Debt Dumpers 2022

[Tygerlilly]

I'll be getting a $1500 lump sum payment from the American Rescue Plan Act as an essential worker.

Is this something your work is doing or like a direct deposit from the government?

 

[huggybuff]

Is this something your work is doing or like a direct deposit from the government?

It's through my job. I work for a county agency so I believe our Board of Supervisors had to approve the allocation of the funds. We're getting the $1500 on the 4/15 check and depending on how much the county receives in the next few months from the feds we're getting another $1500 sometime in late summer. It could be less than that but I kind of doubt it.

 

[crazycatstacy]

I just want to spend and spend and spend. I'm not going to but I just want to lol. The daughter comes home for Easter next month so making a budget for when she is here. Going on a one-night stay over for a Tulip Festival with my mom in May and then in June, we are in Jacksonville for a week to see my nephew. Bought discounted tickets to swim with dolphins while we are there so that's exciting!

 

[barkley]

It's through my job. I work for a county agency so I believe our Board of Supervisors had to approve the allocation of the funds. We're getting the $1500 on the 4/15 check and depending on how much the county receives in the next few months from the feds we're getting another $1500 sometime in late summer. It could be less than that but I kind of doubt it.

if you are counting on getting the bulk of it you might want to check with your payroll on how they will tax the amount. i used to work for county government and any time we got a lump sum payment they had to tax it out separately from our regular pay so while the portion of the check that was our normal wages were taxed at our traditional tax filing rates-the lump sum was taxed at the 'supplemental withholding rate' which i believe these days runs about 22% just for the federal portion. everything evened out when we filed taxes the following year but there were inevitably co-workers who had run the numbers based on their traditional withholding's, planned on how they were going to spend it, and then were upset to see that they ended up with far less. didn't matter that the monies were not legally designated as bonuses, it was just the way the payroll software worked.

 

[huggybuff]

if you are counting on getting the bulk of it you might want to check with your payroll on how they will tax the amount. i used to work for county government and any time we got a lump sum payment they had to tax it out separately from our regular pay so while the portion of the check that was our normal wages were taxed at our traditional tax filing rates-the lump sum was taxed at the 'supplemental withholding rate' which i believe these days runs about 22% just for the federal portion. everything evened out when we filed taxes the following year but there were inevitably co-workers who had run the numbers based on their traditional withholding's, planned on how they were going to spend it, and then were upset to see that they ended up with far less. didn't matter that the monies were not legally designated as bonuses, it was just the way the payroll software worked.

Got it. Thanks for the info, I'd been wondering about that actually.

 

[npatellye]

Goals for 2022:

• Lower the amount we spend on eating out—check!
• Cut down discretionary spending.—This was going well until we saw a great deal on a nice hot tub so we ordered that and now we’re in the middle of another outdoor project to have a small deck off the pool patio to accommodate the hot tub plus the 13x12 hard top rustic wood post gazebo I want. I have plans for that gazebo next year that include adding an outdoor bar top and stools for more casual, adult style seating than the various dining sets and sofa sets scattered across the patio. I just keep reminding myself that it’s better to do these projects now while the kids are still young enough to make years of memories using the new projects.
• Start saving for a kitchen reno.—In progress! I’ve also realized that new cabinets of a quality comparable to what is currently here are exorbitantly cost prohibitive; I didn’t realize how custom these cabinets were. So I opted for a DIY kitchen project on my lowers with some help from Sherwin Williams. My cherry toned lower cabinets are now a crisp, ultra white. We are a month in and so far, so good. I’m going to tackle the uppers in May and June (once the pool is open and we resort to using paper or our melamine outdoor dinnerware). But I’m still saving for quartz counters to replace the granite (which actually now looks good against the white lowers) and to do some reshuffling of the kitchen footprint and knocking out of an unused HVAC chase against the back wall.

Personal goals:

• Get wills in order.—Almost done!
• Stop checking work emails and taking work calls on weekends.—Check
• Take more day trips than we did in 2021.—In progress

 

[ruadisneyfan2]

February Update:

February got away from us for good reason, our little man made his way into the world a bit ahead of schedule at 36+6 on 2/22/22. I was scheduled to have him yesterday 3/2. He spent 2 nights in the NICU and is a tiny peanut weighing in at 5lbs 6oz (5lb 12oz at birth). I had an inky feeling that whole weekend that after my appointment Id be sent to L&D. He failed his non-stress test, then they scheduled an immediate ultrasound, failed the movement on that, sent me to the hospital for a more in depth NST, failed movement again, so they decided to deliver. We had an "emergency" c-section and when they got him out the cord was around his neck, which they believe is why he failed movement, it was restricting him. He is home now and thriving.

Amazon Card - Paid another $300, slow progress here, hoping to get a decent bonus in June which would tackle this
Personal Load - Down to $1,690, so making decent progress, but not as much as Id like
Student Loan - Min payment made
Medical Debt - Waiting on this bill, will set up a payment plan with the hospital since it will be interest free, we will max out our OOP so trying to figure out what other procedures we may be able to bump into this year. Mainly dermatology issues.
Disney Spending - Got a $50 gift card for my bday so total savings $150, lower than Id like but still good
Other Payments - Kohls Charge is completely paid off, we had a $800 propane bill this month, hoping this is the last delivery for the year, but we may get one more.

Congrats on the birth of your son!

 

[ruadisneyfan2]

It's through my job. I work for a county agency so I believe our Board of Supervisors had to approve the allocation of the funds. We're getting the $1500 on the 4/15 check and depending on how much the county receives in the next few months from the feds we're getting another $1500 sometime in late summer. It could be less than that but I kind of doubt it.

Is this everywhere? Dh works for our county and worked through the pandemic.

 

[ruadisneyfan2]

Updating…
We did our Panama Canal cruise and it was fabulous. It was 14 nights on the Disney Wonder and loved every minute. We had so much time to relax and just enjoy each other’s company. I’m only sad that this is likely the last PC sailing for DCL. Our kids are finally old enough that we can do a trip this long. I guess we can always find PC cruises on another line.

I am still working on saving $30k for a truck for dh. I’m up to $7200. His check engine light is still on but he plans to have a coworker from their truck shop fix it and hold off buying something while supply is so low and prices are so high. He is due for inspection by the end of August so hopefully he can get the engine light resolved before then so it passes inspection.

 

[huggybuff]

Is this everywhere? Dh works for our county and worked through the pandemic.

That's a great question. I was shocked when I got the email at work a couple of weeks ago. I could've chosen to take time off instead but the default choice was a lump sum payment. All I know is it was funded through the ARPA bill that was passed.

 

[pblack]

End of March update:

My 2022 Financial Goals:

• Pay off our Camry loan (currently sitting just under $12k)....This has now been paid off and replaced with our home equity loan payment.
• Continue to pay extra to our Highlander loan (especially once the Camry is paid off)....Back to paying an extra $50 on top of my $450/mo payment.
• Save an extra $1000 towards my main savings account outside of my automatic monthly transfers....$50/$1000...since I need to re-pay $2000 we'll see if I'm able to add this extra like I wanted too.
• Save money for the following expenses: cat/gifts/annual credit card fees....$75 added 1/31, $75 added 2/15, $75 added 2/28, $75 added 3/15
• Save $$ for family Hawaii trip (tentatively April 2023)....$100 current Hawaii savings.
• Re-pay $2000 that I borrowed from my main savings to pay off the Camry loan...3/31 $150 repaid

My 2022 Personal Goals:

• Drain our pool, get rid of the black algae issue, and repaint the pool This was changed to a professional pool replaster/remodel …..The pool is complete and it looks amazing!!!
• Exercise at least 4 times a week....This was so-so for the month of March.
• Spend less money on items that we don't need....I think we've mostly done ok with this category. At least I haven't been spending money on random junk.

I mentioned in my last update that we were talking about adding a 3-day cruise onto our Disneyland trip in May and we did end up booking it. Got a really great deal for an interior with picture window so we took it. Our one port is Ensenada (which I haven't been too) and I'm not sure if we'll end up getting off at all. My biggest plan for this cruise is to lay out in the sun/by the pool and have someone bring me drinks. <insert laughing crying face here since emoji's don't want to load for me.>

We purchased some cheap tickets to go to a Giants game in 2 weeks. This will be our first baseball game in a number of years. Ticket prices, parking, gas, and concessions have just gotten to be so expensive that we didn't want to spend the $400-500 it would cost us to go to one game. We did also purchase tickets to go to a game in July for my DH's dad's birthday. That game will be a whole family outing though and it's a surprise. His birthday is in May and that's when he'll find out we're going. My dad's birthday is in July and so we invited him and my mom to come along with us as his birthday gift. My mom didn't want to go, but my dad was all in so this will be his birthday gift. All in all not a whole lot to update on this month.

 

[amalone1013]

Beginning of April Update
$2000 Maternity leave cushion -
1/1: $750
4/1: $1134 (+$384 change since beginning of year)
I have a plan that should easily get me here by the time I would miss anything out of a paycheck for my leave. This is just for missed pay, so anything unused will rollover to a new goal. Now that I'm close to going out, it's looking like this is about 4x what I may end up needing

Baby/Maternity Items -
1/1: Didn't exist
4/1: $245
Spent more since last update but also have some cash gifts that need added

$20,000 Barn savings -
1/1: $6779
3/14: $15,929 (+$9150 change since beginning of year)
DH had a commission, and our state tax refund came in March.

Grocery/Eating out budget -
Grocery March: -10% remaining
Months under budget:
Eating Out March: 0% remaining
Months under budget: X
Did lots of grocery stock up so we went over. Still have $8 going into April since I had been letting the extra rollover. Ate out more the last half of the month as we try to get other things finished up but hit right around the budgeted amount

Budget Meetings - minimum monthly
Nothing for March yet
Months with meetings:

Still Counting down days! Still Trying not to panic

 

[pblack]

Can't wait to see your update once you have your little one @amalone1013! Sending good wishes your way for an easy and healthy birth!

 

[EilonwyWanderer]

End of March update:

hahaha we went to Disney. Try again in April!

 

[jen7233]

We did our Panama Canal cruise and it was fabulous. It was 14 nights on the Disney Wonder and loved every minute. We had so much time to relax and just enjoy each other’s company. I’m only sad that this is likely the last PC sailing for DCL. Our kids are finally old enough that we can do a trip this long. I guess we can always find PC cruises on another line.

I am still working on saving $30k for a truck for dh. I’m up to $7200. His check engine light is still on but he plans to have a coworker from their truck shop fix it and hold off buying something while supply is so low and prices are so high. He is due for inspection by the end of August so hopefully he can get the engine light resolved before then so it passes inspection.

Glad you had a fabulous cruise. I feel like taking some more adventurous travel some day.

 

[jackers]

March Update

• Mortgage: Reduce balance by 22% with ideal payoff in December 2025 (moved this goal up 6 months – I think it’s doable) March: 6% decrease.
• Savings: Increase savings balance by 10% March: 13% increase (my tax refund was the main reason for hitting this already. Will now slow this down and put more towards mortgage)
• 401K: Max out contributions: Completed (based on current rate of contribution)
• HSA: Max out contributions: Completed (based on current rate of contribution + planned one-time contribution)
• DS16’s 529: Contribute $2500 Completed
• A new one, because I felt like I was a little spend happy this past year: Reduce year over year spending in discretionary budget by 5% (includes things like Gifts, Clothing, Entertainment, Dining Out, etc). Year to Date: 3% over last year’s spending (comparing Jan-Mar2021 to Jan-Mar 2022).
• Transfer ownership of ‘09 Honda to DS25 (he has been using it for the past 3 years anyway). Not started.
• Fund used vehicle for DS16 with cash. Not started.

2022 Personal Goals

• Get a will drawn up (third times a charm?) Not started.
• Get DS16’s driver’s license Goal is no later than May so he can get a summer job.
• Vacation: Currently planning a Gatlinburg sister trip in the spring, hopefully a family trip later in the year but no specific plans yet. Trip went great and thankfully we avoided the current fire evacuations.
• Get healthier – make better food choices and exercise. January went well, Feb and March, we don’t want to talk about. April is the month!
• Paint great room. Not started.

Biggest news on my front was I received a promotion and raise! It includes a higher bonus potential and for the first time in my life, stock options. I'm not even sure what to do with that but am just going to consider it one more step towards retiring at a reasonable (to me) age. The raise is going directly to the mortgage payments. My new aggressive payoff schedule has me down to Sep 2024. I'd love to knock a couple more months off that and be able to pay it off in June of 2024. That would be a full 18 months earlier than what I had originally planned just 4 months ago. Inspired by this board so thank you!

 

[ruadisneyfan2]

March Update

• Mortgage: Reduce balance by 22% with ideal payoff in December 2025 (moved this goal up 6 months – I think it’s doable) March: 6% decrease.
• Savings: Increase savings balance by 10% March: 13% increase (my tax refund was the main reason for hitting this already. Will now slow this down and put more towards mortgage)
• 401K: Max out contributions: Completed (based on current rate of contribution)
• HSA: Max out contributions: Completed (based on current rate of contribution + planned one-time contribution)
• DS16’s 529: Contribute $2500 Completed
• A new one, because I felt like I was a little spend happy this past year: Reduce year over year spending in discretionary budget by 5% (includes things like Gifts, Clothing, Entertainment, Dining Out, etc). Year to Date: 3% over last year’s spending (comparing Jan-Mar2021 to Jan-Mar 2022).
• Transfer ownership of ‘09 Honda to DS25 (he has been using it for the past 3 years anyway). Not started.
• Fund used vehicle for DS16 with cash. Not started.

2022 Personal Goals

• Get a will drawn up (third times a charm?) Not started.
• Get DS16’s driver’s license Goal is no later than May so he can get a summer job.
• Vacation: Currently planning a Gatlinburg sister trip in the spring, hopefully a family trip later in the year but no specific plans yet. Trip went great and thankfully we avoided the current fire evacuations.
• Get healthier – make better food choices and exercise. January went well, Feb and March, we don’t want to talk about. April is the month!
• Paint great room. Not started.

Biggest news on my front was I received a promotion and raise! It includes a higher bonus potential and for the first time in my life, stock options. I'm not even sure what to do with that but am just going to consider it one more step towards retiring at a reasonable (to me) age. The raise is going directly to the mortgage payments. My new aggressive payoff schedule has me down to Sep 2024. I'd love to knock a couple more months off that and be able to pay it off in June of 2024. That would be a full 18 months earlier than what I had originally planned just 4 months ago. Inspired by this board so thank you!

Keep going jackers! You can do it!
It is so motivating to keep watching the balance drop. Heck, I was doing the Snoopy dance just having it get to 5 digits.

 

[Tygerlilly]

Hours at work have become sparse. They overloaded us with workers and now we're getting done in 8 hours instead of 12 every day. I've been trying to work in other departments when I can or even just staying to clean, but I'm barely adding an additional 2 hours a day doing that.

Our $1.35/hr raise started this pay period and we'll get a lump sum payment for back pay on the raises for 6 weeks of pay, so that will help with some of those short hours.

Our younger daughter turns 5 Tuesday so we've been doing all the cheap/free fun things we can. Tonight is CiCi's pizza and playing some of the arcade games. Tomorrow is the zoo with a gem dig (we have a membership). Tuesday we're going bowling and then to dinner with my parents (their treat on dinner). Wednesday is the massive playground park if it isn't raining. Overall, budgeting about $200 for the week. Her party is next week and I just need to pick up her cake, cookies, and drinks. It's at a park so they can all play.


We've killed it on grocery shopping lately. We're still working thru that $300 Sam's meat haul I did a couple months ago. I'm planning on doing it again next month and doing another 40lbs of ground beef and 30lbs of chicken. Expecting that to be a $300 trip. I've been adding an extra of things each quick trip I've been making so our pantry is pretty well stocked up.

 

[barkley]

30lbs of chicken

stock up while you can-the avian flu is already killing off enough chickens that the prices are projected to skyrocket.

 

[Bamaclan4]

Plan on having another big garden this summer. Still have some vegetables in freezer but about out of pickles and salsa. Have whole beef in the freezer, an entire hog in pork chops and sausage, and at least 30 lbs of chicken breast and leg quarters. I also try to keep stocked with pantry staples and shop sales fort those items.