The Official 2020 Debt Smackdown
Welcome to the Official* 2020 Debt Smackdown!
Happy new year everyone!
That's right, we're back for 2020. Last year we saw about 310 of us brutally destroy about $3 million in debt. Wow. Right. Massive achievement. Can anyone say 'YNAB blog post'?
But there are plenty of us with still some debt to go. And as much as I hate debt, I do love a good spreadsheet, so here we go. A few of us have come into 2020 with some debt remaining. Maybe over spent at Christmas. Either way, this challenge is open to anyone who wants to eradicate that debt from your life.
So what's this about? If you are holding onto some debt as you enter 2020 - and would like to get rid of it - this challenge is for you.
To the participants from last year, welcome back! For some of us, our total debts are too large to smack down completely in one calendar year, so if you're here from last year, congratulations on your progress and let's keep on doing this! In 2019, we collectively paid down over $2,800,000 in debt! An increase of OVER $1,300,000 than in 2018!
For all new participants, we are happy to have you join in this year! New blood is always welcome. Let's all motivate each other to pay off those debts and continue moving forward to financial freedom.
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 2020 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 2020 Google Sheet 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.
Last year, we collectively paid off $2,800,000. Let's smash that number again in 2020!
Please let me know any issues with the sheet - sometimes things are a bit wonky when making new ones!
*Official in the sense that there's a spreadsheet. Not official in the sense that it's made by YNAB. I'm just following naming conventions here :)
January Monthly Check In
Suuuper early check in. I'm due to have a baby this month, and so we are trying to get a bit ahead on bills.
- Credit Card: Paid $400 - Balance $2,700
- Construction Loan: Paid $400 - Balance $3,550
- Medical Loan: Paid $100 - Balance $1,800
Total paid this month $900. $900 / $8,950 - 10% complete for the year!
Life has just tossed me a win. I'm going to be moving back in with with a former roommate in March. Upshot is, because I live in a very expensive city, my rent is going to be $900 less per month.... I know! As a result, I've readjusted my debt payment goal from $20,000 to $29,000. The difference this move will make in my life is massive. It means that my original plan would have taken about 3.5 years, and now I should be debt free and have a 6 month emergency fund in two years!!! So excited:)
I'm very ready and motivated to end my debt in 2020. Last year I joined in the challenge about halfway through the year and it just didn't take hold. Now, I'm ready.
I'll be tackling credit cards, personal loans, and student loans (though I won't be tracking the student loans until the cards are paid).
All in, I will be tackling the following:
- $18,520.77 in credit cards
- Card 1 - $1452.16
- Card 2 - $1568.93
- Card 3 - $2970.29
- Card 4 - $2846.39
- Card 5 - $2434.60
- $17,165.81 in personal loans
- Loan 1 - $7329.92
- Loan 2 - $4728.47
- Loan 3 - $5107.42
Grand Debt Total: $35,686.58
- $18,520.77 in credit cards
Just joined, line 105.
Four credit cards totaling $28,591. My goal is to pay $10,000.00 towards the credit cards while continuing to save for true expenses (taxes, summer camp, birthdays, christmas, pet care, emergency fund). We are putting just about $1000.00/month towards credit card payments (including interest), and not accruing any new CC debt, so we should be able to do it.
I am Ica Paige and I was part of the group last year but stopped following the forum...
I started last year with 3k in credit card debt and ended with 6k! Yikes. However, I had a baby late 2018 and did a 6 week trip in June-August which boosted my CC debt. I also had surgery and couldn't work.
I did manage to pay off 2/3 cards from September - December! Just one left!
This year, my priority is to pay off that final credit card and KEEP THEM PAID OFF! If I succeed in that, my stretch goal is to put money aside for my student loan. I still have 2 more terms left and my estimate for my final loan is around 20k.
Debt payoff goal: 6k
Stretch goal: 2k saved for my student loan.
Hello, YNABbers! We're starting 2020 with$106,814.77 of non-mortgage debt. I'd like that total to drop by at least $31,814.77 this year, bringing it below $75,000 by Dec. 31, 2020. Last year I changed from a lower-paying job to a higher-paying job, so I'm hopeful that we can make progress in this area.
Claimed Line 112!
I managed to pay off my car in 2019 and other than the Mortgage my "only" debt left is $24,000 in student loans. $25,320 will pay it off in full at the end of the year (with interest) which is what I put as my payoff target.
This is potentially an impossible stretch as I've only been able to forecast $16,000 in my budget to be used for this but I'm going to try. I am hoping that reporting back here will help keep me accountable and motivated this year!
Line 11, bit slow to post...!
2020 is the Year of Clearing Debt. I started to make a dent in my first 6 months of YNABing in 2019 and now is the year to get it all sorted:
CC#1: AU$13,343.86 (This is the big, stubborn debt 😫)
CC#2: AU$1,679 (interest free purchase for new laptop in after Christmas sales - maybe a bad idea... some old habits die hard 😲)
Afterpay: AU$154.01 (small and will clear quickly but I at least wanted to take an early win so I included it 😊)
Total debt: AU$15,176.87
I'm cautiously confident I can clear this debt by year's end. Looking forward to the tracking throughout the year and the inspiration and encouragement from all others here.
Good luck, one and all!
Hi! This is my first year doing the debt smackdown.
I’m planning on finally paying off student loans (one was paid off on the 1st before I joined, so I’m not including it in my totals). I also have medical bills from the birth of my last baby at the end of 2018.
We also have credit card float that we may get to if we pay off the other two debts early.
Once these are paid off, our only remaining debt will be our mortgage.
Student loan - $2838.23
Medical - $3097.20
YNABer since September 2018 - first-year on the official debt smackdown - and doing the Debt Bootcamp.
Debt Focus is on credit card debt (~$11K) this year while maintaining normal mortgage payments and car loan.
We have a $1K EF, all our obligations for January as well as our true expenses mostly funded as of today January 3rd.
Widely varying income so trying to learn how to work this optimally! Think ideally I want at least an 8-week buffer asap, but right now I just want cc debt gone!
I go around in circles trying to figure out what I can actually throw at debt, so I don't leave the budget vulnerable. Since starting YNAB I have become a bit of a hoarder of money in true expenses. Then feel drawn to move all of it to pay off debt, but since we've made that mistake before and got back into debt, I don't - however, it's so tempting that I might just fall into that trap again...
Just joined branching off the Debt Bootcamp. I have several credit cards, though most of them are paid in full, and one auto loan. Between these 3 combined, I want to payoff a total of 20% by the end of the year. I've been fairly lax in paying the credit cards off, because at 0% I feel like my money can be better served in retirement accounts or other things, but I also don't want this number to grow. It'll be interesting, because there's a family trip planned for later on this year, a month overseas to visit family, and while the airfare is paid off (thanks rewards points!) the accommodations still need to be worked out. Here's hoping it doesn't add (much) to our debt.
Auto @ 2.9%: $23, 269.58
CC 1 @ 0% : $11,409.25
CC 2 @ 0%: $12,233.32
Joining in and line claimed--this will be my first time doing the Debt Smackdown. I'm working Dave Ramsey's program to get out of some massive debt which was brought on by being unable to sell a home for the last 3 years. Looking forward to seeing everyone's progress!
We are focusing solely on our HELOC right now because it will balloon in a few years and needs to be gone before then. I know Dave would disagree with us going out of order on our debt snowball, but it's our reality and we have chosen to accept it. We paid off over $11,000 in other random debts (medical bills, household maintenance) since starting Dave's program in September 2019.
Not posting actual amounts, but our list of debts includes:
oldest child's student loans
mortgage on previous house (now a rental)
HELOC on previous house (which was down payment on current house)
mortgage on current house
Line in and ready to be serious this year.
I have about $185,866 of debt which is split between 2 Credit Cards, 2 Personal Loans and a Land Loan.
I want to be a bit aggressive with paying off the personal loans and CCs along with some principal on the land loan so I am setting a target of $58,100 for the year. This should also give me some space to boost my savings as well.
Here's to some decreased debt loom and gloom.
Hello, fellow YNABers!
I'm excited to join the 2020 Debt Smackdown this year! I'm aiming to put at least $12,000 towards student loan payments this year (my only debt currently), with a stretch goal to get the balance of my two loans to be less than $20,000. I've written more in a journal entry, and am excited to make some good gains this year.
I didn't participate last year, but managed to put just over $11,000 in payments towards these loans last year, plus refinanced the bigger of the two so I could save about $70-80 in interest per month (or $840-$960 per year, which is huge).
I'm line 123 on the spreadsheet. Cheers, all! 😎
Hi everyone! Here goes another year of chipping away at the debt 😊
13.9% + $10.00 p/m account fee Personal Loan - $22,472.63
0% to 07/21 Personal Loan - $14,400.00
0% to 02/21 Credit card - $6,591.09
Total Debt - $43,463.72
2020 Goal pay off $22,985.76 which includes minimum payments to pay out both the 0% debts by the due date and the personal loan payment.
And get married this year without going into further debt!
I started 2019 with over $42,000 in debt. Despite making 20% less last year, I made good progress. The 2019 smackdown kept me accountable. For 2020, I'm aiming to payoff my remaining debt and have 6 months of expenses in savings. As of the 1st, I had $20, 262 remaining. $5.906 in student loans and the rest for my car. Let's do this!
I meant to join last week, but we were out of town and doing anything on my iPad is just a PITA. I've jumped in on line 128. (I was 27 last year, so I'm going to be confused for the next 4 to 6 months!)
Total existing debt as of 01/01/2020 (not including house): $58,220
Personal Loan: $15,960
Student Loan: $20,900
Car Loan: $21,360
I've put the planned $2300 toward the total for January. The Personal Loan will be paid off by October! Debt Free date is March 2022, and I'm going to do what I can to beat that!