Debt Dumpers 2023

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As 2022 is coming to a close, I figured I'd go ahead and get the Debt Dumpers 2023 thread going. Please continue to post your 2022 recaps on the 2022 board, but as you're working on your goals for 2023 post them here!

If you're new to the debt dumping thread, welcome! We're a friendly bunch who encourage each other in their wins and losses. No negativity allowed here! Most of us post a mixture of our debt dumping goals and personal goals, but it's not a requirement! Please post whatever you feel comfortable with and let us help cheer you on.

 

[pblack]

2023 Financial Goals:

• Pay off our Highlander loan (Roughly $19500 at the start of the year)
• Increase my contributions to my "other" savings accounts (pets/gifts/CC fees)

2023 Personal Goals:

• Travel more - aiming for a trip 4th of July weekend (undecided on where), going out to Texas at least once, a cruise or a trip out of the country
• Finish replacing the fence that needs to be replaced
• Live life and be happy

I don't have a ton of goals for next year as of right now. My biggest goal for next year is to (hopefully) pay off the rest of our Highlander loan. This would greatly help us and free up $450-500 a month, especially with our solar loan going up by $100 in January. Since we've tackled quite a few big projects around our house during the Covid years I feel like it's time to focus more on traveling and just being happy with life. So that's my biggest personal goal for next year. Over the next few weeks I may think of some things to add to my lists, but for now I think it's a pretty good start.

 

[barkley]

signing on-figuring out 2023 goals this month.

 

[Tygerlilly]

Will be joining in with more detail once I get home and can properly think again. But, my number 1 goal won't change...

1: Enjoy life.

 

[FQLover]

I am going to steal this thread goal of "living life and being happy." My oncologist and his nurse practitioner are always telling me this: "Go live your live and enjoy it. That is what you are fighting so hard to be able to do!"

I have been staying positive and enjoying a lot of little things during this journey. A very experienced oncology nurse in the hospital told me to not just have big goals in the long distance but to create short term goals, too, and to do something every day that brings me pleasure, makes me happy, or makes me smile. She said that living life positively has a measurable effect on prognosis and outcomes. I am taking all their advice, but I think it is a really sound principle for everyone--even when working on debt reduction, saving more, putting up with stock market swings, etc.

My money challenge is that in two months my medical leave is over. I am applying for Long Term Disability through my work which will pay just 60% of my salary (although some payroll deductions are going to change which should land me closer to 80%). If I am turned down (which I don't expect), I will move right into retirement 18 months ahead of my original plans, but that will be okay, too.

In both cases, I need to streamline my spending (less waste on groceries, less takeout, more cooking, etc.) I will not be able to save as much as I have over the last 3-4 years, but I will make sure that I can still save some percentage of this reduced salary. I have really been spending on Christmas gifts (I have a Christmas savings account but I will use up every penny and usually I save about $200 of it to kickstart the next savings year.

I have also been spending on clothes for myself a lot in the last month, but one of my chemo side effects is that I am freezing cold all the time. I have needed warmer coats, more undershirts for layering, fleece shirts and jackets to wear inside, etc. It is what it is, and I should soon be set up to be more comfortable for the lower temps, wind, and snow that will be around here for the next three months.

Other than that, I have been feeling really good lately (knock on wood big time) and hope to take some vacation trips this year with my daughter. That money has already been saved and not spent since I have been sick. Somewhere warm and sunny, of course!

 

[CinderEmma94]

I never posted on the 2022 thread but I followed along! I will be joining you all in 2023! My husband (our family’s sole income earner) just got a new job after being laid off in late Aug/early Sept and I am due with our 3rd child very very soon (like, could be at any time now). I don’t have any goals other than get our stuff back together at the moment. I’ll figure it out when I have a moment to think but just wanted to check in since I saw this thread!

 

[pblack]

I am going to steal this thread goal of "living life and being happy." My oncologist and his nurse practitioner are always telling me this: "Go live your live and enjoy it. That is what you are fighting so hard to be able to do!"

I have been staying positive and enjoying a lot of little things during this journey. A very experienced oncology nurse in the hospital told me to not just have big goals in the long distance but to create short term goals, too, and to do something every day that brings me pleasure, makes me happy, or makes me smile. She said that living life positively has a measurable effect on prognosis and outcomes. I am taking all their advice, but I think it is a really sound principle for everyone--even when working on debt reduction, saving more, putting up with stock market swings, etc.

My money challenge is that in two months my medical leave is over. I am applying for Long Term Disability through my work which will pay just 60% of my salary (although some payroll deductions are going to change which should land me closer to 80%). If I am turned down (which I don't expect), I will move right into retirement 18 months ahead of my original plans, but that will be okay, too.

In both cases, I need to streamline my spending (less waste on groceries, less takeout, more cooking, etc.) I will not be able to save as much as I have over the last 3-4 years, but I will make sure that I can still save some percentage of this reduced salary. I have really been spending on Christmas gifts (I have a Christmas savings account but I will use up every penny and usually I save about $200 of it to kickstart the next savings year.

I have also been spending on clothes for myself a lot in the last month, but one of my chemo side effects is that I am freezing cold all the time. I have needed warmer coats, more undershirts for layering, fleece shirts and jackets to wear inside, etc. It is what it is, and I should soon be set up to be more comfortable for the lower temps, wind, and snow that will be around here for the next three months.

Other than that, I have been feeling really good lately (knock on wood big time) and hope to take some vacation trips this year with my daughter. That money has already been saved and not spent since I have been sick. Somewhere warm and sunny, of course!

Just wanted to send some good vibes your way!

 

[jackers]

I'm in for 2023.

2023 Financial Goals

• Car Payment – Pay off Cherokee (ideally by May, but timeline is contingent upon some assumptions I have made regarding tax refund and our annual bonus – at a minimum, I will be able to pay the car off this year).
• Mortgage: Reduce balance by 15% - I won’t start tackling this until mid-year, assuming all goes as planned with the car payoff. Those payments will then roll over to extra principle payments on the mortgage.
• Savings: Increase savings balance by at least 10%
• 401K: Max out contributions
• Reduce year over year spending in discretionary budget (includes things like Gifts, Clothing, Entertainment, Dining Out, etc). More commentary below.

2023 Personal Goals

• Get a will drawn up (sigh - this has been a goal for 4 years running. Our youngest son turns 18 this year - so we will try and do this after his birthday)
• Vacation – DS17 is graduating this year and I am really hoping we can take him on a trip this summer before he starts “real life” – nothing planned just yet.
• Get healthier – make better food choices and exercise.

So the discretionary spending thing is going to be a big focus for me this year. I started watching old episodes of the Canadian show “Til Debt Do Us Part” on YouTube and the host’s education on frivolous spending really resonated with me. I am not putting myself into debt with spending, but I definitely spend a lot on “stuff” with nothing much to show for it (except for maybe an expanding waistline). So for at least a part of the year, I am going to put myself on a cash budget and go the envelope method – if the money isn’t in the envelope, I am not going to spend it – with the ultimate goal being to change up my spending habits.

This will be very specific to the weekly discretionary expenses – food and general household items (for both humans and cats), personal care, clothing, gifts, and entertainment. Part of my overall budget includes a sinking fund to save for things like vacations, Christmas, etc. so I’m not really cutting major things out that I enjoy, I’m just trying to be more mindful of the “death of a thousand cuts” type spending I am doing today. In 2022 my savings account did not grow at all, and there is no reason why it shouldn’t have – I did take money out for a down payment on the new(ish) car, and I did replace most of that, but I still should have been able to grow my savings and that didn’t happen.

Here’s a high level breakdown of what my monthly budget/allocation of our take-home pay will be:

• Housing (Mortgage + Insurance + Taxes + Utilities) – 18%
• Transportation (Car Insurance + Gas) – 5%
• Savings (Emergency fund, house maintenance fund, potential medical bills, sinking fund, etc) – 18%
• Debt Repayment (Car payment + extra payments on car/mortgage) – 36%
• Life (discretionary spending) – 23%
• (Please note: retirement savings are not included in this as that is not part of “take home pay” – as noted in my goals, I am maxing my 401K contributions as well)

If this is something we can stick to for the next 3 years… the house will be paid off and our expenses will be minimal. We will ideally be empty nesters. If Murphy stays away (and I think we all know that is a big IF), we will have so many options open to us before we turn 50.

So here’s to hoping 2023 is good to all of us.

 

[crazycatstacy]

@jackers I love the show till debt do us part!!

 

[EilonwyWanderer]

1. Don't eat out
2. Don't eat out
3. Don't eat out
4. DON'T EAT OUT!!!!

 

[Carol_]

2023 Goals:
1. Pay the taxes
2. Fund a retirement account
2a. Decide on I-bonds or S&P 500 Schwab or Vanguard
3. Fund a college fund for DS7
3a. Same decision as 2a
4. Stop spending stupid money.

 

[barkley]

I have also been spending on clothes for myself a lot in the last month, but one of my chemo side effects is that I am freezing cold all the time. I have needed warmer coats, more undershirts for layering, fleece shirts and jackets to wear inside, etc. It is what it is, and I should soon be set up to be more comfortable for the lower temps, wind, and snow that will be around here for the next three months.

have you considered a warming vest or jacket? these are fairly lightweight given that they hold a small battery pack and it would provide constant warmth. the jacket might be cumbersome to wear indoors but the vest style (esp. if you got one in a size larger or two than you normally wear) could be worn as a top layer around the house. they've had some excellent sales on amazon recently of as much as 50% off.

 

[EilonwyWanderer]

Okay seriously our goals for 2023 are to save and get the credit card down. It's out of control! We took too many vacations this year, we were too caught up in covid guilt and wanting to make memories with our kids. Which on the one hand were great! On the other hand, DEBT!

We have a tentative vacation planned in October of this year, mostly at the behest of the grandparents, but we can cancel it up until July so that's sort of in the back of my mind. We have no other "fun" plans and intend to cut down a LOT on our spending starting with eating out. We sat our kids down and talked to them about it and they're in agreement that we need to eat more at home and we're going to help remind each other of this.

It'll be tough what with summer camp, but I think it will work. Any extra money I make TAing will go right to the credit card as will our tax return (I'm pretty sure we should get one). Oil being expensive really puts a crimp in things so we're trying to watch the heat (it's so cold here right now!) but our electrical bill had plummeted since we took the ACs out so that's good! For the kids' birthday party's this year I'm thinking we just do them at the house. The only other outstanding expense might be a birthday party for my mother sometime in Feb but I'm trying to shop around for cheaper places to have that rather than going all out.

Personally I need to lose weight. I REALLY need to lose weight. Eating at home is definitely going to help but I have to get some kind of exercise routine going even if it's minimal. I would LIKE to lose 20 pounds next year. I mean I'd LIKE to lose 60, but small steps. My thyroid issues make this difficult but I'm certainly not helping with my snacking choices right now.

And hopefully my husband will finally get a new job that pays him more than an entry level wage when he's in his 40s. Fingers crossed!

 

[goofytinkerbell]

In 2022, the only thing I cared about was getting my divorce finalized. Now that it's done, I have to get the rest of my life together.

Financially:
1. Pay off my credit cards (it's not a lot, but it's debt)
2, Figure out a way to put some sort of extra on the mortgage, even if it's the $100 minimum
3. Get some things I NEED to have (rims/tires for the car, etc)
4. Get a savings plan going for the big stuff that comes due in one lump sum payment (insurance, property tax)

General stuff:
1. Make a will. A marriage voids your existing will, a divorce does NOT. My Dad had a heart attack recently, so this is especially important to me now.
2. Continue to clear out the crap. I need to go through my clothes and that sort of thing. I got a pile done in 2022, but it really wasn't enough.
3. Look for a new job. The reason nothing has been getting done is because I'm burned out from my existing job and I'm being severely underpaid for the work I do.
4. Get my passport. Mine expired during covid, when we weren't allowed to cross the border anyway.
5. Knock some half-finished projects off the list. Everything from making a scarf to some jewelry. Lots of stuff has been started, but not finished. Enough already!
6. Get into better shape. I'd like to say 'lose weight', but I'd be happy to be able to run up my own steps without getting winded. The weight loss may or may not come, but it's not as important.
7. Spend more time with loved ones. I don't see friends/family much. I guess I really need to do #3 in order to facilitate this one.

I'm sure there will be more, but that's a start.

 

[EilonwyWanderer]

2. Continue to clear out the crap. I need to go through my clothes and that sort of thing. I got a pile done in 2022, but it really wasn't enough.

Does your town or city have an Everything's Free Facebook page? I get SO much use out of mine! I swear it helps me get rid of things because there are so many things I have that I don't use but I don't want to throw away.

...it also means you might take in more but try to limit yourself!

 

[Tygerlilly]

Does your town or city have an Everything's Free Facebook page? I get SO much use out of mine! I swear it helps me get rid of things because there are so many things I have that I don't use but I don't want to throw away.

...it also means you might take in more but try to limit yourself!

I seriously love our local buy nothing page! I get rid of so much stuff that way!

 

[barkley]

Does your town or city have an Everything's Free Facebook page? I get SO much use out of mine! I swear it helps me get rid of things because there are so many things I have that I don't use but I don't want to throw away.

...it also means you might take in more but try to limit yourself!

if it's blankets, sheets, towels-check with local animal shelters b/c they beg for it year round.

smaller stuff i can get in the car-i keep a pile in the garage and when it hits a certain point i take it to a local veteran's thrift shop.

bigger stuff? in some places the vietnam vets groups will pick up for free, in others check with local charities that run thrift shops to see if they want to pick up (only thing they won't take is mattresses/box springs AND they've instituted a moratorium around us on china hutches/cabinets b/c too many people got rid of them during the pandemic).

i tried the free facebook type stuff in years past. not a fan b/c i would arrange to hand off or leave on my porch for pickup-people had no vested interest in showing or not so they often did not.

 

[WDW_fan_in_TX]

My goal for this next year is to try and get as much paid off as possible. I have some small medical bills (probably $1k-$2k or less), my school loan ($18k, which I've paid down from $65k) and I just got a new for me (used) car because I totaled mine. That's roughly $18k as well. We're now renting a house versus buying one as we just moved to the Dallas area this summer. So been trying to stay on top of all bills. I did take out a small credit card ($500 limit) just to try and build my credit. And that's going good thus far. So roughly $20k in debt not counting my school loan. While I can't pay it off, I can definitely chip away. Another hope of mine is to start sme type of retirement account. I'm 47 and don't have one at this point, so I'd like to start one if nothing else. So hoping this thread kind of helps keep me focused on knocking down some debt, saving some money and starting a retirment fund. I'm hoping to find the East At Home thread I saw maybe last year (or start another) and eat at home more vs. eating out all the time.

 

[DLgal]

Okay time for 2023 goals.

Financial Goals:

Emergency Savings:
current: $3000/ goal: $36,000 by end of year

Disneyland Annual Pass fund:
current: $2200/ goal: $6600 by August 15

That's it. I'm not going to get ahead of myself too much. This year will be a lot of change for us. Husband will retire from the military after 24 years in May. Thankfully, he was selected last week for a corporate fellowship through Hiring our Heroes for a follow on job. He starts the fellowship in January and *hopefully* will be offered the job and will be able to start when he goes on his terminal leave in April. So, for 2 months he might be getting double pay, which will be nice. We also just filed his VA claim for disability and expect a 100% disability rating. If everything pans out as we expect, next year we will be in VERY good financial shape and will be able to really start aggressively saving up for a house down payment.

My personal goal is just getting through this whole transition in one piece.

 

[Cynt]

1. Don't eat out
2. Don't eat out
3. Don't eat out
4. DON'T EAT OUT!!!!

OMG!! My life story. We eat out so much. I just don't want to cook. LOL!!! When you have more take out and to go containers in your fridge than real food there is a problem.