The Official 2017 Debt Smackdown

I'm porting this Challenge thread over to the Managing Debt area. The original thread is available on the old forums at: The Official 2017 Debt Smackdown.

Here is what you need to do:


1. List the amount of total debt that you owe. 
This step is to give you an awareness of your current debt situation. Feel free to share, this forum is a safe and nonjudgmental place. You can also decide to keep this information private, you don't have to post your total here if you are not comfortable doing so. 

2. Post in this thread the total amount of debt you would like to pay off during the 2017 calendar year. (This part is required.) 
Feel free to break down the amounts by credit card/type of debt. Also, if you have a specific plan or some ideas on how you plan to pay down the debt, you can post that too. Maybe your plan will spark some ideas for others on how to tackle their own debts!

3. Check in monthly in this thread and report on how your debt smackdown is going. (This part is required.)

4. Post monthly on the 2017 Google Spreadsheet to track your progress. (This part is required.)
Claim a line on the spreadsheet, and post your total debt to be paid off, and the monthly amount that you send off towards it. Some people track their total payments and don't account for interest, some people account for principal only. The method you choose is up to you!

If you come across this challenge later in the year, no worries, you can still jump right in. Just put zeroes in the months where you had not joined the challenge yet, and start in the month you join in. 
 

Here's to smashing our collective debt this coming 2017! Let's do this!!

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  • Thankful for my debt paydown year. I'm one payment away from completely paying off my pre-YNAB debt. I am now using 2 credit cards for my PIF budgeted purchases, and averaging $50ish in rewards cash back each month... on top of the 2.5 percent on my checking account balance (a little over $20/month)... so, I've gone from having more than $36,000 in unplanned CC debt (Dec. 2016) to now, having monthly gains based on my CC usage and payment. 

    Looking forward to next month's post!

    @rolltide's 2017 Debt Smackdown Summary:

     

    rolltide's 2017 Debt Smackdown Summary:
    
    MONTH 1:           $629.82 / $14,070.56 =     4.48%
    MONTH 2:         $5,994.61 / $14,070.56 =    42.60%
    MONTH 3:         $3,704.40 / $14,070.56 =    26.33%
    MONTH 4:           $700.00 / $14,070.56 =     4.97%
    MONTH 5:           $700.00 / $14,070.56 =     4.97%
    MONTH 6:           $700.00 / $14,070.56 =     4.97%
    MONTH 7:           $700.00 / $14,070.56 =     4.97%
    MONTH 8:           $700.00 / $14,070.56 =     4.97%
    MONTH 9:           $700.00 / $14,070.56 =     4.97%
    SMACKED:        $14,070.56 / $14,070.56 =    100.00%
    MONTH 9:           $458.27 /  $2,558.27 =     17.91%
    MONTH 10:          $700.00 /  $2,558.27 =     27.36%
    MONTH 11:          $700.00 /  $2,558.27 =     27.36%
    STRETCHED:       $1,858.27 /  $2,558.27 =     72.64%
    TOTAL:          $15,928.83 / $16,628.83 =     95.79%
    
    
    Detailed report for all November debt smackdown payments:
    
      2017 Goal: To Pay off $14,070.56 in CC debt
    Stretch Goal: To Pay off $16,628.83 in CC debt
    
    Total Debt paid off Nov:           $700.00
    Total Debt paid off to date:    $15,928.83
    Remaining to reach goal:             $0.00
    Remaining to stretch goal:         $700.00
    
    Debt     Oct 2017 Balance   Min. Payment  Actual Payment   New Balance
    CC1           $1,400.00          $25.00       $700.00          $700.00
    Reply Like 5
  • I'm so glad you brought this over! I loved the year I did this challenge. ❤️

    Reply Like
      • rolltide
      • Vita, epulum! Famescenti tamen plurimi miseri!
      • rolltide
      • 5 mths ago
      • 1
      • Reported - view

      Jen  I did the challenge last year, but this year has been my best ever. I can't wait til next month when I can post that I've paid off all that debt. So empowering. The challenges can really be good motivation. My first year, I got about 8 months in and then stopped updating the spreadsheet, even though I was still paying down... perfectionism!

      Reply Like 1
  • I'm hoping this will be done for 2018? Would LOVE to do this challenge! 

    Reply Like 2
  • I love this!! Hope this will be repeated for 2018 :) 

    Reply Like 2
  • I am going to check in on the other forum thread to see who is up for setting it up... I might be willing to do it, even though I'm likely not going to have any debt to pay off...

    Reply Like 2
  • Phew, I finally made it here! I just made a post in the old thread for November but will bring my December one over here now that I've saved the link and it seems to be working.

    Reply Like 1
  • After November payments:

    Mortgage @ 5.25% - $92,732.33 (-227.39)
    Auto Loan @ 4.99% - $33,267.56 (-370.90)
    Student Loan(s) @ 2.25% and 1.675% - $8,361.70 (-286.49)
    401(k) #3 @ 4.25% - $20,951.74 (-1691.01)
    LC #3 @ 5.32% - $5,000.00 (+5000)

    for a grand total of $160,313.33 (+2424.21) - 117.57% of goal
    -----------------------------------------------------------------------

     

    New debt but it's handleable.  Still above target for the year.

    Reply Like 1
  • I have not been posting my updates, but I've been making sure the spreadsheet is up to date for me! Just one month left... :)

    Reply Like
  • I just started YNAB and would love to participate in a 2018 challenge? Is there one coming up?

    Reply Like 2
      • Amy H
      • Makingspace
      • 5 mths ago
      • 1
      • Reported - view

      Gray Motherboard (18f6a38a2323) I would like to participate for 2018 too. I am calculating debt repayment for 2018 right now, in fact.

      Reply Like 1
      • MonDee
      • Getting in Control.
      • mONdEE
      • 5 mths ago
      • Reported - view

      Gray Motherboard (18f6a38a2323) I'm also interested in a 2018 challenge!

      Reply Like
    • Gray Motherboard (18f6a38a2323)  I am new to YNAB and would love to join a 2018 challenge as well.

      Reply Like
  • This looks great, I would be very interested in joining the 2018 challenge too :)

    Reply Like
  • I'm so glad to see this ported over.  And how amazing that we got our usernames saved. love the crew at ynab. anyways, this year ended up being a gong show of no money, so I fell on the wayside for 2017, but I wanted to add my voice for this being set up for 2018, and the official savings one too!

    Reply Like
  • I would like to join this for 2018 too

    Reply Like
  • My debt free journey began in November 2015 and I owed $130,400, all on student loans. When I started The Official 2017 Debt Smackdown I owed $119,200.

    At the beginning of the year I wanted to pay off $15,000 in principal with a stretch goal of $25,000.

    I paid off $25,800 as of November!

    Reply Like 11
  • I see a lot of people interested in doing this for 2018, and I know I am also! So.. Will it be launched in 2018??

    Reply Like 1
  • Hey all! We'd love to help organize the 2018 Challenge! Would it be best to create a "Challenges" category within the Community section so anyone can start a thread concerning their specific goals? Totally open to input here! :) 

    Reply Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 5 mths ago
      • 1
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      Janelle at YNAB 

      Challenges in the old forum was frequently mistaken to be 'problems' as in what insurmountable challenge am I facing?  I'm wondering if Forum Challenges or Official Challenges or Group Challenges would be more specific - assuming you do decide to add a challenges section.

      Reply Like 1
    • HappyDance Excellent point! I really like the name suggestions!

      Reply Like
      • rolltide
      • Vita, epulum! Famescenti tamen plurimi miseri!
      • rolltide
      • 5 mths ago
      • 4
      • Reported - view

      HappyDance  Completely agree with this. I like Forum Challenges or Group Challenges... perhaps "Community Challenges"

      Reply Like 4
  • Hi Everyone! *waves*

    While I didn't quite make it to the $15,000 that I wanted to spend towards debt paydown this year, I did pay $11,801.11 and cash-flowed a vacation to Disney World with my mom. 

    I think that I'm going to make my goal $15,000 again this coming year. I have a potential part time job lined up, have slashed both my grocery budget and my eating out budget, getting strict on clothes and makeup next...

    Anyone interested in following along can hit my up in the journals sections! ~A Debt Free Dream~

     

    -J

    Reply Like 4
  • Will there be a 2018 Debt Smackdown?  Definitely interested in participating. :-)

    Reply Like
  • Hello, New Forum!

    My last autopay for my student loan just came out and with it I reached 90% of my $19,118 goal. However, I plan to make one more lump sum at the end of the month. I am still >$1700 short of that goal, but another $500 will put my student loan balance at below $20,000, which I am super excited about. When I make that payment, I'll update with my usual charts; at the moment I have my computer on a strict workflow, but I haven't blocked this site yet, only the old forums... 🙄

    Reply Like 6
  • Hey rolltide

    I'm going to move this thread over to our new Community Challenges category! :) 

    Reply Like
      • rolltide
      • Vita, epulum! Famescenti tamen plurimi miseri!
      • rolltide
      • 5 mths ago
      • Reported - view

      Janelle at YNAB Fantastic!

      Reply Like
  • Today I hit my stretch stretch goal of $30,000 principal paid off in 2017! Major celebrating going on here. I have $89,200 left and I'm so ready to crush next year's challenge with all of you!

    Reply Like 4
      • rolltide
      • Vita, epulum! Famescenti tamen plurimi miseri!
      • rolltide
      • 5 mths ago
      • Reported - view

      Veronika Wonderful! Congratulations.  Huzzah!

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  • I can't wait for the 2018 Debt Smackdown thread!

    Reply Like 2
      • MonDee
      • Getting in Control.
      • mONdEE
      • 5 mths ago
      • 1
      • Reported - view

      @Kate  Me neither! 

      Reply Like 1
  • This is it. My outstanding, non-PIF CC debt is now retired. I still owe on my car lease, and will likely have a small payment on my next car, but I will take care of that quickly, now that I know how. :)

    Thanks, YNAB. And thank you, me!


    rolltide's 2017 Debt Smackdown Summary:

     

     

    
    
    MONTH 1:            $629.82 / $14,070.56 =     4.48%
    MONTH 2:          $5,994.61 / $14,070.56 =    42.60%
    MONTH 3:          $3,704.40 / $14,070.56 =    26.33%
    MONTH 4:            $700.00 / $14,070.56 =     4.97%
    MONTH 5:            $700.00 / $14,070.56 =     4.97%
    MONTH 6:            $700.00 / $14,070.56 =     4.97%
    MONTH 7:            $700.00 / $14,070.56 =     4.97%
    MONTH 8:            $700.00 / $14,070.56 =     4.97%
    MONTH 9:            $700.00 / $14,070.56 =     4.97%
    SMACKED:         $14,070.56 / $14,070.56 =   100.00%
    MONTH 9:            $458.27 /  $2,558.27 =    17.91%
    MONTH 10:           $700.00 /  $2,558.27 =    27.36%
    MONTH 11:           $700.00 /  $2,558.27 =    27.36%
    MONTH 12:           $700.00 /  $2,558.28 =    27.36%
    STRETCHED:        $2,558.27 /  $2,558.27 =   100.00%
    TOTAL:           $16,628.83 / $16,628.83 =   100.00%
    
    
    Detailed report for all December debt smackdown payments
    
       2017 Goal: To Pay off $14,070.56 in CC debt
    Stretch Goal: To Pay off $16,628.83 in CC debt
    
    Total Debt paid off Dec:           $700.00
    Total Debt paid off to date:    $16,628.83
    Remaining to reach goal:             $0.00
    Remaining to stretch goal:           $0.00
    
    Debt     Nov 2017 Balance   Min. Payment  Actual Payment   New Balance
    CC1            $700.00          $25.00       $700.00           $00.00
    Reply Like 4
    • rolltide CONGRATS!!!! :)

      Reply Like 1
      • rolltide
      • Vita, epulum! Famescenti tamen plurimi miseri!
      • rolltide
      • 4 mths ago
      • Reported - view

      Resistant Punch Roller Thanks!

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  • Thanks for bringing this thread over here Rolltide - would love to see the 2018 version too - definitely still on the debt paydown bandwagon...

    I've been taking part in the Debt Smackdown since 2015(! why won't this debt just go already!). I'll probably mock up a graph at some point soon - but here's been my annual performance. 

    Year      Starting Debt      Target Payoff      Actual Payoff      %
    2015      £10,500.00         £3,600             £3,601.15          100.03%
    2016      £6,898.85          £5,400             £3,248.64          60.16%
    2017      £3,650.21          £3,859*            £1,322.77          34.26%
    

    * I think I had a balance transfer somewhere what came with a few fees. 

    So I had a fairly expensive 2017, bought a 30 year old car, and got a cat, and have been a little less focused in general on paying off my debt. 

    I end 2017 with about £2,500 worth of the original £10.5k debt I started using YNAB with - so I'm pleased with progress. Not megabucks, but I've certainly not scrimped and saved as much as I could have done.

    All being well, a bonus payment in January should be able to wipe out that original pot of debt entirely - (but the afformementioned car has a little bit of new debt tied to it too...)

    Anyway, here's to a prosperous 2018!

    Reply Like 1

  • Credit Card: $3,376.55  PIF as of 8 March

    Car Loan: $5,742.27 Paid off 23 March

    Student Loan
    Starting balance:          Paid in December:          Current balance:
    $27,690.57                  $1,000                                       $19,973.84

    Original Debt: $36,809.49
    Remaining Debt: $19,973.84*

    Goal Paid in 2017: $19,118.00
    Total Paid YTD: $17,859.57*
    Percentage of total goal: 93.42%

    *Total Paid YTD doesn't equal original minus remaining because my goal was total payments made, not principal reduced. That said, I have pretty low interest rates so it just looks like I'm bad at math. ;)

    As expected, December has been a high-paying month for me. However, it won't be as high as it could be, due to a lot of my income waiting until January for work completed now. (I'm freelance; it happens. I'm living on last month's income. It's NBD. :) ) So since I'll easily refill the category in time, I stole a bit of next month's payment so I could get that beautiful 1 in the front of my remaining balance.

    I didn't quite make it to my total goal, which was to pay off the card and car loans in addition to $10,000 paid on my student loans. But even just seeing that beautiful 1 feels like enormous progress, and I'll take 93% completion. It's sad knowing that if we hadn't cash-flowed a Disney World/visit in-laws trip I'd have easily met my goal, but we also wouldn't have gone to Disney World and where's the fun in that?

    2018 should involve an income jump for me if a referral works out right (crossing fingers!!) and smaller vacations without our minions, so I'll carry forward my goal of $10,000 paid off my loans in 2018. As it stands, my smallest loan is just about gone (should be by March!)—and I'm thinking my minimum payment will lower when that happens?—and if I can see single digits on that monstrosity by this time next year, I will be a happy, happy woman.

    Reply Like 2
  • I'm working on trying to get our challenge for 2018 set up - waiting for response from the older forum - I figure it would make sense if we could share the spreadsheet for reporting our smackdown progress and totals. I hope to have more information before the end of the year.  

    Reply Like 3
    • rolltide I posted this on the old forum too - but happy to help with the set up of the doc, or anything along those lines. I agree it's probably fine to share the sheet on both forums.   

      Reply Like 2
      • rolltide
      • Vita, epulum! Famescenti tamen plurimi miseri!
      • rolltide
      • 4 mths ago
      • 1
      • Reported - view

      BritishMuseum Sure thing. I made a copy of the 2017 spreadsheet, but wasn't sure of the next steps. I tried mass deleting values, but that screwed things up. So I undid that. Some rows clearly have some special formatting going on, like EpicFroth's row,... when I manually cleared an entry in the months area, the background went red. 

      I am not sure I am proficient enough in sheets to be able to fix all the customizations that folks have done to their rows... without causing other problems. 

      I'd be glad to share with you the link to the sheet I started, if you have any thoughts...

      Reply Like 1
      • journeymom
      • Homebase CEO
      • Blue_Panther_d36a44d0dc
      • 4 mths ago
      • Reported - view

      BritishMuseum  Are both forums going to be up and running for a long time or will everything/everyone be switching over to this new one? 

      Reply Like
    • journeymom I’m not britishmuseum, but from the comments I’ve seen on the old board, some will be staying there, some will be moving here. A few might double post till they choose where they’re going to stay. I think we’ll be sharing a spreadsheet. All we need is someone to start up a thread in each board so folks can get started. That may or may not hit my radar today, someone else may beat me to it. I need to write up my new goals before I work out where I’m going to post them, LOL.

      Reply Like
    • Wait, I just realised I misread your question. I think the old boards are going to continue for a while but the new ones are the ones we’ll be encouraged to use. I don’t know how long “a while” is.

      Reply Like 1
      • journeymom
      • Homebase CEO
      • Blue_Panther_d36a44d0dc
      • 4 mths ago
      • 1
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      WairereRose  Thanks - I am hoping everybody is here eventually, there seems to be a lot of knowledge on the old boards and it would be nice to have that knowledge in one place. 

      Reply Like 1
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