Debt Dumpers 2021

[ruadisneyfan2]

Interesting, Suze Orman is now recommending a 12 month emergency fund in 2021, up from 8 months her prior recommendation.

She is a fraud. This is long but well worth the time.

 

[afan]

She is a fraud. This is long but well worth the time.

Even if she is, it does make sense to have more than 6 months at this point. While no one expected a pandemic to do what it did, it's almost not totally crazy to think it'll happen again in the next however long. Plus, while everyone probably expects the economy to bounce right back and all the jobs to come back, lots of places, not just restaurants have closed and no one knows if all those jobs will come back or if more don't go away. I know I'd be happier having access to more than 6 months just in case, but I also see it as emergency so if something needs fixed that's outside the budget, etc it'd come from that.

 

[piccolopat]

The problem with concrete is that once it develps cracks, water can seep in. When that water freezes, it expands and the crack widens and lengthens. Every winter it gets worse until the whole thing looks terrible and the only way to fix it is to replace the whole thing. If you can seal the cracks early on, you can delay having to replace it.
When we first bought our home in 96 dh wanted a stacked stone planter along the front and sides of the house. He allowed the delivery truck to back up across our driveway, to dump the stone in the front yard. He couldn’t understand why my dad was rambling on like a mad man about letting such a heavy truck on our driveway. My dad has been in construction all his life but we were young and rolled our eyes. Months after the delivery we could see all the cracks it left which worsened over the years and finally in 2010 we had it replaced. $8000 to correct our mistake. After that, we decided nothing heavier than a pick up truck is allowed on our driveway. You live and learn.

I used to want to get rid of a car if it needed an expensive repair. It would feel unreliable to me. My dad would say “Isn’t $1500 less than 4 or 5 years of car payments?” Yes but... blah blah blah. Excuses.

Now I get it. If I can delay any purchase, I do.

Our driveway is asphalt, not concrete. It wears a bit different than concrete (we had at a prior house) but your dad is right about not putting overweight vehicles on it. As for cars, I've told my daughter that the cost of repair shouldn't be compared to the value of the car but rather how much longer the car can be used if the repair were to be made.

 

[scrappydew]

I believe the Amish are exempt from Social Security taxes, because they do not accept payment from it. My husband (who works in banking) told me some Amish have also refused to accept the stimulus money. What they did to refuse it, I don't know.

 

[ruadisneyfan2]

Even if she is, it does make sense to have more than 6 months at this point. While no one expected a pandemic to do what it did, it's almost not totally crazy to think it'll happen again in the next however long. Plus, while everyone probably expects the economy to bounce right back and all the jobs to come back, lots of places, not just restaurants have closed and no one knows if all those jobs will come back or if more don't go away. I know I'd be happier having access to more than 6 months just in case, but I also see it as emergency so if something needs fixed that's outside the budget, etc it'd come from that.

Yes, you're right. I didn't mean for it to sound like we should all disregard 100% of what comes out of her mouth.
I just cringe when I see her name being used as if she is some actual financial guru. She has zero qualifications to give financial advice to the public. This is a Disney forum so it's a different cross section of the population but on real financial blogs/forums they cut her to shreds. Go on Mr. Money Mustache and ask everyone what they think of her. She's a good actress and a better liar. Even a broken clock is correct twice per day.

 

[jen7233]

She is a fraud. This is long but well worth the time.

I know, she's really selling a product. It's interesting though, I hear a little more out there on some channels or podcasts about a bigger emergency fund (but I think Dave is still sticking with 3 to 6 months emergency fund, haven't listened to him much lately).

 

[Eureka]

I know, she's really selling a product. It's interesting though, I hear a little more out there on some channels or podcasts about a bigger emergency fund (but I think Dave is still sticking with 3 to 6 months emergency fund, haven't listened to him much lately).

I really liked Gail Vaz-Oxlade when she had that show Til Debt Do Us Part and had a financial blog. I read she burned out or something and now is more (outwardly anyway) political leaning. Which is SO not me. But I do have one of her books from years ago.

 

[crazycatstacy]

Hi! I'm new here, but just started YNAB last month and am committed to turning things around!

2021 Financial Goals

• fund $2000 backyard improvement
• pay off two credit cards - $3500
• stop buying unnecessary crap
• fund approximately $7500 for travel (WDW Nov 21, possibly DLR Sept 21)
• Montly IRA deposits

2021 Personal Goals

• Lose 75 lbs
• List, list, list on Poshmark and Mercari
• Declutter home more; clean out basement
• Return to DDP Yoga 3x/wk
• Walk 3x/wk

When I first read your personal goals I thought "Return to DDP Yoga 3x/wk" meant Disney Dining Plan Yoga and I wanted to be all in for that!

We had our Christmas trip to see our daughter in Madison, WI. We went over budget a couple hundred so not bad. . We forgot our coats so had to buy new ones so that didn't help. Secretly I wanted a new one anyway!

So far this year we have funded our $1000 emergency fund and paid off a medical bill. Trying to be really intentional with money and life in general this year. We have a big family Disney trip in December that I need to pay for as well.

 

[DharmaLou]

When I first read your personal goals I thought "Return to DDP Yoga 3x/wk" meant Disney Dining Plan Yoga and I wanted to be all in for that!

Ha! Diamond Dallas Page yoga

 

[slightly_obsessed]

Hi! I lurked last year and I hope that I can join in. Maybe saying my goals out loud will help keep me accountable. Our little family lives in the Midwest and has myself, my husband, our elementary aged son and two crazy dogs.

Financial

• Discover - Pay off balance, hopefully by June. This is our only credit card that carries a balance and it makes me nuts that we allowed it to have a balance, let alone get as high as it got. I have made significant progress the last several months and have just under a quarter of the balance it was last January to go .
• Once Discover is paid off, I am moving my focus to our DVC loan and bulking up our emergency savings. I know the idea is to just keep $1000 as your emergency funds, but I am not comfortable with that amount. A year of unemployment early in our marriage, plus 3 major surgeries and correlating health issues for my husband over the last two years makes me feel the need to get this balance up.
• Pay for any vacations in cash. If my husband is physically able to go and still has vacation time (also keeping COVID in mind) we have a couple trips scheduled this year. One is a COVID reschedule and includes nonrefundable hotel/tickets for Legoland. I know we could pay off debt sooner if we didn't go but we aren’t willing to forgo vacation. Life is short... both my mother and mother in law died fairly young and my husband is pretty much lucky to be alive. I know there are those that disagree with those priorities. That’s ok, this works for us.

Personal

• Focus on health. It’s been a stressful couple of years and a healthy lifestyle flew out the window awhile ago. I need to get back to exercising regularly and eating better. There’s a lot of weight I’d like to lose but I also just want to just be healthy. I can’t keep up with my son and I want to be able to.
• We’ve always wanted more kids and getting pregnant a second time has eluded us. I think focusing on health will help with this, but we may have to take other steps too to help fertility.
• Focus on focusing. I am easily distracted and so many things get left undone. Our house would look so much better if I could finish project!
• Get a will done. We probably need a trust but I feel like at least getting a will done will be faster and helpful in the short run.

That's probably enough for now. Thanks for reading this far if you have!

 

[imbatman]

Hi! I lurked last year and I hope that I can join in. Maybe saying my goals out loud will help keep me accountable. Our little family lives in the Midwest and has myself, my husband, our elementary aged son and two crazy dogs.

Financial

• Discover - Pay off balance, hopefully by June. This is our only credit card that carries a balance and it makes me nuts that we allowed it to have a balance, let alone get as high as it got. I have made significant progress the last several months and have just under a quarter of the balance it was last January to go .
• Once Discover is paid off, I am moving my focus to our DVC loan and bulking up our emergency savings. I know the idea is to just keep $1000 as your emergency funds, but I am not comfortable with that amount. A year of unemployment early in our marriage, plus 3 major surgeries and correlating health issues for my husband over the last two years makes me feel the need to get this balance up.
• Pay for any vacations in cash. If my husband is physically able to go and still has vacation time (also keeping COVID in mind) we have a couple trips scheduled this year. One is a COVID reschedule and includes nonrefundable hotel/tickets for Legoland. I know we could pay off debt sooner if we didn't go but we aren’t willing to forgo vacation. Life is short... both my mother and mother in law died fairly young and my husband is pretty much lucky to be alive. I know there are those that disagree with those priorities. That’s ok, this works for us.

Personal

• Focus on health. It’s been a stressful couple of years and a healthy lifestyle flew out the window awhile ago. I need to get back to exercising regularly and eating better. There’s a lot of weight I’d like to lose but I also just want to just be healthy. I can’t keep up with my son and I want to be able to.
• We’ve always wanted more kids and getting pregnant a second time has eluded us. I think focusing on health will help with this, but we may have to take other steps too to help fertility.
• Focus on focusing. I am easily distracted and so many things get left undone. Our house would look so much better if I could finish project!
• Get a will done. We probably need a trust but I feel like at least getting a will done will be faster and helpful in the short run.

That's probably enough for now. Thanks for reading this far if you have!

Paying off your Discover will be a huge weight! You mentioned that you are easily distracted. Could you make a list of things and break it down into smaller ... um... lists? Like the Discover payment: break it down into 6 payments that you can check off as you go. Same with the will. I know that lists help me keep focused and I LOVE checking off something or scratching it off altogether!

Life is short! Enjoy your family and your vacation!

 

[slightly_obsessed]

Paying off your Discover will be a huge weight! You mentioned that you are easily distracted. Could you make a list of things and break it down into smaller ... um... lists? Like the Discover payment: break it down into 6 payments that you can check off as you go. Same with the will. I know that lists help me keep focused and I LOVE checking off something or scratching it off altogether!

Life is short! Enjoy your family and your vacation!

Ooo, I do love a good list. Especially when the first thing on the list is "make list" - then you can immediately cross something off. I will give that a shot, thank you for the suggestion!

 

[BrerRabbit66]

Time for an update:

Oh, the DIS....it is my regular guilty pleasure to read the boards but I'm horrible about actually signing in and posting.

2021 Financial Goals:

• Fund my Roth IRA - 7k will be added January 5th. - Done! Funded the account 14k to cover 2020 & 2021, ouch ...not sure how I missed doing 2020 but advisor says we only did DH's account last time.
• Max contribution to my Simple IRA - this has already been adjusted thru payroll - $16,500 pre tax - Done! Followed up today with Payroll to confirm they had this set up.
• Pay off 6k of medical debt - currently on a 0% card will be paid by October; choosing not to use my HSA funds for this...rather leave HSA invested and utilize the banks money for a little longer. - Used part of my Christmas bonus to pay $1,000 on this today.
• Continue to use my Amex and / or my Chase CSP card to pay for everyday purchases and pay off monthly - build up points to pay for airline / hotel expenses when we can finally travel again.
• Remain debt free.

This progress has been years in the making with lots of time, effort and creative bill paying to retire debt. Paying off the mortgage allowed us to build up the funds for our savings and investments. (After the last official Mtg. payment, I set up our account to auto draft that same amount to savings.) ​

2021 Personal Goals:

• Sign in, get involved, post more and actually just be better at supporting others here on the boards!!
• Lose 35lbs - this is a challenge with my Hashimoto's but I have a plan and I've lost 10lbs already so I just have to commit to it.
• Declutter!!! So much paper to shred, furniture to donate and just stuff that we don't need.
• Survive Tax Season 2021 - ugh! 2020 almost did me in as so many of my clients were furloughed or took early retirement....lots of counseling and just hoping 2021 turns things around for everybody!

 

[ruadisneyfan2]

Paying off your Discover will be a huge weight! You mentioned that you are easily distracted. Could you make a list of things and break it down into smaller ... um... lists? Like the Discover payment: break it down into 6 payments that you can check off as you go. Same with the will. I know that lists help me keep focused and I LOVE checking off something or scratching it off altogether!

Life is short! Enjoy your family and your vacation!

I would so lost without my lists. Sometimes while I'm at work I'll remember something I need to do and if I don't just quick grab a papertowel or something to write it down on, it will be gone for who knows how long. Post Its are a BFF. My kids are easily distracted and unorganized so I encourage them to make lists. They resist.

 

[ruadisneyfan2]

This progress has been years in the making with lots of time, effort and creative bill paying to retire debt. Paying off the mortgage allowed us to build up the funds for our savings and investments. (After the last official Mtg. payment, I set up our account to auto draft that same amount to savings.) ​

You're an inspiration. I so look forward to the day when I can say this as well.

 

[Eureka]

I would so lost without my lists. Sometimes while I'm at work I'll remember something I need to do and if I don't just quick grab a papertowel or something to write it down on, it will be gone for who knows how long. Post Its are a BFF. My kids are easily distracted and unorganized so I encourage them to make lists. They resist.

I often email myself so I don’t forget things. Because yes, some days my short term memory just isn’t what it was.

 

[ruadisneyfan2]

I often email myself so I don’t forget things. Because yes, some days my short term memory just isn’t what it was.

Yep, done that too. I can't imagine myself at 75. There is no time to work at that age cuz I'll be too busy walking in circles forgetting why I entered each room.

 

[imbatman]

Lose 35lbs - this is a challenge with my Hashimoto's but I have a plan and I've lost 10lbs already so I just have to commit to it.

My best friend is creative with her Hashimoto's. It's a booger to get around!

I often email myself so I don’t forget things. Because yes, some days my short term memory just isn’t what it was.

Why do you attack me?! The first time I did this, I congratulated myself.

 

[Tygerlilly]

Still just over here waiting to be stimulated.

Our big project for the house this year is getting rid of the carpet. It's been 3 years and between kids and pets, it's just destroyed. We're putting down laminate instead.
Hubby decided to forgo his payday allowance in favor of buying a couple boxes of flooring. So tomorrow I'll pop over to Lowe's and grab a few boxes and we *should* be able to get enough to do our youngest daughter's room and the attached hallway. I'll run it just into our room enough that the baby gate can close and they won't mess with the exposed edges. Hopefully the stimulus comes in this week and then I'll just buy all we need and we'll make a weekend out of doing all the floors in the house. We also have a bunch of garbage in the garage (old mattress, old couch, a ton of empty boxes, and then adding a bunch of carpet), so my plan is to call around about a 24 hour dumpster rental to clear everything out at once. Otherwise, we'll have to do everything in phases. Not a bad idea, but it would definitely be easier to knock it all out at once instead of starting and stopping multiple times.


Pay week means grocery shopping week. We're in a rush with lunches (we only ever eat lunch together since we work split shifts at night to cut daycare costs). My plan is to make a meal plan, only buy what we need, and actually stick to it.

 

[pblack]

Still just over here waiting to be stimulated.

Our big project for the house this year is getting rid of the carpet. It's been 3 years and between kids and pets, it's just destroyed. We're putting down laminate instead.
Hubby decided to forgo his payday allowance in favor of buying a couple boxes of flooring. So tomorrow I'll pop over to Lowe's and grab a few boxes and we *should* be able to get enough to do our youngest daughter's room and the attached hallway. I'll run it just into our room enough that the baby gate can close and they won't mess with the exposed edges. Hopefully the stimulus comes in this week and then I'll just buy all we need and we'll make a weekend out of doing all the floors in the house. We also have a bunch of garbage in the garage (old mattress, old couch, a ton of empty boxes, and then adding a bunch of carpet), so my plan is to call around about a 24 hour dumpster rental to clear everything out at once. Otherwise, we'll have to do everything in phases. Not a bad idea, but it would definitely be easier to knock it all out at once instead of starting and stopping multiple times.


Pay week means grocery shopping week. We're in a rush with lunches (we only ever eat lunch together since we work split shifts at night to cut daycare costs). My plan is to make a meal plan, only buy what we need, and actually stick to it.

If you haven't already, you can check your stimulus status here: https://www.irs.gov/coronavirus/get-my-payment