Debt Dumpers 2020

[DisneyMandC]

I am too lazy to look up my old posts but we are doing great financially! Thanks Covid!

Our Ally savings is up to $27,500. If we get another stimulus check, it will go straight there.

I have my "buckets" set up and have met the goal for our DL APs (which we won't have to renew until like February or March at this point). They are set to expire 8/26 so I made it a goal to have this bucket full by Aug 1 with $3500. Done. Bought DHs AP at the end of May before they stopped selling them. Paid in full with cash.

The next bucket is our 0% balance transfer CC. The bucket is up to $5500. Needs to be at $7500 by January 1. On track. Throw $500/month in there. Will pay off in January. Like earning the interest in the meantime.

Third bucket is "military retirment " with a 3 year goal of $75k. Currently at $15000. Plan is to put $2000/month in here. Should be at $25k by December.

Fourth bucket is "vacations." Currently at $3000. I throw money in here after I've put the required amounts into the other two more important buckets. Primary goal is $10k, but will keep putting money in there once we reach that. Eyeing Aulani for Spring Break next year!

Last bucket is "core savings" currently around $400. This is where our interest goes and any extra random money. We already keep an extra $1000 in our checking for emergencies, so this is just money meant to replenish that when we have to use it.

In general, we have been able to save $3000/month since Jan. We also got the stimulus check and will likely get another one based on the news today. So, maybe another $3400 coming soon?

At this point, my goal is to keep on with the savings rate and beef up the vacation fund as much as we can so that when we can FINALLY travel we can do so fully funded in advance.

We have never had this much money in liquid savings before. It feels so great!

It's the same for us right now. I almost feel guilty saying that lol. We've been very fortunate to both be employed with no interruptions and be able to pad our savings during this time. We both get our third paychecks next Friday and will send most of that to savings as well. I did take advantage of the extra cash flow this month and made some big purchases/paid some big bills. 6 months of car insurance is paid, hay is bought for the horses for the next year, etc.

 

[imbatman]

hay is bought for the horses for the next year

That alone is huge!

 

[DLgal]

It's the same for us right now. I almost feel guilty saying that lol. We've been very fortunate to both be employed with no interruptions and be able to pad our savings during this time. We both get our third paychecks next Friday and will send most of that to savings as well. I did take advantage of the extra cash flow this month and made some big purchases/paid some big bills. 6 months of car insurance is paid, hay is bought for the horses for the next year, etc.

I won't feel guilty for our circumstances. We've been through plenty of hardship to have this "stable income." I mean, we just had to spend another year apart from my husband, so...

At this point, we are just laying low and trying to stay healthy. It's a nice bonus that we are FINALLY out of "debt" and have had a chance to really build up our savings.

 

[Watty]

I'm very fortunate and grateful that I did not have student loans. I grew up comfortably, and am so grateful. I was able to save up money after college by living at home (thanks mom and dad). I was able to purchase two cars (mostly, one car and then another one with help of insurance money because I got in a terrible car accident). I bought cars I could afford.
I pay my bills online and pay my credit card in full every month. I am doing this while I'm able. I live within my means.
Unfortunately, I haven't been saving as much as I would like to lately (saving for a home so I need to cut back on some stuff), took out two payday loans...so I need to change that and get a bit more serious about personal finance. I'm single so I only have my income - it's a bit more challenging.

 

[Grumpy's Gal]

Hi! I read this thread but I have little to contribute. I just want to say you are doing FANTASTIC ! I know it’s a rough time for lots of people. We’re waiting to see if any student loan help comes thru on any stimulus plans for our DD. Thats what I’m thinking about now. HAPPY FRIDAY!

 

[Deffenm]

DH and I are recovering well. Luckily we do have health insurance and I have some funds in my HSA but it won't be enough to cover my high deductible. So our main financial goal right now is to save as much money as we can to hopefully cover the medical bills and have money left in our emergency fund. I am still waiting to find out if my job is being eliminated in Aug. It does not appear to be impacted right now but they have said they will be reducing 1000+ roles between now and 2023 so it will happen eventually. Problem is I don't know what else I want to do for a career. I have been here for 21 years. I am working on updating my resume just in case.

 

[imbatman]

You guys!!! My awesome flooring that I installed? It's been discontinued. However, I was able to find enough boxes at the store near Stanford to finish my entire house! Next year's project, as soon as my healing allows. (or I may be stubborn and try to blast through it before the big surgery next month!!!)

 

[ruadisneyfan2]

You guys!!! My awesome flooring that I installed? It's been discontinued. However, I was able to find enough boxes at the store near Stanford to finish my entire house! Next year's project, as soon as my healing allows. (or I may be stubborn and try to blast through it before the big surgery next month!!!)

Sorry, I must have missed something here. I thought you already had your surgery.

 

[ruadisneyfan2]

Last week I reached enough set aside to pay off the 1st Discover check I cashed, $7000. This was originally to make up for the days off we were required to take off back in March so that I'd have a full paycheck, before I learned we could collect unemployment. There was a lot leftover so I put $4000 aside for our Christmas fund and put the rest in savings, earmarked to pay this back. I also cashed a Discover check for ds20's welding school. That was originally around $8500 and now down to $7800. This should be done by November. Maybe sooner. Dh worked Sat & Sunday for the past 2 weekends. His next 2 checks will really give a boost on paying that down asap.
Since they are 0% for 12 months deals, I will just hold them in savings and make min monthly payments from that account, then pay it off in March or April. I've been putting it in my Varo savings account which offers 2.8% interest if you have $1000+ in monthly direct deposits, make at least 5 debit transactions each month and keep the balance below $10,000. For the debits, I buy 5-6 Amazon gift card reloads of $0.50 each. It eventually gets used.
I was silly to resist this; it seemed like too much effort to keep up with it but really isn't so bad. I set up $1003 direct deposit but clearly I can't do simple math because it actually only requires $503 per check. I will change that after my first Aug pay. We have quickly approached the $10,000 mark since both Discover balances combined exceed that. I think by the end of the week I will have to change which funds are for which. I'll put the $ for Discover cards in Ally and put our Panama Canal cruise $8000 in Varo along with the last $700 for laser hair removal on my legs.
It's amazing how much hair has fallen out from the first treatment. I prepaid 3 treatments for their grand re-opening sale and I'm hoping that will be enough but very doubtful. They say it's usually 6 or more for good results. We'll see.

Take care everyone! Stay safe and just keep swimming! (6' apart please)

 

[barkley]

You guys!!! My awesome flooring that I installed? It's been discontinued. However, I was able to find enough boxes at the store near Stanford to finish my entire house! Next year's project, as soon as my healing allows. (or I may be stubborn and try to blast through it before the big surgery next month!!!)

i get wanting to accomplish the flooring but don't do anything that could risk an injury and delay your surgery. think about what was likely allot of time and effort to line up all the referrals and appointments, getting preapproval for the surgery and follow up appointments. you don't want to take the chance of delaying a bit in case california hospitals get pulled back on doing surgeries OR get stuck with a rescheduled surgery in a new calendar/deductible year

 

[pblack]

DH and I went to Texas for a long weekend this past weekend and it was sooo nice to get out of the house and see surroundings that were not my own lol. We had debated keeping the trip or not because of covid, but we ultimately decided to go. This trip was to celebrate our goddaughter turning 1. We didnt do a whole lot while we were there (because covid) but we were able to eat at our favorite bbq joint, go to the disney outlet, and spend some quality time with my bff, her DH, and our GD.

Flying also wasnt too bad either. Thursday both airports were pretty much ghost towns, but they were busier when we left on sunday. But since SW is still keeping their middle seat open we found it manageable. My only complaint was that our nonstops got changed to having layovers.

Now that we're back home I'm wanting to tackle some more home improvement projects. (Man I really need to stop watching HGTV.) I think up next will be painting our bedroom. The rooms in our house are pretty small, so I'm trying to both make them feel bigger and have something that catches your attention. In our room I'm wanting to do an accent wall and then paint the rest of the walls white (currently a cream/beige color). I've also been perusing new bed frames. We've had ours since we first moved in together 6 years ago and I think I want a change. (It's from ikea so it was pretty cheap.)

Im also considering an overnight trip to Anaheim/DTD next month for our anniversary. Since I dont think DL will be reopening anytime soon and I'm itching for a disney fix, I was thinking itd be nice to visit DTD to shop and eat and also visit a few other places we enjoy while we're down there. But we'll see if it happens. Once we get paid on friday I'll figure out where I'm at with my goals and post an update here. Hope everyone has been able to enjoy their summer so far!

 

[RamblingMad]

Yes...yes...I feel this. I am having issues with the new tires (they vibrate/bounce?) and I hate the new oven. But at least I can bake and drive back and forth to work.

I have taken the car to the tire shop (bought them at a national chain) and they said nothing was wrong.

And welcome @Carol_ ! So nice of you to pop in and join us. When are you getting married?

I put new tires on my car, drove for a month, and then got an alignment. Tires have a break in period. If they’re still bad after a month and an alignment, I’d go back to the store you bought them at.

 

[RamblingMad]

DH and I are recovering well. Luckily we do have health insurance and I have some funds in my HSA but it won't be enough to cover my high deductible. So our main financial goal right now is to save as much money as we can to hopefully cover the medical bills and have money left in our emergency fund. I am still waiting to find out if my job is being eliminated in Aug. It does not appear to be impacted right now but they have said they will be reducing 1000+ roles between now and 2023 so it will happen eventually. Problem is I don't know what else I want to do for a career. I have been here for 21 years. I am working on updating my resume just in case.

My suggestion for the future is to put enough into your HSA to cover your max out of pocket each year. If that’s past the federal limit, then put the rest into an emergency fund.

High deductible insurance is a travesty.

 

[WeatherLights]

My suggestion for the future is to put enough into your HSA to cover your max out of pocket each year. If that’s past the federal limit, then put the rest into an emergency fund.

High deductible insurance is a travesty.

I have a high deductible medical insurance plan and prefer it to the other options offered by my employer. On a yearly basis, the premiums plus deductible are actually about the same cost as premiums plus co-pays of the regular PPO plan. So in the years that we don't hit our deductible it's even cheaper, and that's happened every year except this last one. And the added benefit of being able to invest the HSA money is great. While I do think the entire health insurance system in the US is a travesty, not sure why high deductible plans are more so than other types of plans?

 

[pblack]

I still have 3 more walls to paint (a soft, creamy white called marshmallow), but I painted the accent wall today and I absolutely love it!

 

[Carol_]

Paid for my health insurance.
Made a hefty payment towards my student loans (one twenty seventh of the total owed.)

 

[FQLover]

Wow @pblack (I always imagine that your name is Patsy, haha--it probably is not). But I almost wrote, "Wow, Patsy!" That photo of your new room is gorgeous. That deep turquoise with the marshmallow is stunning. Great job!

 

[pblack]

Wow @pblack (I always imagine that your name is Patsy, haha--it probably is not). But I almost wrote, "Wow, Patsy!" That photo of your new room is gorgeous. That deep turquoise with the marshmallow is stunning. Great job!

Thank you! Name is definitely not Patsy haha. I actually havent painted the marshmallow yet, that will be my project over the weekend or next week. But this color does go really well with the color that our room currently is. I just want something brighter than the current beige-ish color. (Especially since the entire rest of the house is that color...not our choice, it's what was already painted when we bought a couple years ago.)

 

[imbatman]

Sorry, I must have missed something here. I thought you already had your surgery.

I have three in two months. The second was on Weds. Doing good and back at work, though I'll probably go home at noon. The next one is the "big" surgery--double mastectomy and reconstruction at the same time at the end of August. I won't be on here for a couple of weeks after that.

i get wanting to accomplish the flooring but don't do anything that could risk an injury and delay your surgery. think about what was likely allot of time and effort to line up all the referrals and appointments, getting preapproval for the surgery and follow up appointments. you don't want to take the chance of delaying a bit in case california hospitals get pulled back on doing surgeries OR get stuck with a rescheduled surgery in a new calendar/deductible year

I'd never put myself in that spot. This has all been a fast track route once they found out the cancer gene mutation. I'd only tackle it if I'm mobile. And this weekend, I'm definitely not!

I put new tires on my car, drove for a month, and then got an alignment. Tires have a break in period. If they’re still bad after a month and an alignment, I’d go back to the store you bought them at.

If you read my next post, I did take them back and there were two bad tires. But thanks...I guess.

 

[DLgal]

Okay, I got tired of seeing the $8000 balance on my 0% credit card balance transfer, so I transferred money from my Ally account and set up the credit card to be paid in full tomorrow. Now that my Ally APR is down to 1%, I'm not making as much interest as I had planned on when I opened the account last year. So, might as well knock out that large balance that has just been mentally bothering me.

That also eliminated the $122 minimum payment on that account from my monthly spend.