The Official* 2022 Debt Smackdown!

Happy New Year! Here’s hoping that 2022 isn’t “2020, too”. Either way, we’ll be paying off some debt this year! 😀

Although YNAB is not hosting the 2022 Debt Smackdown this year, we know how impactful this is each year, so some of us volunteered to host! With over 200 participants and more than $2.4 million in debt payoff, 2021 was absolutely incredible for the debt smackdown group! We know some of us are still left with debt to knock out in the new year or you're joining in for the very first time. Either way, you've come to the right place. We'll use this group for accountability and support as we crush some (or all!) of our debt in 2022!

Thanks again to BritishMuseum for hosting for so many years, and thank you to Veronica for hosting last year! Onward to smacking down our debt!

If you want to pay off some debt this year, here's how it works:

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 2022 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. Post monthly on the 2022 Debt Smackdown Sheet to track your progress. (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!

4. Check in monthly in this thread and report on how your debt smackdown is going. (required)
Bookmark this thread and sheet so you can find it quickly at the beginning of the month!


If you come across this challenge later in the year, no worries, you can always 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.

Pro-tip 1: You can use ctrl+F (or command+F on a Mac) to search the spreadsheet for your name when the sheet gets filled up.

Pro-tip 2: To bookmark the spreadsheet so your row is always visible (without searching or scrolling):

-       Open the spreadsheet

-       Scroll down to your row

-       Right click on your Row # all the way to the left (in column A).

-       Select 'Get link to this range'. It will copy the link to your clipboard. Then you can put it in a browser tab and bookmark the link.

-       When you click on that link, it will open the spreadsheet like normal and move to the specific row you selected.

(Thank you @Peripherie for that second tip last year!)

Last year, we paid off over $2 million! Let's make 2022 even stronger!

In the event you have any issues with the sheet - please tag or DM Orchid Falafel. You can also tag/DM mandiferous but note that neither of us are YNAB staff so we won't be able to answer right away.

 

*Official meaning we have a spreadsheet. Not official in the sense that YNAB is hosting this. :D

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  • I grabbed line 37.

    In the last two years, I pid down $19K-ish, with about $7500 to go. My goal is to make it $0. Depending of if/when I switch jobs, then I'll start attacking my car loan because why not.

    Like 6
  • Orchid Falafel thank you for hosting the challenge this year.

    It is my third year in the challenge. We had two great years and have gotten our debt down to a reasonable amount that we should have paid off by September. Then we will only have my car loan and the mortgage. Once we have paid off this challenge, we will likely focus on building up funds for some home renovations - specifically the kitchen. While the house is in good shape, it is still the original cabinets from the eighties with some paint. Practically, it doesn't always work with the newer lifestyle....but I have digressed.

    We were able to take advantage of a promotion on my line of credit that has us at 1.9% interest until the end of the year. That will make a significant difference in the interest paid while finishing off this loan. Also, I will have a leave cashout in April as I have about a month of unused vacation that cannot be accumulated any longer. Between the work project and Covid, we didn't have anywhere to go and can use the money on our debt. We will use our third paycheques in April against the debt as well.

    Claimed line 38 for $27,657.65 to start things off.

    Like 6
  • That is my first-year  first debt smackdown last year, and want to reduce my credit card debt  and maybe some student loan

    • Auto Loan: $21970
    • Mortgage Loan: $110446
    • Federal Student Loan:  $26494
    • Auto Loan: $27286
    Like 7
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • Reported - view

      Cadet Blue Tugboat  you got this! I have about the same student loan due and it will be great to see it gone someday! 

      Like
  • Thank you for continuing this challenge!  I will be replying underneath this post on a monthly basis!  

    2022 Debt Payoff Target
    $10,200.00
    Like 6
  • Line 42 Kitty_S Making it happen

    Happy New Year everyone! Great to be in this challenge again! 

    I am planning on paying off 24,000 of credit card debt this year

    I love the check ins from everyone that keep me motivated and accountable :)

    This year I will be posting each month on my progress and will look at others check ins too !

    than

    Like 5
  • I’m so happy to join the challenge this year for the first time. I’ve claimed line #20 for my credit card debt. All of these are currently at 0% interest.

      DEBT PAYOFF GOAL REMAINING
    Credit Card 1 $1,765 ($1,525) $240
    Credit Card 2 $3,490 ($960) $2,530
    Credit Card 3 $7,600 ($3,240) $4,360
    TOTAL $12,855 ($5,725) $7,130
        -45% 55%


    Credit Card 1 – this was a recent balance transfer, and I will have it paid in 14 months at 0%. My plan is to pay the minimum $35 every month but set aside another $85 in my Ally savings account to earn a little interest.  I will send one lump payment in February 2023 before the 0% interest period ends. This is the only card I have a solid plan for paying off, but I’m delighted to have a plan and know it’ll be knocked out in 14 months. Monthly payoff goal: $120.
     

    Credit Card 2 – the 0% interest on this card will end December 2022. I balanced transferred last year and then made the stupid mistake of using the card to earn rewards. So dumb – when will I learn? The balance is now $290 higher than when I transferred. Not insurmountable, but honestly, I KNOW better. Monthly payoff goal: $80.
     

    Credit Card 3 – the last of the 0% interest balance transfer cards and the one with the highest balance. The 0% interest ends this summer, so I’m sure I’ll transfer it to another card to avoid interest, though the transfer fee amount will be higher than I’d like because of the balance. I used this card in 2021 to pay for my divorce, so it’s also the debt that I’d like gone ASAP for closure. Monthly payoff goal: $270.


    My debt payoff aggressiveness is curtailed by the fact that I’m a single working mom paying the bulk of my kids' expenses. When I started debt payoff, I went with DR’s recommended $1000 emergency fund and then everything else to paying off credit cards, but $1000 just doesn’t make me feel secure enough, so I slowed down debt payments in exchange for building savings. I’d love to have 3 months of expenses saved for income replacement before I pay the debt, but I also feel trapped by the debt and impatient with the lack of momentum. Maybe that’s why I joined the challenge, to just be part of a community that hates the debt and gets it done. I am doing pretty well funding my true expenses (car maintenance, Christmas, quarterly childcare), so no new debt there. I have a harder time saving for summer vacation and that is historically what creates more debt.

    Happy New Year and good luck, everyone!

    Like 10
    • Hot Pink Unicorn Welcome to the party! You're in good company, and many of us here have been multi-year challengers. Glad you've got most of your debt in 0% transfers, I think my BF is on his 4th or 5th roll over at this point, and hopefully this one is the last! The fee costs something, but at least it is WAY less than what it would cost monthly if the debt were accruing interest!
      I also love that you're putting away the difference between the minimum payment and what you can pay in a higher interest account, that's really smart! Way to make your money work for you!

      Like 3
    • farfromtheusual I'm CERTAIN I got the idea for saving the difference from some smart person on the boards. I learn so much from you all! 😊

      Like 1
  • Thanks for hosting this year!!  I "somehow" racked up my credit card this year and am determined to pay my two small ones off and slam some at my larger balance.  Haven't completely dialed in on how much I want to pay this year - there will be some upheaval in my personal life and I'm not sure if it will hinder or help my progress and so I am going to do as much as I can until I know more.  Good luck everyone!

    Like 6
  • Third year doing this challenge. My goal is to pay of $8000 of my $42665 of my debt. It consists of $2174 on a line of credit and $40471 in a student loan. I could probably pay more but I am replacing windows and siding on my house and while avoiding taking on more debt is something I am trying to avoid, it may not be option.

    Like 6
  • Thanks for hosting,  Orchid Falafel ! I plan to pay off an annoying credit card this year (my last one!), starting balance of $12,680.74. I've budgeted my usual monthly payment of $292 plus an additional $400 from my "debt paydown" category. In June when I've paid off my tractor, I'll put that payment of $200 toward this credit card, too. With a bonus payment from our "3 paycheck month," I hope that will be enough to wipe this card out by NYE 2022! Good luck, everyone. :-)

    Like 6
  • Thank you again for re-starting this! This helped me pay off close to $7,000 in about 9 months so I'm excited to see what I can do this year!

    I have $14,200 in credit card debt that I am hoping to pay off this year.

    Like 5
  • Guest who's back, back again? TickTock's back tell a friend...

    I currently owe $31,120 in student loans and while I would LOVE to pay all of that off this year I don't think it's quite feasible. My target is $14,000 by the end of the year. I'm starting the year off with some medical stuff that needs to be taken care of (and paid for) but thankfully they pushed back the start of repayment dates. Hopefully that will help me balance my budget correctly and still allow me to reach my debt paydown goals! 

    Like 6
  • Question about the spreadsheet:

    I entered my starting balance and my first payment. The spreadsheet doesn't take into account the interest that was charged, so it shows that my new balance is lower than it really is. How do I adjust this? 

     

    Thanks for the help!

    Like 3
      • Hannah
      • Logistics Coordinator
      • hannahsbudget
      • 2 wk ago
      • 1
      • Reported - view

      nikaku maybe change the starting total to the adjusted amount + interest? 

      Like 1
    • nikaku If your payments will keep being impacted by interest, maybe adjust each payment to account for the interest? Then the new balance would remain accurate (even though your payments will look lower than they actually were).

      Like 1
    • nikaku there's a couple different ways you can handle it. You can factor in the interest yourself, so just subtract that from what you've paid so that the number stays the same.

      Or you can actually fund the interest in addition to whatever payment you're making. You'll still need to "add" the interest to the total in the spreadsheet, but it will help keep your budget neat, and give you an easy way to view it.

      Or you can set a goal for a specific amount instead of the entire amount. So if you have $14,326 in debt you can say you're going to pay off $8,000, and then you just worry about what you're paying monthly and sort of ignore the actual full amount of the debt.

       

      Many people have been here for several years chipping away at their debt, so it just depends on what works for you how you want to handle it. Calculating interest is annoying, but you can get creative in whatever way works best for you.

      Like 1
      • MadDog
      • Navy_Blue_Pegasus.2
      • 11 days ago
      • 1
      • Reported - view

      nikaku I budget for the interest as a separate line item and only put the principal amount that I am paying off in the challenge spreadsheet. I find it much easier and I also can track my interest costs which has been a huge incentive for us to pay off the debt. At one point, we realized we were paying $500-700 in interest alone on the debt. A huge cost for the convenience of using the credit card's money.

      Like 1
  • Wanted to quote last year's tip for bookmarking the specific row you're going to be using, this is especially useful as more people join the debt smackdown:

    • Open the spreadsheet

    https://docs.google.com/spreadsheets/d/1xD9e1dy4n0d18q4DNW3uc4UBHZLok3s9zwC1RuFIsuU/edit#gid=0

    • Scroll down to your row.
    • Right-click on your Row # all the way to the left (in column A).
    • Select 'Get a link to this range'. It will copy the link to your clipboard. Then you can put it in a browser tab and bookmark the link.
    • When you click on that link, it will open the spreadsheet (like normal) and move to the specific row you selected.

    Hope this helps!

    Like 6
  • Hi everyone!

    Was so sad to see there would be no 2022 smackdown, so I am excited to find out someone took this on and is keeping this alive!

    I've claimed line 49 and as you can see, in 2022, we will be paying off $38,263 ish (some interest will probably tag on to this) of debt comprised of a 7k consolidation loan for our cc debt and several student loans. 

    We will be bringing home 135k combined pre-tax, about 97k after. I am 23 and my husband is 22, after this we will be 24 and 23, and completely debt-free.

    Looking forward to all the challenges and wins that 2022 will bring us. Here's to hoping we can stick with our plan and reach debt freedom!

    Like 6
  • Thanks, Orchid Falafel for hosting! 

    Sichy and I are partners in this!

    I, Ametisti, am hoping to have half my debt paid off this year, focusing on the Line of Credit since it has the highest interest rate.

    Sichy's goal is $36,000, focussing first on the Credit Card and Car Loan, then diving into Student Loans and Line of Credit if and when we get there.

    Like 6
  • Checking in for January taking off  938.72 of the total. Paid off one 1 loan, leaving 4 left.

    Like 5
  • 2021 hit my household HARD! 😭

    I started with Completely SLAYING my debt and was done and over with all my consumer debt. And yet as I do a fresh start, I can only look at my accounts and do everything I can to not burst into tears. WHAT HAPPENED!?

    Alright, Let's get these these numbers...

    1. CC1 (my Personal) - 8,765.59
    2. CC2 (Joint) - 1,698.89
    3. ***CC3 (bf. Personal) - 2,000
    4. CC4 (home Depot) - 542.01
    5. CC5 ([email protected]#[email protected]#) - 8,561.64 (1K over the limit!!!!)
    6. Student Line of Credit - 2,414.67
    7. ***Student Loan - 14,000
    8. ***Car Loan - 17,000

    *** Approximate numbers as I can't access the accounts right now.

    TOTAL DEBT: 54,982.80


    Stories and monthly payments.

    1. Had to use this card for almost everything the last 3ish months because my boyfriend got laid off and I could not afford all the bills with my measly paycheck. Emergency fund got used for rent. Minimum payment is 90 something dollars. I round up to 100$/month.
    2. This card is used for groceries, gas and other bills. It is on autopayment and we somehow managed to get by without taking the autopayment off. (mostly because I kept forgetting to do it... Then got surprised when I didn't have rent money and had to use the emergency fund...)
    3. Haven't looked at his card in a while because Christmas. The last time I saw it was around 900 but 2k is his limit. I will fix the number when I know the actual number. We pay 100$/ month since it is the lowest balance.
    4. When my boyfriend got his fancy new job we splurged and bought ourselves a dishwasher as we were in dire need of one for our own mental health. Interest free if paid off by November. We pay 55$/month.
    5. I ended up writing a novel about this card. I'll post it as a reply in case you are curious about it. But I was making 100$/month payments up until it went over. And now I NEED to put more as the over limit fee is 29$ and the interest is 70.81$ so *yay*😭.
    6. Used this to pay for tuition this year as I was not eligible for student loans. I pay 50$/month.
    7. On a payment pause because I am poor. \o/ hurrah for small silver linings with small paychecks.
    8. We pay 122/biweekly.

    Total Monthly payments: 569.33 + CC5 payments, whatever they end up being.


    Payment Amount Goals

    • Minimum Payments: $8,031.96 
    • Stretch: $10,000
    • Super Stretch: $12,000
    • OMG I AM AMAZING stretch: $15,000

    Milestone Goals:

    • Get CC5 under the limit.
    • Pay off Home Depot. (November 2022)
    • Pay off CC3.

    Wish me luck! I will definitely need it this year...

    Oh yeah, Claimed line 41

    Like 7
      • Ica Paige
      • Pink_Cornet
      • 11 days ago
      • 1
      • Reported - view

      Ica Paige 
      Story behind CC5...

      This card is was used as a low interest balance transfer to pay off my debt faster. And it worked. I paid it off and tried to cancel the card. But there was red tapes and this and that and it was the only card I could use at Costco, So I kept it solely for that reason.

      Then Covid hit. My mom found herself a newly appointed guardian of 2 kids under the age of 2 and got laid off in the same month. I gave her the card to be used solely for Food and Gas. - Which was completely my fault for trusting her. - I get a text: "Oh by the way, your sister needed help to move out so I bought a u-haul truck." "Oh I bought mcdonalds because the kids were hungry and I was busy." "Oh I needed new tires so I put them on the card."

      3 months later I took the card away, her baby bonus and ei finally kicked in and she no longer needed it and I didn't want to leave her unattended with it any longer. I checked the balance and it was at 5k!

      The first few months she was great with her payments and then she would "forget" or "I can't afford it right now but I will pay you back soon!" Then my boyfriend and I had to move and really could not afford it yet (We moved 4 months ahead of the time we were planning on it) The move went onto the card since it had the lowest interest. We also used it for our costco runs again and my mom asked to use it for her winter tires (it was completely unsafe for her to be on the road). Then one day I tried to use it and it got declined. Somehow it was 1k over the limit. I WAS PISSED! How the hell did the bank allow it to go over the limit and why the hell did it go so fucking high?

      So the 100$ payments I was making every month to cover the interest no longer covers anything because the over limit  fee is 29$ and the interest fee is 70$. I have no idea how to make a dent in this card. Yes, my mom is supposed to be giving me money to make payments. But I can't rely on her to be consistent with it. I am so discouraged and mad and frustrated and I know I should not have let my mom use the card but UGH! She tried to pull "Well there is no way *I* put that much money. I am only going to pay you for 3k of it." I had to sit her down and go line by line to prove that she F***ed me over hard. She owes 6k and I owe 2k on it. But in the eyes of the bank and the law, it is all on me to pay it off. I just want to cry. and Yell at my mom. but mostly cry because I knew better then to trust her with money but I really wanted to help her as I was in a better position then.

      Like 1
      • Hannah
      • Logistics Coordinator
      • hannahsbudget
      • 11 days ago
      • 1
      • Reported - view

      Ica Paige 

      Ica Paige said:
      s I do a fresh start, I can only look at my accounts and do everything I can to not burst into tears.

       2021 may have been hard, but you're here and you have a plan and you didn't give up on yourself, so you can definitively recover from this!
      I look forward to your check-ins and to using 2022 to kick some debt off together with this amazing community!

      Like 1
      • xgirlmama
      • Purple_Griffin
      • 10 days ago
      • 1
      • Reported - view

      Ica Paige woosh, that is a lot. I'm so sorry. I hope she gives you the money ASAP so that you can breathe a small sigh of relief.

      Like 1
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • 1
      • Reported - view

      Ica Paige You got this!! 🙂 

      Like 1
      • Ica Paige
      • Pink_Cornet
      • 9 days ago
      • 2
      • Reported - view

      So I check my credit score semi-often, maybe every 2 months or so. But silly me forgot that I could look at the report and get my balances! Here I am guessing about my car loan because it wasn't set up properly and always trying to jump through loops to sign in to NSLSC to get my student loan balance. This was so much easier! My mom and I also updated our Excel sheet to see exactly how much each person owes on the BMO card.

      1. CC1 (my Personal) - 8,765.59 *Switched to a different card so my interest is now 12.99% instead of 19.99%
      2. CC2 (Joint) - 1,698.89
      3. CC3 (bf. Personal) - 1,105.94
      4. CC4 (home Depot) - 592.01 *My Payment for this month already went through when I pulled the number. So I started at this amount at the beginning of the year.
      5. CC5 (BMO)[My share] - $3,204.96
      6. CC5a(BMO)[Mom's Share] - $5,356.68
      7. Student Line of Credit - 2,414.67 *For some reason this went into repayment mode even though I am still a student. Once they fix it, my minimum payment should go down to 6$. PLUS once it is out of repayment, I may be able to do a balance transfer and get the BMO card under the limit, which means my minimum payment will go back up, but at least it will stay below 50$. I will transfer $1,500 to if I am allowed to.
      8. 7. Student Loan - $14,183.63
      9. 8. Car Loan - $14,369.00 *The 17k was the original loan but, we have had the car for 1.5years.

      NEW TOTAL: 51,691.37

      Bam, just like that I knocked out $3,000 of my debt. Now if only the rest will be that easy,

      Like 2
  • Thanks Orchid Falafel for hosting this!

    I don't think I've posted around here in a couple years (breast cancer, then COVID-19, then my partner leaving me because I was "too unlucky" just kind of did me in, ya know?) but I didn't fall too far off the ynab wagon and I'm back to start posting. Last year I was able to pay off my car loan (squee!!!) and this year I need to knock out my cc debt before October when my student loan payments will start back up.

    I'm on line 61 in the document, and I have $19,749 to pay off. After that, it's continuing to bulk up the e-fund and retirement accounts while chipping away as slowly as possible at student loans (I've always worked government/non-profit, so while the amount is scarily astronomical, these will be forgiven under the pslf program at the end of 2028).

    Cheers to everyone and good luck! I hope you are all staying safe and healthy!

    Like 5
      • Hannah
      • Logistics Coordinator
      • hannahsbudget
      • 11 days ago
      • 1
      • Reported - view
      Black Orchid said:
      before October when my student loan payments will start back up

       Black Orchid has deferment been extended again to October or is yours a particular case? I was stuck thinking it was only up until this month! 😐

      Black Orchid said:
      Cheers to everyone and good luck!

       Good luck to you too! You seem to have clear goals set and I hope everything goes smoothly and you can slay that debt away 

      Like 1
    • Hannah it's been extended through May 1 due to COVID-19. But I was on a cancer deferment before the COVID-19 forbearances started, so that's due to start up again once the COVID-19 forbearances officially end. When it was ending in January, my payments were due to start up again in July. Now that it's ending in May, my payments are due to start up again in October. I'm using the extra five months to knock out the cc debt I accumulated (a chunk of it from last year, having to move into my own place after the "you're too unlucky" mess with the ex).

      Like 2
      • xgirlmama
      • Purple_Griffin
      • 10 days ago
      • 2
      • Reported - view

      Black Orchid *hugs* you've been through a lot. I hope you're back to full health now. And, honestly, your ex is a POS.

      Like 2
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • 1
      • Reported - view

      Black Orchid Congrats on paying off the car! That's a big win! You can do this, you have a solid plan and good attitude about everything 🙂

      Like 1
      • nikaku
      • nikaku
      • yesterday
      • Reported - view

      Black Orchid That's a lot to be dealing with! Congrats on paying off the car loan. I know you can reach your 2022 goals, too. Be gentle with yourself. :-)

      Like
  • Hi 😄, taking over row 57. YNABer since the end of 2017.

    With the help of YNAB, I got rid of all of my debt. And I definitely need to say, I was really unreasonable with money, owning massive consumer debt. But with the debt gone after 1,5 years, I was finally able to save money.

    Now I created the biggest debt I ever had in my life, but I would name it "positive". I was able to buy an apartment all by myself and now need to pay the loan for it. This year I am targeting to pay down 12 000 € of that massive amount. Never believed that would ever happen.🥳

    I will move into the apartment in March 2022 until then I need to pay additionally the rent of my current apartment. 

    Like 5
    • Cadet Blue Barnacle woohoo, that's awesome!! Nice work on your apartment 😄

       I'm also a new home owner, looking to get stuck into the mortgage this year.

      Like 1
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • 1
      • Reported - view

      Cadet Blue Barnacle congratulations!!

      Like 1
      • nikaku
      • nikaku
      • yesterday
      • Reported - view

      Cadet Blue Barnacle Congrats on buying your own place!

      Like
  • Claimed line 55

    This year my goal is $5000 paid down on credit card debts.

    I started the year with a balance transfer from my highest interest card to one I've nearly paid down using a great 0% interest promotion they were offering. I am *determined* not to rack that balance back up on that high interest card. It's the one I use on Amazon, one of my biggest weaknesses, and I've done a few things to make it harder for me to access Amazon, as well as setting a goal for myself to just not shop there unless absolutely necessary. And no impulse buys, anything I go there to look at, if it goes in my cart, it has to stay there overnight at the very least before I actually buy it. I started this goal the week between Christmas and New Years, and I'm happy to say that I'm holding strong so far. I can do this!

    My other goals this year, besides curbing that online shopping, is to just do my absolute best to stick to the budget I've set for myself, only using my credit for things I've already budgeted for, so I can pay it back right away. Then when I make the payments I have planned based on the Debt Avalanche pay down schedule I've created, they will actually make a difference. I have all sorts of coloring pages and spreadsheets and charts and such that I'll be updating as I progress to help keep my visual side motivated. :)

    I've created a goal for myself that I want to be in my own home in the next two years, and to help make that a reality, I really need to buckle down and put into practice all the things I know to do but just never really followed super well. Curbing impulse spending; follow my budget; work out my actual realistic true expenses and fund them accordingly.

    I'm feeling good about things - I mean, it's only mid January lol. But yeah. I know I can do this. I want my own house and I need to do what I need to do to make that happen!

    Like 6
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • 1
      • Reported - view

      Orchid Display Good plan for Amazon! It is hard to resist I agree..I have also been adding to cart and letting it sit for  awhile to see if it's really that important. It seems to be working so far :)

      Like 1
  • First paycheck of 2022 and January check-in:  Sent $1820 to the student loan. $16,500 to GO!  Will attempt to catch up the buffer which is slightly behind and in red...eeks (for me this is expected/unexpected expenses) with my next paycheck.  Stay warm, everyone!  

    Like 3
  • Hi @Orchid_falafel.15 and everyone! 

    It's Magenpies versus the mortgage here in 2022, and I want to put $7200 extra towards it by the end of  the year as a minimum. This $7200 covers the interest on the loan. 

    Total debt: $356708

    Total repayments including extra by end Dec 2022: $24360. 

    Line 56. 

     

    Plan is to keep the successful dressmaking and alterations side hustle running to fund this extra $150/week. 

    Also in the pipeline is to remove private use of company car which will free up another $100/week once I put some money towards a electric carshare arrangement with family. 

    Exploring some salary sacrifice options which may further free up some money - more info required. 

    Will update as we go. Best of luck to everyone, I really love hearing your stories...best motivation and some awesome tips. x

    Like 3
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • 1
      • Reported - view

      TheMagenpies Great plan! 

      Like 1
  • First time taking part in this.
    I've got £13033 of debt that I'd like to wipe out all of it in 2022.
    I've claimed line 60 in the spreadsheet.
    I need to have a read of this thread and catch up a bit - but it's a great idea :)

    Like 4
      • Kitty_S
      • Jewelry Artist
      • Kitty_S
      • 10 days ago
      • 1
      • Reported - view

      Dave W Welcome! I've found it to be motivating and great for staying on track!

      Like 1
  • First timer!

    Total debt (minus mortgage):

    Vehicle - 27,245.17

    401k (P) - 44,179.41

    401k (S) - 19,243.52

    Great Lakes - $4,421

    Total: $95,089.10

     

    Goal: $12,000 + minimum payments

    Line #61

    Like 4
  • Hey again everyone! 👋

    Last year was a wild ride. (In so many ways!) But in debt specifically, I paid off a total of NZ$14,326.19, comprised of:

    • NZ$1,500 Overdraft
    • NZ$8,454.96 Car Loan
    • NZ$4,371.23 Student Loan

    This was above my target of $14,154.96, and felt like an awesome win after such a topsy-turvy year (globally and personally). ⭐️

    This year, I'm picking up the challenge I laid myself in December to completely pay everything off. To become debt-free! ✨ As of the start of this year, I have the following: 

    • NZ$21,982.98 Car Loan (including interest for 2022)
    • NZ$6,906.38 Student Loan

    For a total goal of NZ$28,889.36 to pay. Yikes. More than double last year's progress. Let's get going!

    Have claimed line 62. This is my Last Road to Freedom. ⛰

    Like 7
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