Debt Dumpers 2023

[pblack]

Our car insurance has ballooned to over $325 per month. That's for 2 cards. It was less than $175 just a year ago. So what are we doing wrong? We have the same amount of coverage as a year ago. Right now, we have Progressive. They started out this past summer at $220. Now it's over $100 more per month. I'm thinking about calling and figuring out why as that doesn't make any sense. Not sure how to check around to see if something is cheaper. Any help?

I keep seeing reports about insurance rates skyrocketing for no reason. I would definitely start shopping around. When I do this I go to the different insurance companies websites and click "get a quote." It will ask you for your information and what kind of coverage you want. Majority of them will give you a quote right then and there on their website. Sometimes you'll have to call and actually talk to someone. My insurance also went up recently, but not by the amount of yours. I started to sort of shop around again to see if I could find a better deal, but Geico (my current insurance) was still the better option for me at the moment.

 

[barkley]

on insurance-look for every discount you might qualify for. we get them for bundling all products through the same company, paying in full when renewal occurs (vs. monthly on car/home), driving under a certain number of miles per year (when we drove more we just did this on one of the cars so at least it qualified for a discount). when we had a younger driver on our policy we made sure the g.p.a. discount was met/applied and also had the kid do some kind of safe driver online course (took like 30 minutes) that qualified for another discount.

 

[bababear_50]

I Just cut the nieces and nephews and sister & brothers from the Christmas list...
this was hard for me but it just seems to make sense.
I will be sticking with my immediate family (3 sons and 1 Granddaughter).
Having some emergency savings seemed more important.

Oh and my Condo fee just went up,, my private health Ins. just went up and everything food seems to have gone up,, almost double..
When planning for retirement I didn't think food inflation would be a factor ,,I was wrong.
Thank God I paid off my mortgage.





Hugs Mel

 

[disney-inspired]

I Just cut the nieces and nephews and sister & brothers from the Christmas list...
this was hard for me but it just seems to make sense.
I will be sticking with my immediate family (3 sons and 1 Granddaughter).
Having some emergency savings seemed more important.

Oh and my Condo fee just went up,, my private health Ins. just went up and everything food seems to have gone up.
When planning for retirement I didn't think food inflation would be a factor ,,I was wrong.




Hugs Mel

I've removed pretty much all adults with jobs from my list. Exceptions are my immediate family (mom, dad, sister & BIL).

 

[bababear_50]

I've removed pretty much all adults with jobs from my list. Exceptions are my immediate family (mom, dad, sister & BIL).

Well done re organizing your list.


Hugs Mel

 

[WDW_fan_in_TX]

We decided not to do presents this year. We were going to do gift cards, but DW and I came down with Covid this past week. So we're not even going to be able to go home for Christmas. It was going to be such a short trip (3 hours each way to spend about 24 hours total at home) that we decided it's better to stay put and maybe go home the next weekend when we have an additional day.

That said, we decided gift cards for a couple of reasons. My parents are both in their 70s, have been married 51 years and need nothing. They eat out sometimes and go to Lowe's (my dad does) just about every other day. My nieces are both in college, and neither of them need anything more than money. My sister and her husband are the same way.

So that's why we decided to do a gift card swap. I mean, we don't need anything. And we spend money on groceries, eating out, buying gas, etc. So we're all helping each other do that. Same thing with DW's parents. They've been married more than 40 years, so we're giving them gift cards to go eat out. The only exception is our newborn nephew, who is a 3-1/2 weeks old. We're buying stuff for him.

 

[Nettlelondon]

Just to preface this with the info that I am in the UK.

Car insurance rates have gone through the roof here as well - apparently it is because parts are more expensive making claims higher/cars are more sophisticated making repairs more difficult making claims higher/wages have gone up making repairs more expensive making claims higher. Pick whichever fits the insurance industry spokesperson's agenda that day - because it is never that the execs want bigger bonuses or the shareholders want bigger profits. Some may say I am cynical. We have just bought a new car and the first company I contacted quoted £5,500 for the year ($7,000). A bit of shopping around got it down to £1,200.

We don't buy presents for many people but with my sister-in-law and her husband we always have a challenge - and a price limit. We might specify the gift has to come from a particular store, or from thrift stores/the equivalent of Goodwill, or be home made. This year the items had to come from an auction - be it a local physical auction house or eBay. This has proved to be great fun - and the only bit we have done so far is the shopping! My SIL is also notoriously clumsy so we bought a random box of about 80 assorted wine glasses for about £20 / $25 including fees. Hopefully we will get through the festive season with some intact but if we don't it won't have cost much. One year the Christmas presents had to come from a camping supplies shop and she got a collection of unbreakable glasses.

 

[goofytinkerbell]

This will probably be my last update of the year, as I'll be WAY too busy for the next couple weeks

Financially:
1. Keep the credit cards empty - DONE! Still using them and paying them off before they start earning interest.
-There's a tiny bit on one card that has a payment processing right now, so I'll be starting the new year with empty cards, which was the ultimate goal for this year. This is HUGE for me!
2. Figure out a way to put some sort of extra on the mortgage, even if it's the $100 minimum - DONE!
3. Get some things I NEED to have (rims/tires for the car, items that need replacing at home, etc)
-I replaced my Christmas tree. I didn't get everything that I wanted, but there was only so much money to work with. Overall I'm happy with the progress for this year, so I consider it a SUCCESS!
4. Get a savings plan going for the big stuff that comes due in one lump sum payment (insurance, property tax)
-I didn't make progress this week, but overall the account had some added to it over the year, so it's a SUCCESS. Next year I intend to use S.M.A.R.T. goals to have a proper goal amount.

General stuff:
1. Make a will - DONE!
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.
-64 items gone this week, for a total of 2089 over the year. I'm not done yet, but I had a 500 item goal that I've been tracking in another thread so this is DONE!
-I have a rather large item in my basement that doesn't belong to me, which I prepped for sale and am in contact with the item owner to formulate a plan to get rid of it.
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.
-Applied for 3 jobs this week
-Had a phone meeting with a potential employer
-This is a FAIL, but I've been actively working on it, so I'm not disappointed with my efforts.
4. Get my passport.-DONE!
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!
-Worked on 2 separate projects this week, one of which I should be able to complete over Christmas.
-I'm not sure what to call this, but there's been PROGRESS
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.
-3 workouts this week
-I've not been great about keeping on schedule, but I'm down 12 pounds since this time last year, so I'm calling this a SUCCESS
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.
-Saw family
-I'll be seeing tons of people over the next couple weeks
-I've seen more of people in person this year I think, but I'm not sure I'm wear I want to be, so PROGRESS?
8. Organize my stuff!
-Sorted through some old paperwork
-I'm going to call this PROGRESS, but there's a long way to go.

Overall, I'm satisfied with the progress I made this year, but I still have a lot of work ahead of me. I've already started my goal list of next year, and they should be able to be measured more easily so it'll be a pass or fail for each at the end of the year.

Merry Christmas and happy new year to you all, and thanks for letting me post to stay on track!

 

[ruadisneyfan2]

Our car insurance has ballooned to over $325 per month. That's for 2 cards. It was less than $175 just a year ago. So what are we doing wrong? We have the same amount of coverage as a year ago. Right now, we have Progressive. They started out this past summer at $220. Now it's over $100 more per month. I'm thinking about calling and figuring out why as that doesn't make any sense. Not sure how to check around to see if something is cheaper. Any help?

I would definitely shop around. Dig up your policy and turn to the Declarations page. That lists all the details/coverages in your policy and cost for each. Unless you intentionally want to lower coverage or increase deductibles, you will want to get estimates for the same coverage so you're comparing apples to apples. Sometimes insurance companies lowball you with super low coverage to lure you in, then late you realize it's not the same coverage you had before. JMHO but good coverage is important and not something to skimp on. There are trucks and SUVs out there that cost >$100k. I wouldn't want to be in an accident with one and be underinsured.
Our policy with AAA went up over $1000k per year when our firstborn got his learner's permit. So we switched to GEICO and saved hundreds. (Lol, I sound like a commercial.) Anyway, I agree with barkley who mentioned keeping all insurance with the same company to get multi-policy discounts. Ask them what other discounts they offer that you might qualify for. I get a pretty good discount on our cell phone service because of where I work, it just happens that ATT offers it to employees who work at my hospital.
Also, dh and I both take an online defensive driving course for the discount. Not all states allow it but the discount is applied for 3 years and our insurance company lets us know when the discount is about to expire so we take it again.
I also had our kids take it when they were younger. They pay their own bills now so if they want to be hardheads and pay more for car insurance, that's on them.

https://www3.safetyserve.com/courses/insurance/geico/

https://www3.safetyserve.com/insurance-select-a-state/


Once you start paying off some debt and building up a snowball, it will get easier to budget for car insurance in advance so that when the bill comes, it's not stressful, just transfer from our car insurance savings fund and pay it. I pay $100 biweekly to the car insurance fund by direct deposit. It took a looooong time before ever getting to the point that I could do that, like it took years. Baby steps.
Paying the bill in the fewest payments possible is usually cheapest.

Good luck! HTH

 

[ruadisneyfan2]

@pblack
Thinking of you and your dad and wishing him good progress in his journey to hopefully a full recovery. Sending you hugs.

 

[jen7233]

I haven't been on the boards or checked in for a while. I have been busy with work and outside of work has as well. I am in the opposite direction of debt dumping this year, so I likely don't have anything productive to input. My credit cards are on fire, so that's what I'll be working on next year. DH and I both have small and much needed raises coming in January with each of our jobs in the new year.

I hope all is well with the group and wish you all a happy holiday season.

 

[wdwpluto]

I'm self-employed and my health insurance is through the Marketplace and went up just shy of $100/month. And the coverage is not great. (I make too much to qualify for any assistance, which is a good thing, but ugh) I shopped for alternate plans and I could have gotten a slightly cheaper plan but I'd lose all of my doctors and one of my two prescriptions would no longer be covered, so it doesn't make sense.

Car insurance has gone up and continues to go up every 6-month renewal. My homeowner's insurance company is pulling out of Florida, so when my policy is up I'll need to find a new carrier for my hard to insure because it was built in 1950 house. I imagine that'll come at an increased cost as well.

 

[CinderEmma94]

End of the year check in! My last post was in June (life got away from me but I have been watching this thread and cheering everyone on!)

1. Pay off the birth **done
2. Pay off two of our 3 credit cards (approx $13,000). **First card is paid off! We currently owe $6,650.
2.5 Pay off third credit card (approx $14,000). **Currently owe $11,900.
3. Start husband’s 403B (he works for a non-profit) and contribute to match (5% of our income). **Set up and have been steadily contributing since the first paycheck of July! This was set and forget - I check it occasionally to update our net worth tracker but since it is long term investing we don't stress about it.
4. Grow emergency savings to $13,000 by the end of 2023. **7,270/13,000 -- didn't reach this goal, but all 3 kids' savings were bumped up as well as investing. It is a priority for next year.

Personal goals:
1. Continue making moving my body a priority (4/7 days a week) **The past month has been the best month for me in 2023. We finally got a Peloton bike (we have been thinking about it for 3 years and finally were able to cash flow it). I have been doing something active daily, whether that is going to Disney with the kids, riding the bike, strength classes or just stretching. I have added stretching into my daily routine and I feel like a new person (that sounds a little dramatic but it is true).
2. Read 12 books this year **250/12 books read this year! I met my goal in June and just kept going. When I made the goal this time last year I wasn't really reading at all anymore, but I have always been a reader. Kids and life got in the way of that but I finally gave myself permission to be my own person and follow my interests and I learned that it doesn't make me a bad mom, I actually became a better mom for my kids this year because I made my mental health a priority.

 

[pblack]

Merry Christmas eve (or day, depending on where you are)! I hope everyone has a wonderful and relaxing holiday. And if you don't celebrate? I hope you have a wonderful and relaxing day!

 

[Tygerlilly]

Kids and life got in the way of that but I finally gave myself permission to be my own person and follow my interests and I learned that it doesn't make me a bad mom, I actually became a better mom for my kids this year because I made my mental health a priority.

This was 100% my biggest accomplishment this year. I started working on my mental health, followed by my physical health and I'm such a better mom and wife for it. I use to put myself last and I was exhausted in so many ways until I finally gave myself permission to start enjoying the things that made me "me" again.

 

[goofytinkerbell]

End of the year check in! My last post was in June (life got away from me but I have been watching this thread and cheering everyone on!)

1. Pay off the birth **done
2. Pay off two of our 3 credit cards (approx $13,000). **First card is paid off! We currently owe $6,650.
2.5 Pay off third credit card (approx $14,000). **Currently owe $11,900.
3. Start husband’s 403B (he works for a non-profit) and contribute to match (5% of our income). **Set up and have been steadily contributing since the first paycheck of July! This was set and forget - I check it occasionally to update our net worth tracker but since it is long term investing we don't stress about it.
4. Grow emergency savings to $13,000 by the end of 2023. **7,270/13,000 -- didn't reach this goal, but all 3 kids' savings were bumped up as well as investing. It is a priority for next year.

Personal goals:
1. Continue making moving my body a priority (4/7 days a week) **The past month has been the best month for me in 2023. We finally got a Peloton bike (we have been thinking about it for 3 years and finally were able to cash flow it). I have been doing something active daily, whether that is going to Disney with the kids, riding the bike, strength classes or just stretching. I have added stretching into my daily routine and I feel like a new person (that sounds a little dramatic but it is true).
2. Read 12 books this year **250/12 books read this year! I met my goal in June and just kept going. When I made the goal this time last year I wasn't really reading at all anymore, but I have always been a reader. Kids and life got in the way of that but I finally gave myself permission to be my own person and follow my interests and I learned that it doesn't make me a bad mom, I actually became a better mom for my kids this year because I made my mental health a priority.

250 books? WOW! I thought I was doing well when I hit 105!

Also edited to add: Merry Christmas everyone! (or whatever it is you all celebrate)

 

[ruadisneyfan2]

Merry Christmas everyone!

 

[Tygerlilly]

Merry Christmas everyone!

 

[dayvewc]

I have not been here for, well, longer than I want to have to think about.

I have WAY too much to list everything that has happened in the past several many months, so I will just touch on the highlights (in no particular order).

• In the past year, I have lost my mother, my sister, an aunt, a couple of cousins ( some closer than others), a cousin of my dad's that was 105, and a couple of close friends.
• I have been in a stressful situation at work this fall, with a new administration at the school district. We are under a new mandate that the "students must learn, or we will be shut down!" I keep thinking, if it were just that easy, why wouldn't we have been doing it all these years already?
  • We finished the first semester, and the supplies that I requested (and ordered from the funds that were distributed to each teacher for the purpose of ordering the supplies we needed to teach our classes this year) still have not been delivered or even purchased.
• On the plus side, I finally got my settlement from my car wreck in April of 2022, the last week, which made my Christmas a nice one as I am:
  • Debt Free on
    • Capital One
    • Sam's Club Credit Card
    • DVC Loan
    • Hilton Grand Vacations
    • Holiday Inn Club Vacations
  • With a fair Nest Egg Left
  • I still have
    • Car Payment on Olaf
    • Mortgage Payment on my House
      • that is under contract to sell to another person, through a rent to own process that pays the mortgage and a small profit to me each month

Anyway. Looks like this year is ending better than it began.

Wanted to drop in and wish everyone here a Merry Christmas, Happy Hannukah, and Happy New Year. Or whatever Holy Day you observe and however you hold it dear.

 

[happily single]

Just to preface this with the info that I am in the UK.

Car insurance rates have gone through the roof here as well - apparently it is because parts are more expensive making claims higher/cars are more sophisticated making repairs more difficult making claims higher/wages have gone up making repairs more expensive making claims higher. Pick whichever fits the insurance industry spokesperson's agenda that day - because it is never that the execs want bigger bonuses or the shareholders want bigger profits. Some may say I am cynical. We have just bought a new car and the first company I contacted quoted £5,500 for the year ($7,000). A bit of shopping around got it down to £1,200.

We don't buy presents for many people but with my sister-in-law and her husband we always have a challenge - and a price limit. We might specify the gift has to come from a particular store, or from thrift stores/the equivalent of Goodwill, or be home made. This year the items had to come from an auction - be it a local physical auction house or eBay. This has proved to be great fun - and the only bit we have done so far is the shopping! My SIL is also notoriously clumsy so we bought a random box of about 80 assorted wine glasses for about £20 / $25 including fees. Hopefully we will get through the festive season with some intact but if we don't it won't have cost much. One year the Christmas presents had to come from a camping supplies shop and she got a collection of unbreakable glasses.

How fun!