonuses before all the CC debt is paid off for example, I am fine with that).

Pay off credit card debt
Have emergency savings
Pay for 12/19 Disney trip without incurring new debt
Buy house in 2020/2021
Build longer term savings (several months of expenses)

This was bonus time (quarterly) and it was large so I actually have an additional $2,000 in play.
Should I use that money to...
1. For my emergency savings, and have a small piece of mind that I have a little safety net just in case.
2. Throw the extra at the credit cards (I am not using the no interest cards while dumping debt).

We usually make a $1000 dent a month on our balances when things are running mostly smoothly, and we do have about 3k coming in April from our taxes as well. I am pretty confident that we'll have our credit card debt eliminated by July, and that's if we continue two steps forward one step back. It could be as early as May if we do very well.

Given that the cards are at 0%, I would keep the $2k as an emergency fund.
 
Looking for opinions here, just for some ideas/feedback. Going forward, we're going to divvy out extra income each month on a percentage basis. We've identified 4 main goals/categories at this time:
  • House Savings (down payment, moving costs, furniture, etc) - currently at $17,500
  • Extra Payments on Car Loan
  • Emergency Fund - currently at $2350
  • Travel Fund
Currently we are living with my in-laws, and the car loan is our only debt. The general idea is that we would keep saving towards a house but pay down the car loan either until it's gone or refinance it so the payment/interest is lower. We do plan to maintain some flexibility in that if we decide that we're within $XXXX of paying the loan off, we might pull it from other funds if we want. Travel will come out of OT/Commission pay (where most extra income is from). Currently we aren't contributing to the Emergency fund; I just add any bank account interest to it each month.

So here's my question, and where I'm torn. How hard would you contribute to the Emergency fund? Obviously if we turned around and bought a house tomorrow we would not be happy with $2300, but I don't know that I want to divert a large chunk of money to it and say, not pay off the car loan when our expenses are so low.

What is the interest on the car loan and how much is left? What is the minimum payment and if you just kept making minimums, how long to pay it off? Since it is your only debt, I don't know that I would feel as compelled to throw a lot of money towards it, personally. I would rather beef up my emergency fund to try and get at least 1 months expenses, but ideally more than that. We currently put $500 each month towards our emergency fund. It is now at $16k, but our goal is to have enough to cover 6 months expenses, so we will just keep putting that money away each month. When you own a house, things can get expensive and having a good cushion is smart.
 
Looking for opinions here, just for some ideas/feedback. Going forward, we're going to divvy out extra income each month on a percentage basis. We've identified 4 main goals/categories at this time:
  • House Savings (down payment, moving costs, furniture, etc) - currently at $17,500
  • Extra Payments on Car Loan
  • Emergency Fund - currently at $2350
  • Travel Fund
Currently we are living with my in-laws, and the car loan is our only debt. The general idea is that we would keep saving towards a house but pay down the car loan either until it's gone or refinance it so the payment/interest is lower. We do plan to maintain some flexibility in that if we decide that we're within $XXXX of paying the loan off, we might pull it from other funds if we want. Travel will come out of OT/Commission pay (where most extra income is from). Currently we aren't contributing to the Emergency fund; I just add any bank account interest to it each month.

So here's my question, and where I'm torn. How hard would you contribute to the Emergency fund? Obviously if we turned around and bought a house tomorrow we would not be happy with $2300, but I don't know that I want to divert a large chunk of money to it and say, not pay off the car loan when our expenses are so low.


to better answer, if you don't mind saying-how much is the car loan/at what interest rate?
 
What is the interest on the car loan and how much is left? What is the minimum payment and if you just kept making minimums, how long to pay it off? Since it is your only debt, I don't know that I would feel as compelled to throw a lot of money towards it, personally. I would rather beef up my emergency fund to try and get at least 1 months expenses, but ideally more than that. We currently put $500 each month towards our emergency fund. It is now at $16k, but our goal is to have enough to cover 6 months expenses, so we will just keep putting that money away each month. When you own a house, things can get expensive and having a good cushion is smart.

to better answer, if you don't mind saying-how much is the car loan/at what interest rate?

Come on guys, it would make too much sense to include all of these details :P currently $30k at 3.8%, $550 payment, 6 years left (aka way too long for me but that is one thing that my husband does not understand)
 
@amalone1013 I would at least contribute a little something to your emergency fund, $50 or $100, to at least keep adding to it. That way you're still putting majority of your money towards the stuff you really want to fund/pay off, but you also have a continuously growing emergency fund.
 
@amalone1013 I would at least contribute a little something to your emergency fund, $50 or $100, to at least keep adding to it. That way you're still putting majority of your money towards the stuff you really want to fund/pay off, but you also have a continuously growing emergency fund.
Yes, I definitely want to put something towards it. Maybe instead of including it in the percentage stuff, we'll just make it a line item in the budget. That probably makes more sense but didn't occur to me (I'm going to blame going to work at 3am for the second day :laughing:)
 
We both got paid today, which doesn't always happen on the same day. Paid the home owners' association dues (almost $500) and had to move some money around but paid off my car repairs and the mold removal, so no credit card debt. Won't have an estimate about the kitchen cabinet/sink repair until late next week but I really hope they can just rebuild the cabinet without having to remove the counter top and/or sink.

If the weather cooperates (we're supposed to maybe get snow but not sure), DH and I are planning on going out for a belated Valentine's Day/anniversary of our first date (Feb. 13) dinner this weekend. Other than that, looking forward to a quiet three-day weekend :)
 
Come on guys, it would make too much sense to include all of these details :P currently $30k at 3.8%, $550 payment, 6 years left (aka way too long for me but that is one thing that my husband does not understand)

Yeah, that is a pretty significant loan at a high enough interest that I would throw some more at it. What do you see as your time horizon for a house? I think that would be my biggest consideration because putting more towards the car delays that goal.
 
Yeah, that is a pretty significant loan at a high enough interest that I would throw some more at it. What do you see as your time horizon for a house? I think that would be my biggest consideration because putting more towards the car delays that goal.


i agree. i would also take a look at what kind of expenses home ownership is going to run w/the new tax rules in place. just looking at a mortgage calculator doesn't give a clear enough picture of the cost and what with the new tax laws severely impacting traditional home ownership write offs, for some folks in high taxed states it will mean more out of pocket costs. so having more to put down on a home (ideally at least enough to avoid PMI) AND enough for what will need to be a larger post home purchase emergency fund may effect your decision on where to put that extra money.
 
I filed my taxes and was expecting to put my return towards my debt but I decided to spend it on new winter tires since I’ve been sliding all over the roads. So I spent $900 on winter tires today. I’m not happy with the expense, but I know it’s worth it to keep us safe.

I got my husband to finally turn in his public service loan forgiveness employment certification form. We should have 2 years left until he can apply to have his student loans forgiven!
 

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