The Official 2021 Debt Smackdown

Welcome to YNAB's 2021 Debt Smackdown!

Happy New Year! 2021 is going to be a good one, I can just tell - or we can will it to happen 馃槈

With over 500 participants and more than $4.2 million in debt payoff, 2020 was absolutely incredible for the debt smackdown group! I 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 2021!

First, a quick shoutout to BritishMuseum - they have hosted our debt smackdown for the last few years and became DEBT FREE at the beginning of 2020! What an impact their work has made on this community!

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 2021 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 2021 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)
We'll be testing out some reminders this year when the month rolls over because we want to hear everyone's progress! 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: You can use ctrl+F (or command+F on a Mac) to search the spreadsheet for your name when the sheet gets filled up.

Last year, we paid off over $4million! Let's make 2021 even stronger!

In the event you have any issues with the sheet - please tag or DM Veronica

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  • I just found this today! I set myself up on the spreadsheet. 

    I started YNAB in Feb this year so I calculated the debt I had at that time ($3077.48) and have enetered in how much I have paid off each month.... what an eye opener!! 馃槺馃槺馃槺 Afterpay alone I have paid back $1230.96 in 5 months. I have about $60 left (should be paid out next week 馃)  then I will be closing it down for good. I was shocked at how easy it was for me to use afterpay when I could have been saving that money. 

    I am only focusing on 4 debts at the moment, I have paid off $1638.18 so far. I am using the snowball method, paying minimum on the larger debts and putting more money to the smallest ones. I also want to start my emergency fund at the same time as paying off my debts. 

    I also have a student loan (HELP Loan here in Australia), however I am not required to start making repayments until I earn the minimum annual income threshold. I am looking for work right now so once I have a job I will start to paydown that debt too, however I am still studying so that debt will increase with each unit I take over the next 2-3 years. 

    Like 4
    • Ivory Panther We're so glad you're here! Afterpay can be sneaky indeed, but I'm so stoked about the progress you've made so far this year - keep up the amazing work! We're rooting for you! 

      Like 1
    • Ivory Panther Welcome!

      Like 1
  • June Check-In

    Personal Loan #1 principal down to $14,085.49. 18.81% there. Definitely not the 50% I'd have hoped for at June, but progress is progress. I'm paying more than the minimum, just not a huge amount more, but anything helps move the needle faster. 

    I refinanced my student loan this month too. Not the debt I'm currently focused on since I have 4 loans, but no origination/closing fee/etc. Lowered the interest and the minimum payment while owing the same and if I just do the bare minimum I'll pay it off a year and a half faster than I would have before, so that feels like a positive choice. 

    I'm making progress. Slowly but surely. There's some charges on credit I'll need to focus on in the coming months for the appliances I had to buy and I backslid into some bad habits of spending before looking at where my dollars were, but I caught myself before it got too out of hand. Going to be more stringent on myself the rest of the month and next. Especially since registration on my truck is due too and that can be pricey in CA. I took from that fund so I'll have to figure out having to pay it, probably be like $500. 

    Anyways, sticking to the plan a lot more this year than previous years. Not letting small things feel like big deterrents to the main goal. I'm secretly hoping that I get a mid-year promotion next month. It feels unlikely since they've put me off for a while on it already and mid-year ones are harder to get leadership approval on, but still really hoping, cause that would be a raise and just attitude boost for the rest of the year.

    Like 4
  • $26,316.32 in credit card debt, and my goal is to pay off 7k Jul-Dec.

    Like 3
    • Steel Blue Orca 

      1st month of check-in for July: 

      1. 2021 Debt Payoff Target: $7,000
      2. Total Paid in July: $1,123.35,
      3. Cumulative Paid as of July: $1,123.35,
      4. Cumulative % Paid as of July: $16.05%, and
      5. Total Left to Pay in 2021: $5,876.65.
      Like 1
    • Steel Blue Orca 

      2nd month of check-in for August: 

      1. 2021 Debt Payoff Target: $7,000
      2. Total Paid in August: $759.20,
      3. Cumulative Paid as of July: $1,882.55,
      4. Cumulative % Paid as of August: $26.89%, and
      5. Total Left to Pay in 2021: $5,117.45.
      Like 1
    • Steel Blue Orca You're crushing it! Keep up the good work 馃帀

      Like 1
    • Rachel Thanks, Rachel!  I really appreciate it!

      Like
  • June update:

    May balance: $14641.08
    June balance: $14618.33
    Difference: -22.75

    $1331.73/$2500 = 53.27%

    I've just been feeling so defeated lately, these last couple months. I'm making progress, but it's unbelievably tiny and it really just boils down to my own lack of self control and discipline. Next month will probably be even worse, reflecting shopping I've done this month. SIGH. I've had a harder time not falling down into defeatist self-loathing spirals, falling deep into WHY BOTHER attitudes - not just in my finances, but in other aspects of my life as well where I've really slipped away from better habits I'd been forming. I really need to give myself a massive kick in the butt and get back on track towards the life I really want.

    Like 2
      • Orchid Cup
      • Orchid_Cup.7
      • 2 mths ago
      • 3
      • Reported - view

      Orchid Display I hear you!!  I started the month doing the 34 day no spend challenge and then I felt like I deliberately sabotaged myself and spent way more than I normally do!!  Eating out, clothes for the kids, etc.  I am going to re-start the challenge on July 1 plus look at my averages for the past year and tweak my budget.  I feel like maybe I budget too low and then always go over. 

      Like 3
    • Orchid Display It's funny, when we start to expand and move in a better direction, our nervous systems sometimes do things to pull us right back to our "familiar bad feeling place" as one of the podcasts that I listen to calls it. It takes practice to help our body feel safe and normal in a better place, but it is worth it in the long run. Just keep picking yourself back up and trying again.

      Like 4
    • Orchid Display Orchid Cup I'm offering both of you a big digital high-five for all of the progress you have made so far. Personally, I've felt like sticking to a looming budget goal is like sticking to a diet: I inevitably fail and then I beat myself up about it and then I sabotage the whole thing. The 'ol 1-2-3.

      Maybe you're rebels like me and need a different motivation strategy, too? Instead of budget dieting, I do my best to find out why I care about the thing at all before I commit myself to something that is really exciting, making sure it really matters to me. Then, I try to make it as easy as possible. If something isn't working along the way, it's "good information" only鈥攏ot good or bad or saying something about me as a person鈥攋ust neutral. And I ask myself a lot, "what do I really need here? what do I really want?"

      I still miss the mark on my goals, I still fail, but along the way it feels better no matter what. 馃А

      https://youtu.be/4_aqWKomjDY

      Like 6
      • Michelle
      • No drama llama
      • Salmon_Tiger.7
      • 2 mths ago
      • 3
      • Reported - view

      Orchid Display That "why bother" attitude is what costs me the most.  It's so hard to get out of that mindset. I hope you find what works best for you to give you the kick in the pants you need.

      Re-watching a lot of the YNAB videos helped me achieve the "why this matters" mantra that I needed. We're all cheering you on!! 

      Like 3
    • Orchid Display It's so difficult to keep up the motivation when progress is slow. One thing I try to remember is that I didn't get into my situation with a month, it has been gradual over time. 
      You have made progress on your debt which is fantastic!! Every little bit counts.
      I have self-sobaged myself so many times in the past by buying this I didn't really need (*cough* new plants *cough*), however I decided to try to let that go and focus on tomorrow being a new day to try again. 
      Like Orchid Cup I also started the 34 Day reset and have not been successful. It is something I want to restart, but I will be restarting it on the 12th July as that's when my kids go back to school and realistically I will most likely spend a little extra over the school holidays. 

      One strategy I have implemented is using the Wish Farm technique. If I think of something I want I put it on my wish farm (I have set up a category specifically for this and also a page in my diary), then I aim to wait 15-30 days and see if I still want it. If I do then I move it into my budget to save for it. I am using it as small rewards for achieving my goals. 

      This Debt Smachdown challenge I have only focused on my 4 smallest debts. I have a study debt that I have not included because there is no way I could tackle that at the moment, and I would probably cry not seeing it go down. Maybe once my 4 debts have been paid off I will look at tackling that one, however it will increase because I still have 2-3 years of study left. So I am focusing on the 4 that I can pay down. 

      Focus on what you are able to achieve and what you have done, and not what you haven't done. In 6 months you have achieved 53% of your goal and that is AMAZING!!! Be proud of yourself because there are so many in this group who are 鉂も潳

      Like 4
  • June Student Loan Payment- $13,174.60.  I thought  I would share where the money is coming from because I never would think that we had this much excess cash.  

    1. Stimulus Check- $5400

    2. From Paycheck #1- $1380.70

    3. From Paycheck $2- $1380.70

    4. Third Paycheck- $3513.20

    5. Refund- $1500

    Total - $13,174.60

    Like 9
    • Sky Blue Wizard AMAZING!!!! Congrats!!!

      Like 1
  • Line 63- A big fat $0 to student loans this month.  Catching up from daughter's college graduation spending and a trip payment that was unexpected, as I received a travel invite I CHOSE not to pass up.  July and August will have me contributing $2000 to my emergency fund, so likely won't pay toward student loan then either (all still at 0%).  I am planning to put a larger chunk of money to the loans in September, when I should be able to pay off loans #1 and #2, leaving only 1 student loan remaining (last debt other than mortgage!).  

    Like 4
  • Debt Smackdown update for June:

    May Loan Balance: $3917.52

    June Loan Payment: $320.43

    Current Loan Balance: $3616.69

    Goal: $1914.29/$3600 -> $1685.71

    The interest dropped below $20/month this month, and in thinking about it I think I'm just going to pay an extra $75 instead of $50 + interest. That brings the payoff date down to June of 22, which is awesome. Although I want it SOONER than that. Now I'm itching to be done with it, but I don't think I can do any more than that, or rather, I don't think it's a good idea to do any more than that. I guess in about 6 months the balance will be close to half of that, and maybe then I'll explore trading it out for something else. I don't really want more car loan, but I think having a vehicle with slightly better mpg would be helpful. Plus there's a lot of quirky stuff about this truck that I'd rather not deal with any longer than I have to (mostly for fear of something breaking and needing to put money into it). I guess keeping it for another 6 months and reevaluating isn't that bad. The bigger question will be whether loan rates will still be as low and if the available supply of cars will have caught up or not! I'm not going to pay through the nose for a used vehicle just to have a better interest rate... Of course since used vehicle pricing has gone up I might actually be able to get more for this now... I guess I'll have to do some research and see what I can come up with.

    All in all I'm not unhappy with my progress. I've cut a year off the loan, which is amazing to me because I never expected to be able to do that, and I didn't start paying extra until last year. And since I'm paying interest on top of my goal, that puts me at 53.26% for the year, which is pretty cool, too. I guess I'll probably hit my target for the year about a month early since it's roughly $25 extra per month that I'm adding on top of my goal.

    Like 7
      • Michelle
      • No drama llama
      • Salmon_Tiger.7
      • 2 mths ago
      • 2
      • Reported - view

      farfromtheusual Woot! That's great about being a year sooner!  Yeah, these used car prices are bananas at the moment!

      Like 2
    • Michelle yeah, I just want it over with though! Like why is it not even sooner than that?! 馃槀

      Like 1
    • farfromtheusual ohhhhh. I was wondering what was up with used car prices - I track my KBB car value every month (makes me feel a tiny bit better about my net worth even if I'm not actively looking to sell) and it has been very up and down over the last few months. It's tough to time those kinds of purchases/sales to optimize your price and rate :/ Anyway, you are SO CLOSE to finishing up this loan - and the interest decrease must feel like progress as well!

      Like 1
    • mandiferous yeahhhh great for selling a used car.... bad for buying a used car! I'm toying with the idea of going to a dealer and talking to them about what is possible, but I'm not sure I want to go through the hassle either. I'm so torn!

      Like
    • farfromtheusual 

      I understand the discernment process you're going through. We're in a position where we will need a car soon, though we don't know how soon. We've been looking for what feels like eternity. We want to get either a Toyota or Honda, but the used ones run in the mid to high $10k's even with 100k miles! So then we think about getting a new Toyota (in the $20k's, but with a warranty) and then see the monthly payment! Gah! 

      We finally decided on a new car, but then that fell through. We've actually decided to take the month of July off from looking at cars because we just couldn't make a decision we're comfortable with. With the used car we're worried about spending a lot of money and inheriting a money pit, and with the new cars the monthly payments are slightly nauseating. 

      We're hoping to be able to hold off a few months to save a larger down payment, but also worry about what the car prices will be like in fall.

      Like 1
    • Orchid Guitar That's exactly what I'm afraid of.  Interest rates are SO low right now that I feel like I could get a lot more car for my money... but even with the increased used car values, I don't think I would get much out of my car at the moment (the loan is still just over $3500, and I expect that the value won't be much higher than that at the moment), so I won't have much to "put down" on the new loan. So annoying that it takes this much effort to figure out what kind of vehicle to get!

      Like 1
  • June Update
    ID 214 (Line 219)

    May Debt Balance: $1866.02

    June Payments: $457.63

    June Debt Balance: $1408.39

    This month I paid off $457.63. Majority of that went to one debt which is now paid out and I contacted Afterpay to close the account so I am not tempted to use it again. 
    I have some large annual expenses coming up in the next 2-3 months that I need to budget for so I am focused on putting aside the money for that and whatever tax return I get back will go towards my debts. If I budget for my large earlier than planned then extra money will go towards my smallest debt. If I can pay off 54% of my debt since Feb then paying it out by December is absolutely doable!

    I am excited to have one debt finalised, and happy with the progress I have made so far. 

    Like 4
    • Ivory Panther Congrats!! That's great progress!!

      Like 1
    • farfromtheusual Thank you so much 馃槉

      Like 1
    • Ivory Panther 

      JULY UPDATE.

      I paid a total of $359.80 towards my debts.

      My remaining debt balance is $1084.58.

      I was able to pay one out completely (thanks to my tax return 馃檶) . I've paid off 65.50% of my debt this year! Also by paying out that debt I will have an extra $80/mo for my budget which will make a huge difference. 


      I never fully grasped how YNAB tracked purchases made on credit cards/lines of credit until this month. I made a purchase using a line of credit and I saw how YNAB picked it up and flagged it in the budget (and I also watched a YouTube video on it too haha). I was able to budget my money to cover the purchase and put the money back onto the line of credit so I wouldn't go further into debt.  

      August will be a slow month for me, I have yet to complete budget goals for a couple of large expenses coming up but I am almost there, so I will just pay the minimum towards my debts and put as much as I can to the expenses for now. My rent also increases in the 2nd half of August so I have to be mindful of that. 

      Like 2
    • Ivory Panther heh, it's always so helpful when it clicks! Good for you!

      Like
    • Ivory Panther Wow! What amazing progress!!

      So nice when cc handling in YNAB makes sense. You're unstoppable now. 

      Like
      • Violet Yeti
      • Violet_Yeti.13
      • 2 mths ago
      • Reported - view

      Ivory Panther it鈥檚 a beautiful thing when you finally get how YNAB works credit cards!!  Game changer!!! 馃コ

      Like
  • 馃寠鉀  June Check-In   鉀咅煂

    I'm feeling a little bummed because I "only" paid down 1544.56 this month. Never mind that it's still 50% more than I ever paid toward debt pre-YNAB. I am down to one credit card with a balance (on a 0% interest card) and planned to have that balance gone by August. I decided this month to push that goal out another month to September so I could have more cash on hand for having fun this summer. It's frustrating to be *so* close and to move the goalpost but I know it's the right call. I'll be happy to have that debt gone, but I'll be even more happy with the memories I'm making with my family.

     

    Debt pay down progress in 2021:

    • June: $1544.56
    • May: $4214.40
    • April: $5207.18
    • March: $3038.60
    • February: $3094.69
    • January: $3923.86

    Current Standing

    • 81.81% of the way to my 2021 goal.
    • Credit card debt remaining: $4633.66
    • Student loans: $20,121.18 (in covid forbearance)

    Total progress in 2021: $21,023.29 paid off

    Total debt paid off since starting YNAB (11/2019): $45,084.42.

    Like 5
    • Violet Storm Wow!! Such amazing progress!

      It's a tough call when you're so close, but I'm glad you're prioritizing making memories with your family.

      Like
    • Violet Storm That's still incredible. And being smart about it so that you have a little more breathing room so you don't back slide (and bring along with it the whole string of guilt and shame...) is really important. What's one more month? And who knows what will actually happen... lots of things can change just as easily for the better!

      Like 1
    • Violet Storm WOW 馃槺 Your progress is amazing!! 6 months down and you've paid off over $20,000!!
      Great decision on pushing out the goal by one month. You need to be able to have some fun with your family over summer. 

      Like 2
  • June check-in :

    $1,514.33 paid towards debt (includes P&I)

    Spending was higher than usual this month for me due to lots of emerging from social distancing expenses like hair cut and color, dining out, and clothes for back to the office. Also grocery expenses creeping higher from not paying as much attention to the grocery budget before I shop, which resulted in some WAMing. I'm so ready to make significant progress on paying off my credit cards now that they are the debt I am focusing on, but I also need to allocate money to true expenses and living life now.  My total outstanding credit card debt right now is $13,179.00 and the credit card I am focusing on is $5,348.00 of that.  My stretch goal is to have the $5k+ credit card paid in full by the end of the year.

    Like 3
    • Hot Pink Admiral You can do it!!!

      Like 1
  • June Check-In:

    2021 Debt Smackdown Goal: $16,487.60
    Line 151  

    Jan:    $      456.25     
    Feb:    $           0.00
    Mar:   $           0.00
    Apr:    $     647.60 
    May:  $  2,113.94
    June: $         73.86

    $ 3,291.65/ $16,487.60 = 19.96 %

    My budget was a bit of a bloodbath this month. Lots of large planned expenses, however a couple unplanned ones too. I had to WAM a lot and I'm not budgeted a full month ahead anymore. But whatever, I'm not going into more debt (credit cards still PIF) and some of the expenses this month make me eligible to work a bit more for some extra cash going forward.

    I'm not too fussed about only being (almost) 20% of the way there, as most of the money I had envisioned sending to debt for this challenge will be coming my way later this year. Just trekking along here, trying to not buy things I don't need, lol

    Like 4
    • fiona_orange one foot in front of the other is the only way you get to the end of a marathon. Kudos to you for staying focused and keeping on keeping on!

      Like
    • fiona_orange Yessss - I think preventing new debt is even more important than paying down old debt in getting out of the cycle. Good for you!

      Like 2
  • June check in time! 

    From May to June my total debt decreased by $1277.57!馃帀I think that's the most I've ever paid off in a single month! However, I didn't have to pay rent this month, which saved me $600 that I was able to put towards my debt. But I've been working extra hours at my second job - around 80 per week total from both. The second pays on a delay so I'll start seeing the extra money with next week's check. Physically I'm kind of exhausted, but I'm trying to get my debt paid off by the end of this year. Obviously if I can maintain $1k debt payments every month I'll be golden, but I imagine that's going to be easier said than done. 

    I'm considering a debt consolidation loan do decrease my interest payments. However, I want to be able to take out a personal loan early next year (AFTER my debt is paid off) because I want to get a cosmetic procedure. That loan I'll pay off more slowly, so I want to make sure I'm getting the best possible interest rate. I don't really if a loan now would affect that, so if anyone has a similar experience or advice I'd greatly appreciate it 馃槄

    Like 3
    • SiruhTheSantas Wow! That's a lot of working. Is the amount of hours you work flexible and in your control?

      Congrats on that huge debt decrease!!

      Like
    • SiruhTheSantas Congrats on the huge payment!
      The only suggestion I would make is be sure you're weighing your mental health in the mix. I know for me personally when I have pushed really hard, if I push for too long I hit burnout and then I start making poor choices (i.e. all the "extra" money coming in ends up going out the door to something else and then I can't sustain the extra work load, and then I spiral into a bad place of being upset at myself for screwing up my progress....).  So just something to consider.

      As far as the loan and things go: Here's some factors to consider: How much is the interest you are paying now vs how much will you pay if you consolidate it?

      If it gives you a few more pennies that are going towards paying OFF the debt, and you can pay it off pretty quickly/efficiently (possibly before the actual loan end date) then it might actually serve to improve your credit score more, which would help you with the cosmetic loan later.

      Just be sure you read ALL of the fine print, and make sure you can handle the payments, and there isn't some catch (like you can't actually make extra payments or something stupid like that). YMMV, of course, but hopefully that's some useful info to think about.

      Like 1
  • June update: $1000 extra paid down on the credit card

    This month wasn鈥檛 great. I was WAMing every which way. I鈥檝e let my expenses creep up lately with some non-essentials. So time to re-evaluate and get back on track.

    Like 2
    • MoneyMonster Hang in there! A $1000 payment is a big chunk of change. 馃槉

      Like
    • MoneyMonster The best day to start was yesterday. The next best day is today. Just hop back on the wagon whenever you can and refocus again. Lord knows most of us here have had to do that a LOT already, myself very much included!

      Like
    • MoneyMonster I feel this. Between summer being more expensive and the return to "normal" my outflow has changed drastically. 

      Like
  • June Check-In (line 73) 

    Trying to stay positive - I passed the halfway mark to goal!  Yay.  That鈥檚 good... but this was the first month all year that I only paid the minimum. I also had a number of crazy things (and a vacation) that cut into my squirreled-away-for-debt-pay-down category.   That鈥檚 my hedge category so I can be aggressive with my pay down plan and get away with not being more aggressive with funding true expenses.  I intellectually understand that it was my plan all along to have those funds available for nasty surprises and in case of over indulgent spending but it still hits me where it hurts.  I know that my payoff dates are pretty arbitrary and it鈥檚 a stretch goal. When I started the debt slaydown journey pre-YNAB, I wanted to be debt free prior to 2022.  I should have no problem achieving that.  So I鈥檓 still on track.  But as of April, I was on the way to even beating my stretch goal.  Not gonna lie... it鈥檚 a bit of a bummer.  
     

    Okay, that鈥檚 enough of my pity party... I know I鈥檓 doing really well.  Next month I should have a bigger payment that will make me feel a little better!

    Total as of:  

    Jan 1: $15,925.65   

    May 29: $7,694.16 

     

    Loan # 1: 0.00 (paid off in February)    

    Loan# 2: $4,392.41 (by August, now September)   

    Loan#3: $3,301.75 (by October-ish)

    Like 6
    • Violet Yeti hang in here. Sometimes we all need a bit of a break. Allow yourself some grace, and keep moving. You never know what will happen that might come along that could get you back ahead of the game again. If we can have events that put us behind, there can also be events that put us ahead.

      Like 3
    • Violet Yeti  How great that you were prepared for those atypical expenses! I hope you're able to give yourself some grace and celebrate how far you've come 鉂わ笍

      Like 1
      • Violet Yeti
      • Violet_Yeti.13
      • 2 mths ago
      • 1
      • Reported - view

      farfromtheusual so true!! It鈥檚 important to grant ourselves grace... and sure enough, I was able to work some overtime last week and make headway.  Not back on the previous timeline, but able to not feel so far behind!

      Like 1
      • Violet Yeti
      • Violet_Yeti.13
      • 2 mths ago
      • Reported - view

      Rachel I really have to temper my impatience 鈽猴笍 I鈥檝e made it quite a ways and I should definitely focus on that!!

      Like
  • Just joining the group and posting debt paydown since June 1, 2021. 

    Credit card debt: $12,911

    Target Payoff for 2021: $10,105

    I'm choosing to payoff this debt before I get a month ahead. All of my true expenses are funded. It feels a little scary not being a month ahead, but once I get this debt paid off, I can fund my month ahead within two month starting in 2022. If I can squeeze it from somewhere, I'd like to get the gap of $2,806 paid off in 2021 as well leaving me with $0 CC debt for the new year.

    Like 6
    • leelori Welcome!! So glad you've joined in! :)

      If you're not already in it, you might also join our YNAB Debt Bootcamp to stay motivated! It's a free Facebook group and we're kicking off a new month-long bootcamp there today (July 5). 

      You can sign up here and will receive a confirmation email with the link shortly.

      Like 2
      • leelori
      • Khaki_Cyborg.18
      • 2 mths ago
      • 1
      • Reported - view

      Dela Thanks! I'm joining the bootcamp :)

      Like 1
    • leelori AWESOME goal! Welcome to the party! We'll be cheering you on!

      Like
  • June check-in: we had a windfall this month and I applied all of it to debt on top of the ever-increasing efforts to rid ourselves of debt. Somehow, we've managed to hit 103% of our 2021 goal. Have others had this happen so early in the year? I can't decide if I should change the goal or just keep going and track how far beyond goal we end up at the end of the year. I think I'm a little concerned if I don't re-set the goal, I'll let up on our level of effort. Anyone out there have advice based on similar experience?

    Link to this month's (brief) blog: https://support.youneedabudget.com/t/p8htam6?r=q6hk522

    Like 4
    • Turquoise Drill WOW!!!! Way to go!!!

      I think whatever will keep you most motivated. If resetting the goal for the next 6 months keeps you motivated to really keep working hard in 2021, then do that.

      If seeing how far above your original goal you can go is enough to keep you motivated, then do that. It might be kind of fun to see you have 237% of your goal come December... but only you can decide if that's got enough power behind it for you to keep pushing.

      Congrats! I hope you can at least celebrate a little bit while readjusting!

      Like
    • farfromtheusual thanks! We just had a conversation about easing up a tiny bit so we can enjoy some socializing over meals with friends, now that we can get out and about again...so I think we WILL celebrate a bit by letting ourselves enjoy more meals out from time to time. My sense is that once our personal loan is paid off (9% interest!) then I'll be able to do that with without wincing...thinking of how much daily interest we're paying. I like the idea of seeing a big % complete (>100), so I think I'll keep the original goal and watch how things go this quarter. If that seems like we're stalling out, I'll reconsider changing the goal to stay motivated.

      Like 3
    • Turquoise Drill Good plan!

      Like
  • June Check-in (line 206)

    Goal: Pay off $15,000 in credit card debt

    June debt pay off: $1285.84

    Amount left: $10,624.15 (29% paid)

    Like 3
    • Francini way to go!!

      Like
  • July: $695 toward debt with $105 snowball. 

    Like 2
    • Pay Me To Draw woot!

      Like
  • Belated June progress report on my battle against the student loan beast:

    As of May 31, 2021: $174,877.15

    As of June 30, 2021: $173,537.53

    Notes: Regular monthly payment resulted in principal reduction of $1,339.62. Wasn't able to make any extra payments. Total reduction of principal in June: $1,339.62.

    Year-end goal is to get the balance down $41,000.00 (from $190,958.60 starting place on January 1, 2021) to just below $150,000.00. With a $17,421.07 reduction so far this year, I'm now about 42.49% there.

    Like 4
  • I only added $176 to my debt payoff. this was not the goal but I hope to add more next month. 

    Like 4
  • It's been a few months since I checked in here.  Health issue has cropped up and most of my attention has been there for the last 3 months - and will continue to be there for I don't know how long.  <sigh/>

     

    High points in the finance journey:

    Auto loan #1 paid in full Feb/Mar of the year ($565/mo)

    Auto loan #2 to be paid in full in 5 days ($615/mo)

    IRS paid their due (I bank it through the year so I can earn "some" interest)

    APR: $845

    MAY: $6,655 (IRS was $5,500)

    JUN: $1,094

    CC #1 : $2k to go to be at PIF each month

    CC #2 : PIF each month

     

    Slipping backwards - picked up Auto loan #3 for our youngest ($215/mo)

     

    Overall - feeling great.  Out net worth graph took a big dip between IRS and a new car loan, but regaining ground at a quicker rate.  Looking forward to being YNAB broke!

    Like 3
    • Keith & Kittery Barrows It's all good progress, though!! Hope that your health challenges continue to get better!

      Like
    • farfromtheusual - Thank you for your thoughts.  I now fall in that 1/3 of Americans with high blood pressure.  6 months ago, normal, 3 months ago almost off the scale (or so it felt to me).  Almost back to a normal average as I work with a cardiologist.  Lifestyle changes (reevaluate my life categories) and then keep moving forward!  馃檪

      Like 2
    • Keith & Kittery Barrows Oh my! SO glad you're able to make some changes to manage it!

      Like
  • July check in with $304.71 for month.

    Like 1
  • June & July Check-in: Paid $867.88 both months which is nearly double the monthly payment on my personal loan. I had anticipated paying more but unexpected car issues came up. Thankfully I was able to use my sinking funds and didn't have to dip into my emergency funds to cover that. My priority now is replenishing my car maintenance fund before paying down my loans more aggressively. Even though I didn't make as much progress as I thought I would before the student loan payments start up again, I'm feeling very accomplished that I didn't have to dip into my emergency fund and was still able to pay more than I thought towards my loans.

    Like 5
    • TickTock Sounds like wins all the way around! Congrats!!

      Like
  • Joining half way thru the year, but it is so like me to turn up AFTER the party has started! 馃お

    Half way thru July and I've paid down $803.11 (principal payments only). Was going to go back and track from the beginning of 2021 but as I'm only 7 months into my YNAB journey, the beginning of my budget was a hot mess - so I fresh started and it was too hard to go back to figuring out my YTD numbers.

    My target is to get to $15k by EOY, we shall see where we end up! Looking forward to seeing everyones success! :)

    Like 4
    • Curated Content welcome to the party! I always say you can't make a grand entrance if you're early! 馃槈

      Like 5
      • Violet Yeti
      • Violet_Yeti.13
      • 2 mths ago
      • 1
      • Reported - view

      Curated Content I started lasts year鈥檚 smack down in September so you鈥檙e ahead of the game compared to me! 馃槣 I will say - it鈥檚 never to late and it still helped me smash my goals in a mere 3 months.  You鈥檒l be amazing, I鈥檓 sure!

      Like 1
  • june paid $2185

    Like 2
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