Debt Dumpers - 2018

[pblack]

I didn't spend a ton on Halloween even though it's my second favorite Holiday after Christmas. It's our first year in our house and I wasn't sure if I could trust people/kids not to steal our decorations. I put up outside lights/decor. The lights I already owned and most of the other decor came from the dollar tree. I decorated our fireplace inside and most of those decorations I already had with a few others coming from the dollar tree or being very cheap. We bought candy and cheez-it's to pass out and i'm hoping I have enough since i'm not sure how many kids to expect. We also didn't buy any costumes this year and i will probably re-wear/re-make my Wednesday Addams costume from a few years ago. All in all i'd say I've spent about $125 or so.

Now Christmas....that will be a whole different story. I've already spent about $40 on lights for the house and I want other outdoor decorations, but I don't know what yet.

 

[StacyStrong]

I don't spend a lot on Halloween, but I do try to put together costumes using things I can rewear.

Attached past years because I love them.

 

[DLgal]

I love the side by side door fridges, lol.

Does anyone spend a lot on Halloween here, if you celebrate it? I know some people go all out on their favorite holidays. I spent so far about $70 on costumes this last week, have to return one as I ordered from Amazon from a third party supplier and the order was stuck in an "ordered" stage even though it was past the deadline it quoted to have it shipped, and it finally was sorted out and Amazon upgraded my shipping to expedited with no cost and had things moving along. I may just keep it for next year pretty sure it will still fit one of the kids assuming they'll want to wear it next year. We aren't doing any pumpkin patches this year, the kids just showed no interest despite me talking about it with them. Saves us about $60 or so on the combined entrance fees and food we might have bought there, although this is the first year we haven't been with them since they were babies so that makes me just a bit sad for me but they're fine! Still have to go get some carving pumpkins at the store this weekend and candy.

Yeah, we spend around $150-200 on average, I would guess. Costumes were about $75 totalthis year. The trip to the pumpkin farm was $36 total. I just spent $40 on candy at Costco. My younger son wanted to buy several small pumpkins and paint them, so we spent about another $30 there on the pumpkins, paints, and new brushes.

 

[DLgal]

Does anyone here use an online savings account? If so, which one? I am debating between opening one at either Ally or Amex. Both offer 1.9% APY with no fees, minimums, or direct deposit requirements. Is one better than the other in terms of user friendliness? Ease/speed of transferring? App use?

I do NOT want an account at a bank that has an upper limit on your balance in order to get the advertised rate. I will be racking up between $50-75k in this particular account in a relatively short period of time (2-3 years).

 

[StacyStrong]

Does anyone here use an online savings account? If so, which one? I am debating between opening one at either Ally or Amex. Both offer 1.9% APY with no fees, minimums, or direct deposit requirements. Is one better than the other in terms of user friendliness? Ease/speed of transferring? App use?

I do NOT want an account at a bank that has an upper limit on your balance in order to get the advertised rate. I will be racking up between $50-75k in this particular account in a relatively short period of time (2-3 years).

I use Amex and have no issues. Nothing to compare it to though!

- it does not have an app though.

 

[dina444444]

Does anyone here use an online savings account? If so, which one? I am debating between opening one at either Ally or Amex. Both offer 1.9% APY with no fees, minimums, or direct deposit requirements. Is one better than the other in terms of user friendliness? Ease/speed of transferring? App use?

I do NOT want an account at a bank that has an upper limit on your balance in order to get the advertised rate. I will be racking up between $50-75k in this particular account in a relatively short period of time (2-3 years).

I use ally. There app is fairly easy to use. You are limited to 6 transactions each statement period but I think that’s pretty standard with savings accounts.

 

[imbatman]

Made a list today of what out of the ordinary things we need to pay for next month so that nothing takes us by surprise.

Just did this myself, after receiving the property taxes in the mail. Figured that working it in now is better than panicking the day after we return from WDW. Need to go spend an hour with my snowball. Waiting for my rewards points to hit on the Chase Sapphire so that I can book free flights to visit a friend next year. Someday, I'll churn credit cards (if it's not ruined by then), but I'll enjoy the bonus points for now.

 

[DLgal]

I use Amex and have no issues. Nothing to compare it to though!

- it does not have an app though.

No app? There goes that. LOL. I'm all about banking via app. Thanks for letting me know!

 

[DLgal]

I use ally. There app is fairly easy to use. You are limited to 6 transactions each statement period but I think that’s pretty standard with savings accounts.

Yeah, that's by law. Not going to be an issue. Thanks!

 

[DisneyMandC]

I love side by sides and have never had trouble fitting food into it, even pizza boxes (we always have several frozen pizzas on hand). They actually, in my experience, fit far more food than any other configuration. You just need to have enough clearance to fully open both doors, which can be hard with some kitchen layouts. I've had all manner of refrigerators. The French door ones are the worst for efficiency in storing food, in my experience.

I love the French door fridges! That's what my mom has and that's what I'm planning to upgrade to.

Does anyone here use an online savings account? If so, which one? I am debating between opening one at either Ally or Amex. Both offer 1.9% APY with no fees, minimums, or direct deposit requirements. Is one better than the other in terms of user friendliness? Ease/speed of transferring? App use?

I do NOT want an account at a bank that has an upper limit on your balance in order to get the advertised rate. I will be racking up between $50-75k in this particular account in a relatively short period of time (2-3 years).

I've had Ally for 3 years. Love them and no issues at all. I started with them back when it was a 1% interest rate. I feel like every other month I'm getting an email that our rate has gone up.

 

[DLgal]

We are getting close to paying off all our credit card debt! We are down to $4000. I think we had somewhere around $15k at the beginning of the year, so that's good progress.

I just updated my spreadsheet out to the end of November with projected bills, and it looks like we will have a $2500 surplus in December, and now I'm trying to decide what to do with it. Put it in savings or pay down the credit card debt to be done sooner?

I have a plan to pay the $4000 off in $500 increments, which will go through July 2019, with 0% interest. That seems so far off...

We need to really get cracking on the savings, though, because we are just about at the 2 year mark before my husband retires from the military, and I want to have a good 12 month's worth of expenses saved up in our emergency fund. I have estimated that we need $50K saved up, minimum. His pension check will cover all our monthly obligations, but won't cover any of the money we spend on credit cards on groceries, gas, eating out, clothing, entertainment, etc. Having $50K will allow us to spend up to $4000/month, which is about average for us.

Starting next year, we will be able to easily put away $2500-3000/month, taking into account pay raises that will hit in January, and again in March. My plan is to start saving $2500/month in January, and bump that up to $3000/month starting in April. That will get us to $61,500 by September 2020, which is our deadline for savings, if we stay on target. Since we only "need" $50K, that gives us some wiggle room in case we come up short some months. This is just my paranoia setting in that DH will have trouble finding a job, which, if I'm being honest, is very unlikely to be the case. Jobs here are numerous and his skill set is highly in demand, plus he already has like 3 people who have offered him jobs "when he is ready to move on." And, he has a TSP account with a very large balance, which we *could* liquidate in full or partially, if absolutely necessary (although, that would be a last resort, because I know the impact that would have long term). However, he has started to talk about going back to school for a second Master's, so now I'm concerned about having enough savings to carry us through that, potentially (although he would do so through the Post 9/11 GI bill, and would actually go for free AND get paid a monthly stipend on top of that, but you know what I mean).

We currently have the $1000 in emergency savings right now for short term needs.

Ugh...I just want the cc debt GONE. But, I also want to see the savings account grow. I think I might split it 50/50 and make larger cc payments while also saving. Seems like the best compromise.

 

[imbatman]

We are getting close to paying off all our credit card debt! We are down to $4000. I think we had somewhere around $15k at the beginning of the year, so that's good progress.

Banana dance for you!!!

I know what you mean about looking at next July. That is when our massive CC will be paid off. And it looks so far away, but I have to remember to keep it in perspective: it's certainly much better than being a year from now! We will be increasing our monthly payment by $100 in January to try and nip it more quickly, but I'm satisfied to know that I am keeping on top of the finances and payments all year. Why, oh why, was I such and ostrich?! We could've been free and clear by now.

Does your DH need a second Master's to get a job with his skill set? Or would it be for personal satisfaction?

My mom just asked about going to DL next October with me. She's never seen the Halloween decorations. This has been such a trying, long year for us, as my dad goes through chemo (he is succumbing to cancer, but is such a champ!). I'd love to go with her and so, I am starting to plan now for a trip for us next year. She cannot walk well, due to childhood polio, so it's going to take some imagination and careful planning on my part. Once--just once--I'd love to be able to take her to the Grand Californian.

 

[jen7233]

tarting next year, we will be able to easily put away $2500-3000/month, taking into account pay raises that will hit in January, and again in March. My plan is to start saving $2500/month in January, and bump that up to $3000/month starting in April.

You have an amazing savings rate planned, really. I couldn't get there, though my DH is also in the service but different service component. It's very good to plan a large amount of expenses, and it sounds like you will stay in the area you currently live in? My DH is also likely to retirement sometime in the very near future, though we move around a lot and have been for years, not sure where to one day call home and that is difficult.

On the subject of pay off debt at a certain rate, or snowball it, I have to say I personally have been torn on that subject. My natural instinct is always pay it off, because it bothers me, and yes I always have reached over and paid something off, but I have to say doing that has also left me having second thoughts more than quite a few times where I was wishing I just made payments. I know there's all the different camps out there, I'm just discussing how I personally felt about reaching over and paying off for example the paying my last car in cash, paying off DH's truck, the trailer, a personal loan, etc. I thought it would feel more dramatic and breathe easier, but really, for me it didn't it was more like, well, that didn't feel dramatic at all. I would rather currently have a large emergency fund rather than reach into the emergency fund to pay those sort of things off. But, I think that also may tie into having more of an unknown future than a certain future of I'm living here for the next twenty years, this is what we are doing, etc. etc. I think honestly for me, I rather have the emergency cash stocked up, but personal finance is just that, personal. This time I'm not going crazy to pay off my car loan early, I'm just sticking with my 48 months and building back up the cash fund for the unknown future.

My mom just asked about going to DL next October with me. She's never seen the Halloween decorations. This has been such a trying, long year for us, as my dad goes through chemo (he is succumbing to cancer, but is such a champ!). I'd love to go with her and so, I am starting to plan now for a trip for us next year. She cannot walk well, due to childhood polio, so it's going to take some imagination and careful planning on my part. Once--just once--I'd love to be able to take her to the Grand Californian.

100% yes take your mom. Mine has Alzeimers and I wish I had more time in the past when she was "here". I remember taking her to DL once and she was a trip, she was about 76 at the time and had a great time waving at the parade people and characters like they were real. I wish I had that kind of fun getting into the parade like the characters were real! Now, she is home bound and doesn't have the vision, walk, or mental capacity to do so ever again sadly, so anyway I wish I had had MORE moments in the past like that to remember good times. I'm an advocate for do more and create memories while you can.

 

[DLgal]

Does your DH need a second Master's to get a job with his skill set? Or would it be for personal satisfaction?

I think part of it is that he seems so uncertain what he WANTS to do in his second career. He could very easily step into a job as an Director of Operations/Operations Manager, really in any industry, as that is generally what he has done as an officer for the past 20 years. He also has intelligence experience and top secret clearance, so he can easily work as a contractor if he wants to, or in an equivalent Federal job. We live in an area saturated with job opportunities in both the private sector and the public sector. We live halfway between San Diego and Los Angeles, both of which could be options for jobs, not to mention that our city is the county's largest employment center, with more than 30,000 companies located here. So we know he will find something, but he keeps saying he wants an MBA. I really don't know why he thinks it is necessary, and I have told him (as have others) that most companies who want their employees to have one will assist with him doing an Executive MBA type program. The thing is, though, all his buddies who have gotten out of the military (way before hitting the 20 year mark) have gone the MBA route, and have great jobs now. I think he thinks it's necessary, even though I think his years of experience trumps that particular degree. I think he can easily obtain any career or industry specific certifications that might be needed to bridge the gap between the military and private sector. He doesn't want to get into anything like finance or anything completely unrelated to his past work experience. He seems convinced that the networking opportunities of getting an MBA from a top tier school (like UCLA Anderson or USC Marshall) would be worth it, more than the actual degree. Not sure I can argue with that. And, if it is gonna be free regardless, doesn't seem like a bad idea. Although, I worry about him being out of the work force for 2 years.

Then, at times, he talks about maybe wanting to be a high school history teacher. So, he could also pursue a Teaching Credential/Masters in Education. He really loves history and is a great mentor, and I think he would really get a lot of personal satisfaction as a teacher. He obviously feels pulled towards public service jobs and this would be a good option in our area, as there is constant growth and new schools being built, and the starting pay for teachers is really high here. He has a Master's in Military History, which is fairly useless outside the educational sector, but would serve him well as a teacher.

I think he is just confused as he gets ready to go through this transition, so we are looking at all options. My part is making sure we are financially ready for whatever he decides to do.

 

[DLgal]

You have an amazing savings rate planned, really. I couldn't get there, though my DH is also in the service but different service component. It's very good to plan a large amount of expenses, and it sounds like you will stay in the area you currently live in? My DH is also likely to retirement sometime in the very near future, though we move around a lot and have been for years, not sure where to one day call home and that is difficult.

We have never been able to save much up to this point. However, my husband's last promotion earlier this year came with a HUGE pay increase and increase to BAH (which is super high due to COL here, but we have a locked in rental rate far below it for the next 2 years, so we use the rest to pay our utilities), which will allow us to put aside a large chunk every month, as long as we keep our spending reigned in. The pay raise for next year is 2.6% and in March, he will go over 20 years of service, which gives a nice bump as well. We aren't planning a vacation next year, and we took a BIG one this year, so if we are disciplined, we can do it.

We have been very fortunate to be stationed in only a couple places during my husband's career. We've really only moved cross country twice, and the second time was to come back "home" where we were stationed for our first 11 years. Yes, we plan to stay put after retirement because our boys will be entering Junior year and Freshman year of high school. Our main goal is to allow older DS to graduate HS here and our secondary goal is to also allow younger DS to do the same. Once we are no longer tied to this school district, we will be open to relocating elsewhere, although, truth be told, all of us want to keep living in this city forever. And, it actually may be a possibility, so we are hopeful. It's easy to know where you want to settle once you've already found a place that speaks to you as "home." For us, that is where we are right now, and we will be lucky enough to retire out of here.

 

[jen7233]

We have never been able to save much up to this point. However, my husband's last promotion earlier this year came with a HUGE pay increase and increase to BAH (which is super high due to COL here, but we have a locked in rental rate far below it for the next 2 years, so we use the rest to pay our utilities)

We also live in a pretty high cost of living area outside DC in Northern VA/Maryland area, luckily rent can’t be raised until contract expiration. But the utilities going up are another matter, I would expect it.

We’ve lived in some interesting places though nothing has ever had a true call to me. I’m sure decisions will be based on a job, although we do prefer some locations over others and I’m not a cold weather fan. I’ve already bet we’ll probably remain one place for kids to finish school and if it happens, college. Then downsize the house and location later on to a townhome/condo. I’ll remain open that we could change our minds, because I’ve seen some people settle in one place and buy a home after service, then make a big mòve later on someplace entirely different deciding it wasn’t for them. That could very well be me!

 

[DnA2010]

I think this really depends. Your one experience with a finished basement is not indicative of all basements. My parent's house has a finished basement and it is clean, never damp and not cold. Our basement doesn't have any water issues and also doesn't feel cold, even unfinished in the winter.

Here basement suites are actually in high demand, and aren't damp and cold either.

I'm sorry your quotes are coming out so high- do they give you the hours estimated breakdown? we are finishing our basement sometime over the winter- it's partially finished- aka there is some electrical down there, and concrete floor etc, but we are adding a bathroom (some plumbing roughed in), 2 bedrooms, a storage room, and then an open tv room/play room- our builder is saying 15-20K- will let you know as we get closer. I believe that is doing the painting and trim ourselves.

 

[Tygerlilly]

We made a few more life decisions while we've been visiting family in Indiana this week. First is that we are going to limit christmas presents this year in favor of paying off our loans earlier.
Second, we want to try and have all debt paid off by spring so we can focus on paying off the wedding.
Third, we had a 5 year plan to move up here (we're about 18 months into this plan now), but now we are strongly trying to be moved by spring 2020. So, we decided to ditch our $6-7k honeymoon and instead do a shorter, cheaper trip and put the $5k we were going to spend towards our house fund to get us moved quicker.

Now, question for the masses. We will be buying our first home together. He's owned before, but his ex wife (didn't) handle all of the things with that. So, what things should I factor into costs when buying? Any suggestions on costly things we should pretty much assume will be needing done immediately? We should have about $15-20k to put down as a down payment. I think maybe an extra $5k for expenses we should need right off the bat?

 

[dina444444]

We made a few more life decisions while we've been visiting family in Indiana this week. First is that we are going to limit christmas presents this year in favor of paying off our loans earlier.
Second, we want to try and have all debt paid off by spring so we can focus on paying off the wedding.
Third, we had a 5 year plan to move up here (we're about 18 months into this plan now), but now we are strongly trying to be moved by spring 2020. So, we decided to ditch our $6-7k honeymoon and instead do a shorter, cheaper trip and put the $5k we were going to spend towards our house fund to get us moved quicker.

Now, question for the masses. We will be buying our first home together. He's owned before, but his ex wife (didn't) handle all of the things with that. So, what things should I factor into costs when buying? Any suggestions on costly things we should pretty much assume will be needing done immediately? We should have about $15-20k to put down as a down payment. I think maybe an extra $5k for expenses we should need right off the bat?

You have to factor in the cost for the home inspector (which is where outside costs arise with things that need to be fixed are typically found) and closing costs which will vary based on area etc. on top of the down payment. And if your down payment isn’t 20% you are looking at PMI until you reach that point.

 

[jen7233]

Now, question for the masses. We will be buying our first home together. He's owned before, but his ex wife (didn't) handle all of the things with that. So, what things should I factor into costs when buying? Any suggestions on costly things we should pretty much assume will be needing done immediately? We should have about $15-20k to put down as a down payment. I think maybe an extra $5k for expenses we should need right off the bat?

I can't remember all the details of what expenses we had when we bought. We also had long since sold that home, and that process is more fresh on my mind. However, we when we bought we had the downpayment of 20% but not required. We had I think the house inspector, maybe a fee for credit check, utilities start up. Depending on how you plan to move, if a self move or not, covered by company or not, the actual movement of furniture can be a factor. Another is actually furniture. Seems like every place we've lived in we always have a furniture issue, either something breaks, doesn't fit, need this or that. When we bought we had our washer/dryer, though we bought the fridge. Dishwasher, stove, microwave came with the house. We spent a ton in the first six months on hiring a landscaper, getting a sprinkler system put in, and my DH put in a fence himself so we saved money on labor but bought the material. I hated the laundry room so much, it was combined with the pantry and was the main walkthrough from the garage so we didn't notice it until actually living in it that this was an awful setup, got an estimate from the original builder to bump it out and after hearing the quote decided no. Good luck with your move, are you moving to be closer to family?