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 :)

3354replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • I'm stopping in again this year - I have 拢878.56 left remaining on the one credit card. I'm a single income household on near-minimum wage, but I should be able to get this paid off in a few months.

     

    Been sorting out a new YNAB budget sheet for the new year, but suddenly the app is down for maintainence 馃檮 probably high traffic w the New Year

    Like 5
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Mx Emmin You're exactly right. Everyone wants to budget on January 1st, apparently. The web app should be back up for you now, but you'll want to follow our status page for additional info and to know when things are completely cleared up.

      Like 1
  • Hi!  I have line 42!! Hopefully this year will be the answer. I have $505 left on credit card debt and a 9,180.90 left on a 401k loan, which is a little tricky to pay off.  I will have to save the money until I have enough to pay in full, while it is taking money out of my paycheck.  

    Like 5
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Sky Blue Falafel That does sound tricky! It's going to feel great when that first credit card is paid off!

      Like
    • Sky Blue Falafel  After re-watching YNAB videos this past month, I finally realized why I have had so much trouble keeping out of debt.  I haven't been funding my true expenses and practicing debt prevention.  This month, I started focusing on true expenses and what a difference.  I only paid minimums on my debt this month, but am hopeful things will change over time.  $9,037.80 still left.

      Like 9
      • Violet Drill
      • Violet_Drill_0bf6fcf19d
      • 8 mths ago
      • 7
      • Reported - view

      Sky Blue Falafel That was a big realization for me too. I was throwing as much money as I could at my debt,  paying it down but then building it right back up again when something happened and I didn't have any set aside in true expenses. It felt counter-intuitive to me to only pay the minimum on debt when I had money just "sitting there" in my account, but once I started looking at it as Debt Prevention insurance, it felt less strange.

      Like 7
    • Sky Blue Falafel We sometimes use the term "debt prevention" for those True Expense categories. I don't know who came up with that term (wasn't me!), but it couldn't be more true.

      Like 1
      • Orange Sun
      • Orange_Sun.8
      • 8 mths ago
      • 1
      • Reported - view

      Matthew Violet Drill  Sky Blue Falafel Totally renaming this in my YNAB!  Very valuable :)

      Like 1
    • Sky Blue Falafel Yeahhhh this is a painful but important lesson! Glad you've figured it out and are restructuring!

      Like
    • Sky Blue Falafel  February check-in.  I am continuing to just pay minimums and funding those debt prevention categories.  No new debt!  Every time something comes up, I automatically assume it won't work, that I will need to add debt, but no! There are funds sitting in the category or I can easily WAM it.  So different than in years past.  $8,540.71 still left.

      Like 5
    • Sky Blue Falafel THAT is a seriously big win!!!! Even if the debt is still hanging around, you're breaking the yoyo cycle, which is SO important!!

      Like 3
  • I'm in! I'm new to YNAB, but I'm determined! Thanks for the challenge and the accountability.  This isn't all of my debt, but I'm focused on this goal while I build up some savings and stop the paycheck to paycheck cycle. $5,981.49. I'm claiming Line 41!

    Like 7
    • Keep Calm and Save Money  That's a good idea to include a savings goal in the total.

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Keep Calm and Save Money I love your determination! Welcome!

      Like
  • I have a question. When do we do our monthly check in? Should it be at the end of the month or at the beginning? Or, do some people add and change their monthly total throughout the month? 

    Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 9 mths ago
      • 4
      • Reported - view

      Keep Calm and Save Money Some people check in right after they paid their bills (anytime during the month), while other people check in at the beginning of the following month after all their bills were paid and interest was charged on any outstanding balances because they like to reflect the adjusted balances owed. I don't believe there are any firm rules on this so do what works best for you. For myself, I check in once I have scheduled the payments because I don't plan to cancel or adjust them once they are scheduled.

      Like 4
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 2
      • Reported - view

      Keep Calm and Save Money 

      Keep Calm and Save Money said:
      When do we do our monthly check in?

       Whenever it works for you.  I like to do my check-in at the beginning of the month, when I budget out the whole month. I will go to great lengths to not have to revise my check-in numbers, so it's a bit like psyching out my inner brat.

      Like 2
  • Took line 46 this year. I'm going to say 25K in credit card debt. I think the total owed is 45 or so....I haven't calculated it all. I'll come back here once I do and to finish out the 2019 one. 

    Like 4
      • Stacy C
      • nursepower
      • 9 mths ago
      • 1
      • Reported - view

      Stacy C 

      Laying it all out here: Credit cards in order of amount due: $48000 Yikes!! 

      Walmart = 44

      Home Depot = 109

      Kohl's = 165

      Bed Bath Beyond = 230

      Indigo = 266

      Target 2 = 300

      Toys R Us = 300 (was at 0 but I pushed the wrong credit card button when paying for an apple watch. Either way it would have wound up on a card)

      Avant = 534

      Wayfair = 545

      Dell = 872

      Amazon = 912

      Barclay apple = 1094

      Target = 1098

      Freedom = 1557

      Capital one = 1870

      Ollo = 2303

      Best Buy 1 = 2710

      Slate = 3462

      Apple Card = 3500 ( This is hubbies daily card)

      Discover = 3845

      Citi Thank you = 4163

      BBT2 = 4241 (0% for 12 months)

      BBT 1 = 4379 (0% for 12 months)

      Best Buy 2 = 4432

      AMEX = 5080

       

      In addition to this we have 2 student loans that I'm not even counting this year. Monthly payment is $200 and $345, a car loan $500, rent $1000, cell phone $155 and then gas and groceries. We bring home $3200 every 2 weeks. 

      Like 1
    • Stacy C I hope you don't mind me asking a question! How does the Toys R Us card work now that they're closed? A part of me had figured the cards would be inactive, while the balances were still called due. Is the card still active for the foreseeable future?

      Also, do you have a debt plan in place for tackling those cards? I tackled my 0% interest debts first, just to make sure they were paid off before the deadline and all the extra interest was tacked on.

      Like
      • Stacy C
      • nursepower
      • 9 mths ago
      • 5
      • Reported - view

      Faness  The toys r us MasterCard was turned into a Synchrony MC (the company that was behind the TRU card. Same APR ..they won鈥檛 budge on that.

      I thought I had a plan in December but I think now I鈥檓 going to do the snowball-lowest balance to highest. I鈥檓 someone who needs to see progress to stay motivated.

      Like 5
    • Stacy C If there are any cards that are offering zero percent interest transfers they are SO helpful at managing debt and getting it consolidated. You do have to play the game, and be prepared to work them to your advantage so that the CC companies don't take advantage of you, but they can help to make the list smaller and the payments more reasonable if you can get one. Just a thought. I'm happy to chat about how you can make that work to *your* advantage if you want (actually going to probably make a whole post about it eventually because it seems like it would be helpful...)

      Like 2
    • Stacy C Ah, got it! Capital One just sold some of their credit cards, so they're still the same type of credit card (Visa) but through a different company. It's nice they didn't just close those accounts, but it would've been nicer for them to consider a bit of flexibility for those who had any outstanding balances.

      farfromtheusual Maybe an expose of your experience in our Tips & Tricks section? Or the Debt section. Either way, I'd love to hear about how you were able to use those offers to your advantage!

      Like 1
    • Faness thanks for the suggestion for where to put that... I was wondering!

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • 1
      • Reported - view

      Stacy C Good luck! I started using undebt.it in December to help keep track of all my debts, and to figure out the best method to use to pay them all off. It's been a huge boon to me, in just the couple weeks I've been using it. They're offering a discount on their annual fee right now, but they also have a free version if you want to try it before you buy it.

      I'm not affiliated with them at all, just really found the site super-helpful, and especially since it integrates with YNAB now, too!

      Like 1
      • Stacy C
      • nursepower
      • 9 mths ago
      • Reported - view

      Krys I tried it for a bit, but I don't don't track my credit balances in YNAB. I've tried to add them twice and I'm not smart enough to figure out how to work it. So I keep it simple.  Thanks though for the idea!

      Like
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • 1
      • Reported - view

      Stacy C Totally understand. Ya gotta stick with what works best for you! I'm rooting for you this year!

      Like 1
      • Stacy C
      • nursepower
      • 9 mths ago
      • 3
      • Reported - view

      Stacy C 

      PIF 1/2/20 Walmart = 44

      Home Depot = 109

      Kohl's = 165

      Bed Bath Beyond = 230

      Indigo = 266

      Target 2 = 300

      Toys R Us = 300 (was at 0 but I pushed the wrong credit card button when paying for an apple watch. Either way it would have wound up on a card)

      Avant = 534

      Wayfair = 545

      Dell = 872

      Amazon = 912

      Barclay apple = 1094

      Target = 1098

      Freedom = 1557

      Capital one = 1870

      Ollo = 2303

      Best Buy 1 = 2710

      Slate = 3462

      Apple Card = 3500 ( This is hubbies daily card)

      Discover = 3845

      Citi Thank you = 4163

      BBT2 = 4241 (0% for 12 months)

      BBT 1 = 4379 (0% for 12 months)

      Best Buy 2 = 4432

      AMEX = 5080

      Like 3
      • Purple Foal
      • Purple_Foal.3
      • 9 mths ago
      • 2
      • Reported - view

      Stacy C Definitely use Undebt.it, switch to 0% balance transfers, and then cancel the cards (or cut up & keep open) you don't need when they are paid off. I'm sure I'm not alone in wondering why you have so many. I have 2 that I use for different purposes for travel points/privileges & cash back. I also have a 3rd I use when I rarely shop at that store for free shipping & cash back. But after starting YNAB in July, they are paid off weekly with no credit card float. Now I'm tackling the LOC beast from consolidating debt from years ago. Make things simpler on yourself and have less cards. :)

      Like 2
      • Stacy C
      • nursepower
      • 9 mths ago
      • 1
      • Reported - view

      Purple Foal I would really like to. We just got into a habit and never really figured out money. In my Journal I explain a bit more, but I filed BK personally for a LOT more.... and now I"m trying to pay off hubbies with a plan. 

      So my credit won't allow me open anything that will give me transfers and we already opened the BBT cards to transfer a toys r us card. BIG help. But this is where I'm at currently. 

      Like 1
      • Stacy C
      • nursepower
      • 9 mths ago
      • 4
      • Reported - view

      Purple Foal I just signed up for a year of undebt.it for $8 and put all my info in. According to the site I can be debt free by March 2022.....Hopefully I can make it by December 2021....that would be an awesome Christmas!!

      Like 4
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 1
      • Reported - view

      Stacy C 

      I'd also suggest cancelling the cards you pay in full.  Less tempting if they're not there and will also eventually help your credit score, I believe.  Good luck with the snowball, I understand being able to see progress.  You can also do a two-pronged approach - paying 60% of your available money to debt on the smallest and 30% to the highest interest.  Or wait until you've paid the first 3-5 cards off (and closed) before you start splitting your debt payments.  You can also do a debt progress picture.  Like with every $1000 paid off, you color in a part of a picture?  Helps with the visualization.

      Like 1
      • Stacy C
      • nursepower
      • 9 mths ago
      • 2
      • Reported - view

      Technicolor Cheetah I heard from Myfico that cancelling cards is bad for your credit score. But I will double check. 

      Like 2
      • Stacy C
      • nursepower
      • 9 mths ago
      • 5
      • Reported - view

      Stacy C 

      January 2020

      PIF 1/2/20 Walmart = 44

      Home Depot = 109 - This will get Paid off on the 17th per the snowball

      Kohl's = 165 - This will get paid off on the 17th per the snowball

      PIF 1/3/20 Bed Bath Beyond = 230

      Indigo = 266  pd $117.67

      Target 2 = 300 pd $28

      Toys R Us = 300 (was at 0 but I pushed the wrong credit card button when paying for an apple watch. Either way it would have wound up on a card)

      Avant = 534 pd $25

      Wayfair = 545

      Dell = 872 pd $40

      Amazon = 912

      Barclay apple = 1094

      Target = 1098 pd $50

      Freedom = 1557

      Capital one = 1870 pd $60

      Ollo = 2303

      Best Buy 1 = 2710

      Slate = 3462

      Apple Card = 3500 ( This is hubbies daily card)

      Discover = 3845 pd $200

      Citi Thank you = 4163 pd $100

      BBT2 = 4241 (0% for 12 months) pd $44

      BBT 1 = 4379 (0% for 12 months) pd $43

      Best Buy 2 = 4432

      AMEX = 5080

      Like 5
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 3
      • Reported - view

      Stacy C 2 DOWN by the 3rd of January! 馃帀Congratulations!

      Like 3
    • Stacy C Everytime you PIF some cards especially the ones with the small amount, it will keep you so motivated. I have a lot of cards open myself with 0 balance, i just cut them up instead of closing them.  Everytime the CC company sends me the new card because the old one has expired, i don't keep that card even for a few minutes, i cut it up also. Some people, if they close their cards will close the newest cards and not the one with the longest history and other will just close them without a care about their credit score.

      Like 1
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 3
      • Reported - view

      Stacy C

      You'd have to check your country on how credit is monitored.  I think in the US it's length of credit history, any bankruptcies, defaults, anything gone to collections, late payments, and how much credit you're utilizing of your available limits.  So if you were in the US, you're probably ok to close a lot of the credit cards you've opened in the last few years, especially if they are smaller store type ones that you're not intending to use again.  If nothing else, it's going to simplify your life - fewer accounts to juggle, lessen the chance you grab the wrong card, lessen the chance you forget to pay or pay the wrong amount.  I think I've heard that if you close some accounts, as long as they're not the oldest ones, your credit score might go down for a little while but it will pop right back up.  Don't quote me on any of that, do your own research.   

      Like 3
      • Stacy C
      • nursepower
      • 9 mths ago
      • 5
      • Reported - view

      Stacy C Hubby got his Christmas bonus yesterday....Damn taxes, but it was still amazing $3600. I was able to pay off his daily card to $0 (we had also put some Christmas on it) and then filled my Car Insurance deductible of $250 --- which I really wanted to do! And beefed up our Car maintenance to $125 so far!!!

      I'm feeling cautiously very optimistic at this point!! 

      Like 5
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 3
      • Reported - view

      Stacy C 

      I didn't think they did $250 insurance deductibles any more.  That's really low in my experience.  Have you checked how much your car insurance rate would drop if you hiked that deductible up to $500 or $1,000?  Knowing how much could be saved per month/quarter/annum  might make that a  worthwhile option now that you know how to set a deductible aside and not spend it on impulse stuff.

      Like 3
      • Stacy C
      • nursepower
      • 9 mths ago
      • 5
      • Reported - view

      HappyDance I have not checked that. I will look into it. We currently have Geico and they've been pretty good to us. 

      Just checked. It would go down by 93.20 for a 6 month period for $500 deductible and down $244.20 for $1K deductible. Sounds scary to me at this point to make the deductible higher..probably because I've never kept that kind of money before.  Perhaps once Im in a better spot I will feel comfortable changing it. 

      Like 5
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 2
      • Reported - view

      Stacy C 

      It feels scary until you analyze the scenarios when/where deductible comes into play and whether you would want to make a claim and possibly have your insurance increase as a result.  When you make a claim for a repair that is entirely your fault -- say, you backed into a cement pillar in a parking lot -- would you submit a claim for $250?   I would just get it fixed and go on about my business..  However, if I was in an accident that was not my fault, the deductible does not apply because the other driver's insurance pays for my repairs.

      Like 2
      • Stacy C
      • nursepower
      • 9 mths ago
      • 5
      • Reported - view

      HappyDance That's true...most my accidents have been with stationary objects...lol 馃摣馃摤馃摥

       

      Apparently a mailbox hurt me in my former life. Twice. 

      Like 5
    • HappyDance Reading your comment gave me the idea to call my insurance to raise my deductible. Thanks for the suggestion. That's another great way to save

      Like 3
    • Stacy C LOL so you and mailboxes have had problems in a previous life huh? LOL. Like my neighbor and the trash cans. She is always hitting them no matter how she tries to avoid them, thank god she doesn't have any dent on her car LOL

      Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 3
      • Reported - view

      Tomato Moose 

      Check out this thread for a few other cost-saving ideas you might not have thought of doing:

      https://support.youneedabudget.com/t/36g60k/what-did-you-do-to-improve-your-finances-today

      Like 3
      • Stacy C
      • nursepower
      • 9 mths ago
      • 4
      • Reported - view

      Tomato Moose This visual has me cracking up!! Thankfully our current car has a back up cam...before that though my mailbox was just always in the way. Hubby is like 鈥測ou know it doesn鈥檛 move right?鈥 I鈥檓 like challenge accepted. 

      Like 4
    • Stacy C LOL i laughed so hard myself, especially at what your husband said to you about the mailboxes not moving 馃槀馃槀

      Like 2
    • HappyDance Thank you!

      Like 1
    • Stacy C Great progress so far! Can't wait to read more of your successes!

      Like
    • Stacy C You're doing so amazing. I love seeing that you've paid off a few cards already and look forward to hearing more about your progress.

      Like 1
    • Stacy C I'm just catching up, but this was hilarious. Our mailbox recently fell over though (wooden base gave out), so technically, it moved. 馃槀

      Like 3
      • Stacy C
      • nursepower
      • 9 mths ago
      • 2
      • Reported - view

      Stacy C Mid January check in--- looking FABULOUS and SUPER MOTIVATED!

      January 2020

      PIF 1/2/20 Walmart = 44

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Indigo = 266  

      Target 2 = 300 pd $28

      Toys R Us = 300  pd $30

      Avant = 534 pd $25

      Wayfair = 545 no pmt needed this month

      Dell = 872 pd $40

      Amazon = 912 pd $60

      Barclay apple = 1094 pd $50

      Target = 1098 pd $50

      Freedom = 1557 pd $75

      Capital one = 1870 pd $60

      Ollo = 2303 pd $27

      Best Buy 1 = 2710 pd $75

      Slate = 3462 pd $130

      Apple Card = PIF, but this is hubbies daily card so I'm sure it's got something on it. 

      Discover = 3845 pd $200

      Citi Thank you = 4163 pd $100

      BBT2 = 4241 (0% for 12 months) pd $44

      BBT 1 = 4379 (0% for 12 months) pd $43

      Best Buy 2 = 4432 pd $115

      AMEX = 5080 pd $150

      Like 2
      • xgirlmama
      • Purple_Griffin
      • 9 mths ago
      • 3
      • Reported - view

      Stacy C great job! Those 5 PIF debs will snowball nicely next month!

      Like 3
    • Stacy C 5 debts paid in full in one month? FABULOUS indeed!! 

      Like 2
    • Stacy C Way to go!!!! 馃 

      Like
      • Stacy C
      • nursepower
      • 9 mths ago
      • 4
      • Reported - view

      Stacy C 

      I couldn't wait. I wam'd a bit from too much grocery and gas money and took out from my new wedding band fund and paid off 2 more.

      Mid January check in--- looking FABULOUS and SUPER MOTIVATED!

      January 2020

      PIF 1/2/20 Walmart = 44

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  pd $30

      PIF 1/21/20 Target 2 = 300 pd $28

       

      Avant = 534 pd $25

      Wayfair = 545 no pmt needed this month

      Dell = 872 pd $40

      Amazon = 912 pd $60

      Barclay apple = 1094 pd $50

      Target = 1098 pd $50

      Freedom = 1557 pd $75

      Capital one = 1870 pd $60

      Ollo = 2303 pd $27

      Best Buy 1 = 2710 pd $75

      Slate = 3462 pd $130

      Apple Card = PIF, but this is hubbies daily card so I'm sure it's got something on it. 

      Discover = 3845 pd $200

      Citi Thank you = 4163 pd $100

      BBT2 = 4241 (0% for 12 months) pd $44

      BBT 1 = 4379 (0% for 12 months) pd $43

      Best Buy 2 = 4432 pd $115

      AMEX = 5080 pd $150

       

      Next month starts the big boys! 

      And because of this my debt free date moved up 1 month!!!!

      Like 4
    • Stacy C Good for you! Although honestly, the amount of cards you have scares me. :)

      Like
      • Stacy C
      • nursepower
      • 9 mths ago
      • Reported - view

      Purple Foal If you think this is bad, I鈥檇 be horrified to tell you what I personally had before my bankruptcy.

      Like
      • Purple Foal
      • Purple_Foal.3
      • 9 mths ago
      • 1
      • Reported - view

      Stacy C Yikes. But clearly you are on a new path. Keep moving forward! :)

      Like 1
    • Stacy C You are knocking these credit cards out like dominos! I love it! 馃榿

      Like
      • Stacy C
      • nursepower
      • 8 mths ago
      • 3
      • Reported - view

      Stacy C I always seem to hit my hurdles in February. Was doing Fabulous in January...but hit some slowdowns. 

      I was unable to send $500 as my snowball directed and only sent $100 to my latest card. $250 had to be put aside because I need $500 to pay for DS19's college course that is not covered by the scholarship. I also owe $300 in taxes I found out (not horrible) and $135 for car registration or whatever. I only counted the one car and thought it was due in 2021, and apparently forgot we have two. 

       

      Also frustrated with hubby. His apple card was at $0, went to pay last night and it's over $1500. I was so disappointed. He was remorseful and is trying to sell some stuff to send money there, but it was disheartening.

      I did pick up a bit of a side hustle by being approved as a Free lancer for Rev (Transcription) and I'm good at the medical ones since that's my field. We'll see how it goes. 

      Tis' all for now! Take care everyone! 

      Like 3
    • Stacy C there are gonna be ups and downs along the way for sure. Our bad month is January, coming right off the heels of December. I know this now, and so I'm working on getting better about managing it, but it isn't easy for sure. Yay for the freelance opportunity! I hope it's one of those where you can work as much as you want kind of things!

      Like
      • Stacy C
      • nursepower
      • 8 mths ago
      • 1
      • Reported - view

      farfromtheusual It seems like it is, and when I'm bored at work, it takes the place of online shopping :)

      Like 1
    • Stacy C That's even better to be able to do it while working another job! I've had a couple of those things that I can sneak in while I'm in the office, and it's awesome to make money twice!

      Like 1
      • Purple Foal
      • Purple_Foal.3
      • 8 mths ago
      • 2
      • Reported - view

      Stacy C That is frustrating especially when the extra expenses are not your doing. Make sure your partner is on board. You shouldn't be carrying the brunt of this debt solo, and working extra to pay it off. Look after yourself. We have your back. :)

      Like 2
      • Stacy C
      • nursepower
      • 7 mths ago
      • 1
      • Reported - view

      Stacy C So end of February, I've got my next card down to $200!! Whoo-hooo and have set aside the $500 I need to pay for DS19's college class. 

      I also spent $200 on a want/need. I suppose I didn't HAVE to have it, but I wanted a le creuset dutch oven and my dream one was on sale from 350 to $200....so I wam'd and got it. I could have had the Avant paid off with that $200, but I'm okay with the delay for my pot.  (that sounds funny "for my pot". lol) All other bills got minimums as planned. 

      Like 1
    • Stacy C sometimes we have to do things like that for ourselves. If it's something that you've wanted for a long time then you've obviously thought it through, and a stupid sale is a stupid sale!!

      Like 1
      • Stacy C
      • nursepower
      • 7 mths ago
      • 2
      • Reported - view

      Stacy C 

      New update for end of February....today was payday! And my DS now 20's Birthday!! I'm not mature enough for a 20 year old!!!

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      --------------------------------------------------

      Wayfair = $579 - This one next

      Dell = $837

      Amazon = $850

      Barclay apple = $1083

      Target = $1043

      Freedom = $1471

      Capital one = $1832

      Ollo = $2276

      Best Buy 1 = $2560

      Slate = $3345

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3477

      Citi Thank you = $4066

      BBT2 = $4156 (0% for 12 months) 

      BBT 1 = $4291 (0% for 12 months) 

      Best Buy 2 = $4202

      AMEX = $4899

      Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 7 mths ago
      • Reported - view

      Stacy C You have such great focus! I hope your DS had a great birthday!

      Like
      • Stacy C
      • nursepower
      • 6 mths ago
      • 5
      • Reported - view

      Stacy C Update for End of March

      One more down....YES!!!    But I still feel sad. I wish I could enjoy this more, but with the climate right now, I just feel lost. I need routine and without it I'm feeling very down. 

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      --------------------------------------------------

      Amazon = $805 <--- next up to bat

      Dell = $818

      Barclay apple = $1051

      Target = $1014

      Freedom = $1423

      Capital one = $1811

      Ollo = $2272

      Best Buy 1 = $2485

      Slate = $3277

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3277

      Citi Thank you = $4012

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months) 

      Best Buy 2 = $4094

      AMEX = $4869

      Like 5
    • Stacy C Well done!! It is hard to focus on the positive just try your best. What is your payoff strategy? Maybe post them in order of how you are attacking them. You've got this! :)

      Like
    • Stacy C Duh, PIF...Paid in Full. Those are amazing payoffs!!! Keep going! :)

      Like
    • Stacy C this is when you're going to have to create a routine for yourself. The best quote I ever read was 'motivation won't find you, you have to go find it.' That dramatically changed my ability to go do things even when I wasn't feeling as motivated. So create a routine for yourself right now that feels good, and then really focus on doing it, and sticking with it. Getting sucked into social media/news isn't going to help you achieve your goals, so do what will help you reach where you want to be. This is a huge opportunity to focus on what we WANT to focus on, instead of focusing on what someone else tells us we should or on what will distract us. So enjoy this time in the best way you can!

      Like 5
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 6 mths ago
      • 1
      • Reported - view

      farfromtheusual well put!

      Like 1
    • Stacy C  Keep going, you're doing great! It's been really satisfying and inspiring seeing you work your way steadily down the list.

      Like 2
      • Stacy C
      • nursepower
      • 6 mths ago
      • 10
      • Reported - view

      Stacy C  I FINALLY FEEL IT!!  I feel really good! Today we PAID IN FULL hubby's Amazon card! It feels different to me because it's HIS card, my cards felt horrible paying off and weren't going towards our old debt. Amazon now has!! 

      I'm also nervous as hell. I keep telling myself to TRUST MY BUDGET!!! which honestly looks too damn good to be real!  

      Thank you everyone for all the support through this!!

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      --------------------------------------

      Dell = $818 <--- next up to bat

      Barclay apple = $1051

      Target = $1014

      Freedom = $1423

      Capital one = $1811

      Ollo = $2272

      Best Buy 1 = $2485

      Slate = $3277

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3277

      Citi Thank you = $4012

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months) 

      Best Buy 2 = $4094

      AMEX = $4869

      Like 10
      • MXMOM
      • MXMOM
      • 6 mths ago
      • 5
      • Reported - view

      Stacy C 

      Like 5
    • Stacy C CONGRATS!!!!!

      Like 1
      • Stacy C
      • nursepower
      • 5 mths ago
      • 6
      • Reported - view

      Stacy C 

      I've been able to put most my credit cards on hold due to the pandemic, so I've been taking that money that would go to each one and putting it towards the next card in the line-up. With today' s stimulus check I PIF Dell!! Whoo-hoooo!! One more gone!

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      PIF 04/30/20 Dell = $800

      --------------------------------------

      Barclay apple = $918 <--- next up to bat

      Target = $985

      Freedom = $1516

      Capital one = $1751

      Ollo = $2315

      Best Buy 1 = $2485

      Slate = $3369

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3277

      Citi Thank you = $4012

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months) 

      Best Buy 2 = $4094

      AMEX = $4869

      Like 6
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 5 mths ago
      • 2
      • Reported - view

      Stacy C working it!!!

      Like 2
    • Stacy C Seeing your PIF checklist grow is always so satisfying! Keep at it! :)

      Like 2
    • Stacy C Congrats!!

      Like 1
      • Stacy C
      • nursepower
      • 5 mths ago
      • 5
      • Reported - view

      Stacy C 

      Pay Day today and guess what??? BUH- BYE Apple!! TRUST YNAB!!! My Bank account and Savings look Fabulous! Our credit cards are dropping like flies. The only sad thing is realizing how much better my bank account would look if money wasn't being sent to purchases that I don't even remember what they were for.  I am half way through the credit cards! Not balance obviously, but down 12 cards is INCREDIBLE!!!

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      PIF 04/30/20 Dell = $800

      PIF 05/08/20 Barclay apple = $933

      --------------------------------------

      Target = $985 <--- You are going down Target!!! 

      Freedom = $1516

      Capital one = $1751

      Ollo = $2315

      Best Buy 1 = $2485

      Slate = $3369

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3277

      Citi Thank you = $4012

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months) 

      Best Buy 2 = $4094

      AMEX = $4869

      Like 5
      • Stacy C
      • nursepower
      • 5 mths ago
      • 6
      • Reported - view

      Stacy C 

      After speaking to hubby, we decided to take from our month ahead fund and go ahead and kill Target. We still get another check in May, and May is fully funded. Our Savings is also looking healthy, so Bye Target!!

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      PIF 04/30/20 Dell = $800

      PIF 05/08/20 Barclay apple = $933

      PIF 05/08/20 Target = $935

      --------------------------------------

      Freedom = $1516 <--- Next up! Maybe by the end of June!

      Capital one = $1751

      Ollo = $2315

      Best Buy 1 = $2485

      Slate = $3369

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3277

      Citi Thank you = $4012

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months) 

      Best Buy 2 = $4094

      AMEX = $4869

      Like 6
      • QC
      • HaplessFinanceProfessional
      • Queenofcoin
      • 5 mths ago
      • 1
      • Reported - view

      Stacy C I come in here for motivation on my Savings Challenge and got all I need for the month from your posts.  Fab work on the Payoff, so happy for you and your family!!

      Like 1
    • Stacy C WOOT!! Way to go! You are so inspiring!

      Like 1
      • Stacy C
      • nursepower
      • 4 mths ago
      • 2
      • Reported - view

      Stacy C 

      Pay Day today! I work for the County Goverment at the Dept of Health and Human services, public health services. With the Pandemic I have been reassigned to COVID testing. This means that my normal position as a school health tech that would usually end this week, along with the pay, is continuing through the whole summer along with the paycheck. A very nice perk in all this mess. My pay off will not slow down as originally anticipated!! 

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      PIF 04/30/20 Dell = $800

      PIF 05/08/20 Barclay apple = $933

      PIF 05/08/20 Target = $935

      PIF 06/19/20 Freedom = $1516

      --------------------------------------

       Best Buy 2 = $4872  <--- This one is next for the amount of $1400 by July 23rd to avoid back interest d/t promo ending. Then it will be moved back down. 

      Capital one = $1751

      Ollo = $2315

      Best Buy 1 = $2485

      Slate = $3369

      Apple Card = This is hubbies daily card so I'm sure it's got something on it. Back up to $1750. Le sigh!

      Discover = $3277

      Citi Thank you = $4012

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months) 

      AMEX = $4869

      Like 2
      • Purple Foal
      • Purple_Foal.3
      • 4 mths ago
      • 1
      • Reported - view

      Stacy C That's great! Keep up that SNOWBALL!! You've got this! :)

      Like 1
    • Stacy C That's FANTASTIC news for you!! In every crisis there are people who suffer, and people who benefit. So glad you're able to use that benefit to your advantage!

      Like 1
      • Stacy C
      • nursepower
      • 3 mths ago
      • Reported - view

      Stacy C Can anyone tell me if there is a way to go back in UNDEBIT? For the debt snowball table I'd like to see what I paid in June. Anyone know how to do that?

      Like
      • Grey Tux
      • Silver_Wizard.3
      • 3 mths ago
      • 2
      • Reported - view

      Stacy C Hi Stacy, sorry for the late reply, I just got back from vacation (at home :). In Undebt.it, in the left column is a "Payoff History", you can then either choose Transaction History or Payoff Snapshot history, the first one you have to scroll down to where it starts breaking it into months, the second one It shows you those graphics by month so the numbers are easier to find if you just need the total you paid.

      Hope this helps!

      Like 2
      • Stacy C
      • nursepower
      • 2 mths ago
      • 7
      • Reported - view

      Stacy C End of July check- in

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      PIF 04/30/20 Dell = $800

      PIF 05/08/20 Barclay apple = $933

      PIF 05/08/20 Target = $935

      PIF 06/19/20 Freedom = $1516

      --------------------------------------

      Capital one = $1751 <--- been slowly chipping away at this one, New total today $1481

      Ollo = $2315

      Slate = $3369

      Best Buy 1 = $4061

       Best Buy 2 = $4872  <---Paid $1305 this month to pay off a promo that was expiring. New total $3371.42

      Apple Card = This is hubbies daily card. We send various amounts each month

      Discover = $3277

      Citi Thank you = $3781

      BBT2 = $4114 (0% for 12 months) 

      BBT 1 = $4248 (0% for 12 months

      Had to add Dell back in for $1100 - my computer caught the Corolla as my mom calls it and refused to move from the blue screen of death. Did not want to use savings because everything is so unsure right now. I have 0% interest for 12 months and I will have it paid off before the end of those 12 months. 

       

      That's it for now. Keep on trucking everyone!

      Like 7
      • Yes I can
      • yesican2020
      • 1 mth ago
      • 3
      • Reported - view

      Stacy C 

      Hi Stacy. I've just read your journal all the way through and then these Debt Smackdown posts. I started YNAB (again) in May and haven't started in earnest on my debt reduction (about $34k mostly credit cards), although my credit cards are no longer over their limit.  Next up is an EF and some more true expenses.  

      Stories like yours really inspire me! You go girl!  I need to learn some patience and persistence!! 

      PS. Is there a reason you don't have a total or % paid off in your tracking.  This one helps me

      Like 3
      • Stacy C
      • nursepower
      • 1 mth ago
      • 4
      • Reported - view

      Yes I can WOW!!! Thank you! I certainly needed to hear that. I just never thought of looking at the whole picture. According to undebt.it I've paid off $15,111.79 this year so far. I wish all that went to principle! 馃槃

      Again according to undebt.it I still have 34K to go. I'm about 25% of the total and 54% of my goal for this year. So we are basically starting from the same spot...

      My next thing to target right now, is simultaneously pay off Capital One and save another 1K for DS20's final semester for his Associates degree. 

      Like 4
      • Stacy C
      • nursepower
      • 1 mth ago
      • 3
      • Reported - view

      Stacy C 

      End of August check- in - paid $1540 towards old debt. Paid an extra $700 to hubbies Apple card

      PIF 1/2/20 Walmart = 44

      PIF 1/3/20 Bed Bath Beyond = 230

      PIF 1/16/20 Home Depot = 109 

      PIF 1/16/20 Kohl's = 165 

      PIF 1/16/20 Indigo = 266  

      PIF 1/17/20 Toys R Us = 300  

      PIF 1/21/20 Target 2 = 300

      PIF 2/28/20 Avant = 534 

      PIF 3/27/20 Wayfair = $579

      PIF 04/10/20 Amazon = $805!!!!!!!!

      PIF 04/30/20 Dell = $800

      PIF 05/08/20 Barclay apple = $933

      PIF 05/08/20 Target = $935

      PIF 06/19/20 Freedom = $1516

      --------------------------------------

      Current balances

      Dell = $1072 (0% until 8/2021 - will pay off before promo ends)

      Capital one = $1175 <--- still focusing on this guy for now. 

      Ollo = $2394

      Best Buy 2 = $3355

      Slate = $3404

      Best Buy 1 = $4012

       Apple Card = This is hubbies daily card. We send various amounts each month ($700 in August)

      Discover = $3336

      Citi Thank you = $3824

      BBT2 = $4031(0% for 12 months) 

      BBT 1 = $4162 (0% for 12 months)

      AMEX = $4743

      This month I also had to pay for DS20 semester of college - 3 classes ($1200+). I was able to cash flow that and a program he needed for $179

      That's where we are...keep going everyone. My goal is to have a low spend September....Cheers!

      Like 3
  • We are line 43. I like the idea of owning the debt we have and what we hope to pay off in 2020.

    We made some terrible errors financially at the beginning of our marriage and now (after 13.5 years) we are climbing out of it with determination. I've (husband) not been as invested in our finances leaving my wife to shoulder that burden. I blamed it on many things including stress/dislike of my job (I was a burned-out teacher) but recently realized that it's unfair (took long enough right?) to her and found YNAB and dove in. I've gone into a more stressful and more lucrative career as a school administrator (currently a middle school assistant principal) and we also were able to purchase our dream house in a great neighborhood. Our kids have never been happier and that makes us happy.

    It's somewhat reassuring that we are not alone in this debt train. We separate debt into 2 types - 1) normal (bad) which are things like the mortgage, 2 car payments, student loan debt 2) consumer (badder 馃槀) which is credit cards and personal loans. We currently are ONLY focused on the second type because of the lengthy nature of "normal debt."

     

    Badder Debt: 

    1. CC #1 - $1,266.79 (0.0%) ---$126/mo
    2. CC #2 - $2,827.13 (26.99%) --- $72/mo
    3. CC #3 - $2,702.42 (20.24%) --- $76/mo
    4. CC #4 - $4,953.61 (0.0%) --- $100/mo
    5. Loan #1 - $4,432.41 (0.0%) --- $200/mo
    6. CC #5 - $21,060.05 (18.49%) --- $400/mo
    7. Kohl's Charge - $556.82 (Unsure) ---$35/mo

    Total (Badder) Debt: ~$38,000

    Goal for 2020 Debt Smackdown: $7,000 (payoff CC #1, CC #2, CC #3, and Kohl's)

    We have an additional $2,000 of income coming in during Jan. that we intend to pay off CC #1 and the Kohl's and rolling those payments into CC #2. 

    Believe it or not, we are in a much better place financially than we've ever been. My wife will graduate with her Master's degree in May at which time her salary will increase by $8,000.

    Like 9
    • ShoreCpl - MD I've heard the saying "Not all debt is bad debt", but I definitely agree that consumer debt is badder debt. 馃槅

      Your goal sounds right on target to knock a good chunk of debt out. I hope that salary increase tips things even further in your favor! :)

      Like 2
  • Line claimed.

    I have a total of $11,819.00 in consumer debt. Three CCs and a personal loan that was used to float us after I was laid off.  Accepted a job 60 days later and now ready to pay off this debt. 

    Like 5
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Gold Sloth I hope you're enjoying your new job! 

      Like
  • I鈥檓 in. 4000 cc and 19000 home improvement loan. My aim for 2020 is to pay off both in full. 

    Like 6
  • Excited to be back for what I hope is my final year. 

    Credit Card: $4,851.56

    Auto Loan: $3,916

    Total: $8,767.56

    Like 6
    • Tishy Wishy Being Debt Free is right around the corner from here - you can do this! :)

      Like 2
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 2
      • Reported - view

      Tishy Wishy 

      Tishy Wishy said:
      Excited to be back for what I hope is my final year. 

       Go you!  I expect to see you in the savings challenge before the year is up.

      Like 2
    • HappyDance I'm looking forward to it!

      Like
  • Finally getting serious about paying off the credit cards. I knew my husband and I built up a lot of debt but didn鈥檛 realize how much until yesterday.

    $32,000 over 13 credit cards, that鈥檚 embarrassing and there is no excuse, we just are horrible at budgeting and saving money. We also have about $11,600 in personal loans.

     This year I鈥檓 just focusing on some of the credit cards.  I鈥檓 aiming for $18,000 which will pay off 8 cards and free up $658 a month. The majority will be paid off in February, with my husbands bonus and tax return, hopefully around $12,000. 

    Like 6
    • KAZ Impala The only way to make a change for the better is to know where you're starting from. It doesn't feel good to look at the numbers, but that's what will give you the power to make changes! Kudos for taking the first step!! This group is an amazing accountability group and very helpful for staying motivated. With a little awareness and some dedication I know you'll be able to crush those goals!!

      Like 3
    • KAZ Impala Once you reach your goal, that will be a huge amount freed up each month for other things. If you roll those funds into your payments, I think you'll knock that debt out before you thought possible and using that bonus and tax return will give you a huge jump start. :)

      Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      KAZ Impala You've got this. farfromtheusual and Faness are totally right - that's going to free up a good chunk of money to budget in 2021 and stick around here for some encouragement and accountability. This is your year.

      Like 1
      • Purple Foal
      • Purple_Foal.3
      • 9 mths ago
      • 2
      • Reported - view

      KAZ Impala There was a post on the 2019 thread from a couple that climbed out of debt & posted a colouring picture of a mountain on their wall that they coloured every time they paid towards the debt. Then when it was all coloured, it was incredible. Perhaps do something together to keep yourself motivated, including benchmark celebrations. :)

      Like 2
  • After lurking for an hour this evening so I could make sure I got my lucky number (#44) I am ready to start my 2020 debt smackdown! My goal is to pay off the $4680 left on my balance transfer card. I was able to pay down 2k last year despite a ton of unexpected expenses and I have a lot of hope for this year! I also have a savings goal, but I'm going to put that in the backseat until I know I'm going to be able to achieve my Debt Smackdown goal. Cheers to a New Year and good luck everyone! 

    Like 7
    • SiruhTheSantas I did the same thing with #8! 馃槀 With luck on our side, we've already got an edge! ;)

      Like 2
  • Wheee!! Here we go!!
    Thanks  BritishMuseum for putting this together again!

    I'm claiming line 55, I'll fill in the rest of my details later when I sit down to figure out my numbers.
    Here's to Eliminating the debt this year!!!!

    Like 3
    • Ok, here's my breakdown:

      Visa -  $1420.60

      MC -       $717.46

      Total - $2138.06

      The MC is a zero % interest that I am paying $61/month on until it's gone, which looks like it will be in November (whenever the promo period ends it will be paid off). The rest of it is just outstanding debt that I have that has crept up over the course of 2019. I'm TIRED of having that little bit extra that just won't go away. I do feel like the numbers are just a bit skewed though because I have some Christmas checks that I haven't deposited that I'm going to put in and apply to the debt (one big purchase that we made right before the end of the year was stone for our driveway, and the christmas money is going to pay off most of that debt), so I'll be able to knock quite a bit of it out right away. I also plan to put some of my tax return towards debt, and I owe myself from my business which I hope I can work on paying back some time soon, which will help knock that number down even lower. So it doesn't seem like much, but my income is so close to the edge of these numbers that it is a stretch to think about paying off all of it in one year. But I hope that THIS is the year that I get that done!

      I do have other debts - I have a car payment, as well as a care credit debt that I have every year (my contacts are never covered at 100%), but I don't really mind that they are there, so I just keep chipping away at them. Maybe if I knock out this debt this year I can tackle the car loan next year and pay it off early!

      There is also a significant amount of debt that I am carrying in my business, and my BF has his own debt on his own budget. I'm not going to focus on either of those because they are far less predictable at the moment, and I'd rather not have to deal with the "failure" of not achieving a goal.

      SO! Here we go! Onward and upward from here!!

      Like 4
  • I'm in and excited I just subscribed to YNAB since my trial is ending soon and this is my first debt smack down.  Hoping to get at least 20k smacked down this year.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

       Welcome, Brandon! Stick around for accountability & encouragement. This group is really great and we're excited to see that $20k fall this year 馃帀

      Like
  • Hi, I've claimed line 58 and entered my stretch goal of 鈧17,500.  My minimum goal to achieve is 鈧15,819.40 made up of:

    • Credit Card: 鈧1,600 - to be paid off in full before May
    • Overdraft: 鈧1,000 - to be paid off in full before May
    • Bank Loan: 鈧7,184.85 - 鈧260.33 monthly - any extra payments will go here as I have a goal to pay this off by the end of 2021
    • Private Loan: 鈧30,000 - 鈧500 monthly
    • Mortgage: 鈧511.93 monthly from May

    I started using YNAB at the end of October as I had just bought my first apartment and needed to stop my head in the sand, credit is there to be used approach.  Already, just by having more awareness, I've paid off one credit card of 鈧1,000 and not gone further into debt despite Christmas and moving costs (I owned no furniture as I'd always lived in furnished rentals).

    I'm really hoping this trend will continue and I can be debt free ASAP.

    Good luck to everyone for 2020!

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Zoe Those little furniture purchases after moving can truly add up! We just moved in August and I'm still finding things we "need". It must have felt so wonderful to keep out of further debt through the holidays and the move! You've already got great momentum for 2020

      Like 1
      • Zoe
      • Zoeah
      • 8 mths ago
      • 2
      • Reported - view

      Zoe January 2020:

      I amended my 2020 goal to my minimum goal.

      Paid off Jan '20:

      • Credit Card: 鈧600
      • Bank Loan: 鈧260.33
      • Private Loan: 鈧500
      • TOTAL: 鈧1,360.33

      I have also now fully funded all of February so feel I've protected against having to rely on credit in future.  It was tempting to pay more off on the CC but I think this is probably a more sustainable plan.

      My personal challenge for February is to stick to my eating out budget - wish me luck!

      Like 2
    • Zoe Good luck! We suggest having a bit in savings before tackling debt, so having February fully funded first is definitely the way I would have gone! Nicely done! :)

      Like
      • Zoe
      • Zoeah
      • 7 mths ago
      • 4
      • Reported - view

      Zoe 

      Paid off Feb'20:

      • Bank Loan: 鈧260.33
      • Private Loan: 鈧500
      • TOTAL: 鈧760.33

      Wasn't able to put anything towards the CC this month as I had to make some payments a month earlier than expected and had not yet fully funded them as true expenses.  On the plus side I haven't added to the debt.

      Failed big time in sticking to my eating out budget in February but am more prepared heading into March so fingers crossed.

      Like 4
      • Zoe
      • Zoeah
      • 6 mths ago
      • 3
      • Reported - view

      Paid off Mar '20:

      • Credit Card: 鈧700 
      • Bank Loan: 鈧260.33
      • Private Loan: 鈧500
      • TOTAL: 鈧1,460.33

      Currently in lockdown until at least 19th April so using this as motivation to keep spending to an absolute minimum including groceries.

      Best of luck to everyone during these difficult times.

      Like 3
      • Zoe
      • Zoeah
      • 5 mths ago
      • 4
      • Reported - view

      Zoe 

      Paid off Apr '20:

      • Bank Loan: 鈧260.33
      • Private Loan: 鈧500
      • TOTAL: 鈧760.33

      Managed to keep groceries spending down but indulged in a bit too much online shopping!

      I have my 1st mortgage payment at the beginning of May (deferred 1st payment 6 mths from start of mortgage) so I'm holding off on paying cc debt (0% interest but only 鈧300 left to go!) to protect cash flow.

      Goals for May are to continue to keep groceries spending down and keep all other spending to needs (that have been fully budgeted!) not wants.

      Hope everyone is safe and well 馃挄

      Like 4
    • Zoe Congrats on continuing to make progress. I don't blame you for withholding a bit right now in order to make sure you can make the mortgage. That's smart, too.

      Like 2
      • Zoe
      • Zoeah
      • 5 mths ago
      • 2
      • Reported - view

      farfromtheusual Thanks for the encouragement! I'm strangely excited to make my 1st mortgage payment 馃彉锔

      Like 2
    • Zoe Congratulations on having your home! I know you mentioned being there for six months now, but I think our first mortgage payment made it feel "real". I think it's a great idea to protect cash flow for the time being.

      Good luck with keeping your grocery costs down and stay healthy! :)

      Like
    • Zoe That IS exciting!!

      (and they really aren't kidding about being able to pay it off so much faster if you throw extra at it every month. You might want to do the math on undebt.it and see if you can squeeze it out of your budget, especially once you get that debt paid OFF. I looked at ours not long ago, and we could cut the mortgage in HALF (i.e. 15 years instead of 30!) just by paying an extra $250/month. There's not an extra $250 in our budget, but yeah. That was eye opening!)

      Like 2
      • Zoe
      • Zoeah
      • 5 mths ago
      • 2
      • Reported - view

      farfromtheusual Every little helps!

      I've been doing these imagine if... calculations as well. They're great motivation!  I have a 35yr mortgage but when I look at my current monthly payment against just the principle it would take about 21 years - that means that almost 14 years of payments at the current level is just on the interest!

      Undebt.it is great to see the power of snowball payments - it made me realise it was possible to turn my 35yr term into a 15-20yr term depending on how committed I can be!

      I've never like debt but YNAB really helped me to see how to get out of it (didn't even realise I was on the credit card float!) and avoid it in the long term.

      Fingers crossed you find that extra $250/mth 馃

      Like 2
    • Zoe It's mind boggling to see how much you pay in interest right up front. I don't even look at the mortgage statements because I don't want to be crushed!!
      Hopefully we can figure it out eventually, but right now things are so tight there's just not room.

      The only other advantage is that our house is a 1960's that needs updating, so are are putting most of the extra into the house itself, which will also improve the value, too, so there's that.

      Like 1
      • Zoe
      • Zoeah
      • 4 mths ago
      • 1
      • Reported - view

      Zoe 

      May Update

      • Credit Card: 鈧300.00 PIF!!! (鈧1,600 paid in 2020)
      • Overdraft: 鈧0
      • Bank Loan: 鈧260.33
      • Private Loan: 鈧500.00
      • Mortgage: 鈧511.93
      • TOTAL: 鈧1,572.26

      I'm now off the credit card float and have set both of my credit cards to be paid by monthly Direct Debit! 馃帀

      Also made my 1st mortgage payment this month.  It's a drop in the bucket but every little bit gets me one step closer to my goals. 馃彙

      Next debt to throw everything at is my 鈧1,000 overdraft - I'm cautiously anticipating some small windfalls in June/July so hoping to make good progress on this over the summer.  It's non-negotiable for it to be PIF by the end of the year (my original goal of May was definitely a bit optimistic!)

      I abused Rule 3 a bit too much in May so my goal for June is to be more purposeful in my spending so I can keep funneling money to debt payoff.  Last month I held off on paying more to debt to have cash on hand but seeing these funds available in the budget made it easier to move them to cover overspending.  I'm a lot more reluctant to cover overspending with credit so went ahead with it this month.  Definitely still working on changing my mindset to the YNAB Rules.

      Good luck to everyone else who's also still struggling to shift their thinking and mindset to the YNAB way!

      Like 1
      • Zoe
      • Zoeah
      • 3 mths ago
      • 2
      • Reported - view

      Zoe 

      June Update:

      Balances (1st Jan -> 30th Jun):

      • Credit Card - to be PIF in 2020: 鈧1,600 -> 鈧419.60
      • Overdraft - to be PIF in 2020: 鈧1,000 -> 鈧1,000
      • Bank Loan - to be PIF in 2021: 鈧7,184.85 -> 鈧5,918.62 - paid 鈧260.33 in June
      • Private Loan: 鈧30,000 -> 鈧27,000 - target for the year 鈧6k - paid 鈧500 in June
      • Mortgage: 鈧133,685.40: target for the year: 鈧4,095.44 - YTD: 鈧1,023.86 - paid 鈧511.93 in June

      I had paid off my credit card and was of the credit card float last month but June has been an abject lesson in why you can't ignore your true expenses until after you've got rid of your debt.  I managed to WAM some of my unexpected costs but have had to add 鈧419.60 of debt back onto the card.  Hopefully I'll be able to clear it again when I get paid at the end of July but I might have to carry some of it into August in order to get back on track with my true expense and sinking funds.

      I had a good look at my debt payoff plan now that it's half way through the year and I think I can still make my target if I'm careful but it's not going to be as straightforward as I'd hoped.  I really want to get to a place by the end of the year where my 2021 focus can be on getting a month ahead and building my emergency fund.

      Any tips on how anyone else deals with setbacks would be very helpful.  Thanks!

      Like 2
    • Zoe Bummer on the setback, but it sounds like it's still really manageable for you if you keep a close eye on things. How long have you been using YNAB? The biggest shift came for me when I started looking at averages across several months using the reports. I was able to figure out how much I was spending on average for my groceries, gas, power bill, and other things that fluctuate month to month, and that had a profound effect on managing how I funded those categories. I very rarely need to WAM them anymore to keep them covered, and that means I can manage the old debt better because I know how much I need for all the other stuff. I hope that helps if you're not already doing it!

      Like
      • Zoe
      • Zoeah
      • 3 mths ago
      • 2
      • Reported - view

      farfromtheusual Thanks for that tip.  I've only been using YNAB since last October and the last 3 months of 2019 had a lot of upheaval as I was buying and renovating my first apartment and living with my parents until I moved into it in December.  So I really only have "normal" expenses for 6 months since January and this year has been very unpredictable!  I've found it easy to provide for things like gas and electricity as they're predictable to a certain extent.  But I'll try this when I get paid in July for things like groceries and other categories that I know end up with impulse spending as I can see how it would give a more accurate idea of actual spend.  I'm really only getting into the habit now of keeping to what is available in a category instead of automatically stealing from other categories.  And once I've stolen from a category it's very easy to go back and steal more.  Being proactive instead of reactive takes a while!

      Like 2
    • Zoe The beginning is hard, and it really takes almost a year to get a full picture of what averages are. That way you get through the holiday season, and all the other stuff that only happens once a year. And for power bills, that gives you all 4 seasons of time to get the average from. That doesn't mean you can't start working with it now, and each month double check the report to see where you are with the average again. I made notes in most of my category titles so that I would know how much I need to set aside to keep things covered. It's very easy to budget each pay check now, and then when everything is filled, I know that whatever is leftover I get to work with for other purposes. I could put it towards debt, or I (usually) set it aside and hold onto it in case there is anything that pops up that wasn't funded enough. Then I use that first, and then start WAMing stuff. That helps keep things prioritized a little better.

      Like
      • Zoe
      • Zoeah
      • 1 mth ago
      • 2
      • Reported - view

      A very late update for July and August:

      Balances (1st Jan -> 31st Aug):

      • Credit Card - to be PIF in 2020: 鈧1,600 -> 鈧0: July 鈧219.60, Aug 鈧200
      • Overdraft - to be PIF in 2020: 鈧1,000 -> 鈧1,000: focus on this debt from Sept
      • Bank Loan - to be PIF in 2021: 鈧7,184.85 -> 鈧5,397.96 (aiming for a balance of 鈧4.5k or less at the end of 2020): July 鈧260.33, Aug 鈧260.33
      • Private Loan: 鈧30,000 -> 鈧26,000 (no interest) - target for the year 鈧6k: July 鈧500, Aug 鈧500
      • Mortgage: 鈧133,685.40: target paydown for the year: 鈧4,095.44 - YTD: 鈧2,047.72: July 鈧511.93, Aug 鈧511.93

      July and August were ok, didn't backslide and have been paying more attention to my true expenses but don't feel I'm gaining much ground at the moment.  I am off the credit card float with both my cards and this time I'm determined it's going to stick.  I really want to meet my payoff goals for 2020.

      I've started looking ahead to how my debt payoff plan will roll into 2020 and it's definitely motivating me to keep going so that I have the 1st Jan 2021 starting balances I want!

      My plan for the next month: Consistency - stick to my budget and my debt paydown plan
      (was reading back over this and it sounds so simple but it's really not! 馃檮)

      Like 2
    • Zoe I think it's normal to not feel like there is much gain when you really start focusing. Just keep focusing, and then things will start to shift much faster. It takes time to build up momentum. Your numbers look like you're pretty well on track with your goals, though, which is great!

      Like 2
      • Zoe
      • Zoeah
      • 2 wk ago
      • 4
      • Reported - view

      Zoe 

      September Update:

      Balances (1st Jan -> 30th September):

      • 2 Credit Cards remain PIF
      • Overdraft - to be PIF in 2020: 鈧1,000 -> 鈧800: Sept 鈧200
      • Bank Loan - to be PIF in 2021: 鈧7,184.85 -> 鈧5,264,64 (aiming for a balance of 鈧4.5k or less at the end of 2020): Sept 鈧260.33 (Interest of 鈧126.01 added)
      • Private Loan: 鈧30,000 -> 鈧25,500 (no interest) - target for the year 鈧6k: Sept 鈧500
      • Mortgage: 鈧133,685.40: target paydown for 2020: 鈧4,095.44 - YTD: 鈧2,559.65: Sept 鈧511.93

      For September I made my regular payments and put 鈧200 towards my overdraft.  Still really hoping to have it paid off by the end of the year but the end of Sept and the beginning of Oct have had higher expenses than I'd budgeted for (sister's wedding!) and I don't want to start taking from true expenses to pay off debt faster.

      I'm making steady progress still so I'm going to stay positive馃

      Hope you're all staying well and that your debt paydown plans are on track 馃挄

      Like 4
    • Zoe Steady progress is good!

      Like
  • I'm joining again this year! Line 61

    Debts:

    • Credit Card: $3,100 (0% interest left over from home remodel)
    • Construction Loan: $3,950 (0% interest from home repair)
    • Medical Loan: $1,900 (0% interest)
    • Total Debt: $8,950
    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      The Goat Queen Excellent! Will you snowball these in a particular order, since they're all at 0%? 

      Like
    • Veronica The CC is due first in August, with the construction loan due in October. Medical loan is actually a two year loan so no rush, but I'd like to be back to only my mortgage. I am undecided if I will do the CC or construction loan first. Technically the CC would be easier to balance transfer to a new 0% card if worst came to worst, but it seems like more of a win to pay it off first because I've been working it down for 3 years now.

      Right now I have just been putting equal amounts to the CC and construction loan, $400 a month each which will pay them off before the promo rate expires. 

      Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      The Goat Queen It's going to feel so satisfying to get that CC paid off since you've been working toward it for so long! Often, those little motivating feelings add up to something huge.

      Like 1
  • Hi, I participated last year and was excited that I managed to exceed my goal!!   For 2020 our current debt is:

    Total Debt as of 1/2/2020

    Visa CC @8.99%  - 7,513

    Auto Loan @2.24%   -  13,478

    Mortgage @3.24%  - 138,590

    Total:  $159,581

    We will be paying off the Visa CC and hopefully the auto loan.  According to my Snowball Table we should be paying off about $27,000.  My goal is to pay off more than that, I think I'll make $30,000 my stretch goal, hopefully more!   The main thing I want to accomplish this year is getting rid of both the CC and the auto loan, and to "catch up" when I wasn't paying as much last year because of my husband's job change.

    We're using the undeb.it website to help keep us on track with our debt smackdown! I'm claiming line #64 in the Google Spreadsheet.

    Like 4
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • Reported - view

      Grey Tux I'm using undebt.it, too! Good luck to you!

      Like
      • Grey Tux
      • Silver_Wizard.3
      • 9 mths ago
      • 1
      • Reported - view

      Krys Thanks! I really like undebt.it. I'm pretty miserly when it comes to paying for "subscriptions" but undebt.it is awesome so I subscribed and keep track of my bills there too.

      Good luck on your debt reduction!!

      Like 1
    • Hi Krys and Grey Tux !

      Do either of you use the undebt.it sync with YNAB option? I wanted to ask the opinion of YNABers already using undebt.it to see if the sync is beneficial.

      Like
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • 1
      • Reported - view

      Faness Yes! I started using it as soon as I saw it as an update, and it works pretty well. I have to remember to enter the payments in YNAB before updating anything in undebt.it, though, because the sync considers YNAB the master source, and erases anything in undebt.it that doesn't match.

      Like 1
      • Grey Tux
      • Silver_Wizard.3
      • 9 mths ago
      • Reported - view

      Faness I tried it but found it to be a bit to cumbersome to deal with.  The thing that got mine a little confused is that I have credit cards that I use that I pay off every month and I couldn't get that to work well.  It made them into debt accounts which would throw off the snowball debt reduction plan.  But to be fair I really didn't put too much effort into figuring it out!

      Like
      • Grey Tux
      • Silver_Wizard.3
      • 9 mths ago
      • Reported - view

      Grey Tux I just realized I looked at the wrong number.... I'm actually on line 59...  馃槰

      Like
    • Krys Thank you for sharing! That's definitely a helpful tip and something to keep in mind! I'm still on the fence, but I think I'll give it a try.

      Grey Tux Were you forced to include the credit cards in undebt.it? I also pay my credit cards in full each month, so I wouldn't include them in a debt pay down. I'll have to take a look at that option.

      Like 2
    • Faness I just started using undebt.it and setting up the YNAB link. It does let you choose which items to sync.

      Like 2
      • Grey Tux
      • Silver_Wizard.3
      • 9 mths ago
      • 1
      • Reported - view

      Faness I can't remember now, but I did set the credit cards up as "bills" and put the amount due each month to $1 so I just have a visual reminder on what day they're due.

      Like 1
  • Hi! I claimed line 60, and entered my goal of $6,750.

    My debts are as follows (this excludes my mortgage). I have $404 budgeted each month to cover these, and will be paying them down using the debt snowball method. They're listed in order of the snowball.

    • Debt Total: $15,810
      • Credit card 1: $844 (targeted payoff May 2020)
      • Credit card 2: $2,690 (targeted payoff November 2020)
      • Home equity loan (HELOC): $5,000 (targeted payoff July 2022)
      • Car loan: $7,276 (targeted payoff November 2022)

    Card 1 had been used to cover the Credit Card Float for us, and was added to with a major car repair in November. We've paid off the Float, and are working on the car repair balance now.

    Card 2 was used to cover medical bills resulting from emergency surgery in August. We paid this down a bit, but then a surprise bill came in December that erased that progress (grrrrr).

    The home equity loan covered the need for a new picture window to replace one that was rotting and dangerous. We've paid only the interest on this for more than a year now. I'm eager to knock this one out.

    The car loan was a 6-year loan that we expect to pay off early.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Krys You've got a great plan here! Good work recognizing you were riding the credit card float and promptly getting that down. 

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • 3
      • Reported - view

      Update on Debt Total.

      • Debt Total: $15,472
        • Credit card 1: $734 (targeted payoff May 2020)
        • Credit card 2: $2,643 (targeted payoff November 2020)
        • Home equity loan (HELOC): $5,000 (targeted payoff July 2022)
        • Car loan: $7,095 (targeted payoff November 2022)

      I made more than minimum payments on both cards, though the bulk went to Card 1, as planned. Just paid down the interest on the HELOC, and rounded up to the nearest dollar on the car loan to pay that down a tiny bit faster.

      Like 3
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 7 mths ago
      • 4
      • Reported - view

      Update on Debt Total.

      • Debt Total: $15,540
        • Credit card 1: $0 (PAID OFF!!!)
        • Credit card 2: $2,630 (targeted payoff May 2020)
        • Home equity loan (HELOC): $4,992 (targeted payoff October 2020)
        • Car loan: $6,919 (targeted payoff March 2021)

      I was able to pay off the first card entirely this month, due to a bonus on my annual salary. I was also able to put a little extra on all the other debts, bringing them down. I've also committed to sending every available penny to each debt, and have been able to move up the targeted payoff dates significantly. We will be out of debt (aside from the mortgage) by this time next year!

      Like 4
    • Krys wahoo!!

      Like 2
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 6 mths ago
      • 7
      • Reported - view

      Update on Debt Total.

      • Debt Total: $11,720
        • Credit card 1: $0 (PAID OFF!!!)
        • Credit card 2: $0 (PAID OFF!!!)
        • Home equity loan (HELOC): $4,985 (targeted payoff May 2020)
        • Car loan: $6,735 (targeted payoff October 2020)

      In a moment of insanity, I paid off card 2 with savings, which immediately made me feel financially exposed. Thankfully, we qualified for a larger tax refund than anticipated, so that savings was almost immediately replenished, but I've learned my lesson that having money in savings makes me feel secure.

      Paying off the card is a good thing, and many people would have done that using savings without blinking an eye, but I have learned that I am definitely, absolutely, most certainly NOT one of those people. Lesson learned!

      Like 7
      • Purple Foal
      • Purple_Foal.3
      • 6 mths ago
      • 5
      • Reported - view

      Krys Don't panic. If you're ok financially during this crisis, then keep paying off your debts. You'll be debt-free by Oct! You can always pump up your savings then or now. Getting rid of the high interest on bad debt was a good move. Your HELOC is probably low and your car loan is probably fixed, so they aren't priorities. Have enough savings to feel safe & move forward. You've got this!! :)

      Like 5
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 5 mths ago
      • 4
      • Reported - view

      Update on Debt Total.

      • Debt Total: $11,539
        • Credit card 1: $0
        • Credit card 2: $0
        • Home equity loan (HELOC): $4,984 (targeted payoff July 2020)
        • Car loan: $6,555 (targeted payoff October 2020)

      After last month's big gesture, COVID set in, and I began hoarding money. We paid the minimum on both our remaining debts for April, and moved the HELOC payoff back a couple months, assuming things get back to normal in July. If they're not, then we will likely keep hanging on to cash.

      Like 4
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 4 mths ago
      • 2
      • Reported - view

      Update on Debt Total.

      • Debt Total: $11,344
        • Credit card 1: $0
        • Credit card 2: $0
        • Home equity loan (HELOC): $4,970 (targeted payoff September 2020)
        • Car loan: $6,374 (targeted payoff December 2020)

      Looks like we are in this for the long haul, so I've moved back the payoff dates to September and December, from July and November. This gives us a little financial flexibility if things go sideways.

      Like 2
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 3 wk ago
      • 3
      • Reported - view

      Update on Debt Total.

      • Debt Total: $10,568
        • Credit card 1: $0
        • Credit card 2: $0
        • Home equity loan (HELOC): $4,922 (targeted payoff November 2022)
        • Car loan: $5,646 (targeted payoff November 2022)

      Looks like we are in this pandemic lockdown for the really, really long haul, so I've moved back the payoff dates for my loans to their original date of "anytime before November 2022."

      My debt paydown plan at the start of this year is looking about like where we are going to land. I had hoped to make more progress, but the smart thing to do right now (for me and my family) is keep my money in my control for as long as possible.

      I'm still paying more than the minimum on both of the outstanding loans, but not much more.

      Like 3
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 3 wk ago
      • 1
      • Reported - view
      Purple Foal said:
      Have enough savings to feel safe & move forward. You've got this!! :)

      Just re-reading this advice, and wanted to thank you. I slowed the payoffs down, and built up my savings, and we are in a much more sound financial situation now, which is providing much-needed security during a very uncertain time.

      Like 1
    • Krys Sometimes you need to know when to adjust course. The fact that you are still focused on it and still sticking with it is great! Sometimes that's all you can do, so that should not be overlooked as an accomplishment!

      Like 1
  • Back in this for 2020!

    Starting the year off at $224,934.56 of student loan debt. Total reduction was $26,480.25 in 2019, and I am going to push for an aggressive reduction of $44,934.56 in 2020 so that I get down to <$180,000.00. To do this, I am going to continue to make debt pay-down my main priority. 

    Another financial goal for this year is to achieve a positive net worth! Even though this is partially out of my control due to the market going up and down, I am determined to work on the parts that I can control, including my spending and non-invested savings.

    Line 62 claimed.

    Like 7
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Slate Blue Pilot Wow! That's a lofty goal and I'm sure it will feel like a huge weight off your shoulders at the end of the year. Keep pushing!

      Like
    • Slate Blue Pilot Wow congrats on the 26k. Great job

      Like
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 1
      • Reported - view

      Slate Blue Pilot 

      I hope you have something planned for getting it under $200k!  So nice you were able to start the year under $225K!

      Like 1
    • Technicolor Cheetah That will definitely be a milestone! One thing I'm trying to do - as suggested by a couple of forumers here - is to break below smaller milestones in a regular basis. So, if I am going to pay it down to $223,100 one month, I'll make myself throw in an extra $125 so that it is $222,975. It's not a big difference, but falling below a $1,000 mark feels just a little bit better, haha.

      Like 3
  • Happy New Year!

    Claimed Line 63

    Payoff Goal: $3,880.57

    My goal this year will wipe out two of my credit cards that don't get used so I don't have to worry about adding to them as I pay them off. That will leave me with just two major CCs - the one I use as my daily card both for the rewards and for the security that comes from using credit vs debit. And my sadly overused Amazon CC. My goals for those this year don't really any major pay down but I do want to work on not adding more to those two cards any more than absolutely necessary. Curbing spending and only buying things when I have that money budgeted for it ... two really big goals for me that I've been working on for years. I've gotten better since I first started YNAB, and I have every intention of keeping that slow and steady progress going!

    Good luck to everybody this year!

    Like 4
    • Orchid Display Not creating new debt is a great piggyback to paying off old debt. It's a great combination for the goal you're tackling! :)

      Like 2
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 1
      • Reported - view

      Orchid Display 

      You might consider paying off in full one of the two cards that don't get used then using that as your daily driver, so to speak.  If you don't keep a balance and pay in full each month, you won't have to pay interest on your monthly purchases.  Not paying interest would likely be a better reward than 1-3% or flyer points, as the less you pay in interest, the more you can throw at debt (like the Amazon CC or your current daily card).  Just a thought!  Good luck!

      Like 1
    • Technicolor Cheetah A good idea...

      The one card I could (and might) pay off completely right away actually does get rewards. Not as much as my current daily card, but still. So I might be able to get rewards AND no interest by paying it all off each month. The problem though is that this card is through a bank that I dislike working with and was kind of hoping to be over and done with them once this card was gone. I was even considering closing the card ... not sure what would be worse for my credit score: letting it sit there at a zero balance or canceling the card and shortening the gap of total credit vs overall usage.

      The card I currently use as my daily card is integrated together with all my other main checking and savings accounts at the same wonderful bank I love, and it's soooo easy to make payments, check balances, coordinate transactions between credit and checking ... I don't know if I want to give that up. And I currently generally pay off all that I spend monthly on that daily card, it only gathers interest on other larger outstanding transactions from a medical bill I had to pay a few years ago. So I'd still be paying interest on that ... not sure how the math works out if it's be worth it to not use it for my daily purchases if I pay those off month to month. It shouldn't make a difference right? Or am I misunderstanding how it works lol.

      Like
  • Happy New Year! I claimed line 64

    Not new to YNAB (have been using it for about a year), but I am new to the YNAB Forum and this will be my first time participating in any kind of challenge like this.

    We started aggressively paying down debt in September and got rid of all credit cards except for the medical one. It is amazing how relieved I was after Visa and MasterCard were removed from my life! I sleep much better and don't lay awake the night before payday trying to figure out who gets how much.

    Now I pay the regular payments and throw anything and everything extra at the Jeep.

    I am glad to have found this thread to help keep me motivated and accountable!

    Total debt -71,985

    Jeep loan - 13,393 (4.49%)

    Care credit -4,513 (0%)

    Mortgage - 54,535.06

    I am shooting to pay 16,500 off in 2020, which will have the Jeep and Care Credit done by next Jan/Feb. I am simultaneously working on building our savings which is why I am not just knocking them out by December. 

    After we paid off Visa and MasterCard , I threw some money in savings, and the lack of payments along with  a little cash  in the bank made me feel so much more secure.

    Like 4
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • Reported - view

      No_Worries 

      OMG, yes! the sudden ability to stop doing late night math in your head and actually sleep is a significant and life-altering positive result of the debt smackdown.  I'd forgotten.  WTG on your progress to date.

      Come join us in the 2020 Official YNAB Savings Challenge to nail down all your 2020 goals and stay accountable on both sides of the equation.

      Like
  • Here we go again 2020!!

    Thanks to these challenges we've paid:

    $29,525.29 on the official 2018 Debt Smackdown

    $ 25,506.58 on the official 2019 Debt Smackdown

    We ended 2019 with $6,495.20 remaining debt and loaded up the official 2020 Debt smackdown with $6500 on line 66 and it will gone by April at the latest! Whoohoo! 2020 is the year we finally break the bondage of debt and get our savings back up and NEVER go back (2020 goal is debt free + rebuild emergency fund)

     

    Remaining Personal: $1,321.28 (6.98%)

    Remaining Credit Card: $1,960.66 (11.40%)

    Remaining Auto Loan: $3,213.26 (2.75%)

    Like 11
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 1
      • Reported - view

      GSDdad 

      That is so exciting.  You can actually see the end of the tunnel (and not just the light at the end of the tunnel).  Come join the savings challenge as soon as you're able.  I'm looking forward to the celebration.

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      GSDdad That pay off date is just around the corner! Can't wait to celebrate!!

      Like
    • GSDdad That is amazing!!!

      Like
    • GSDdad This is amazing momentum and you're so close to the finish line on this debt marathon you've run! 

      Like
    • GSDdad I just threw a dance party in my living room for you!  Congrats to all the hard work to reach your goal!!

      Like 1
      • GSDdad
      • GSDdad
      • 9 mths ago
      • Reported - view

      HappyDance Thanks for the continued support!! I've reserved a line in the 2020 savings smackdown to start the savings journey.. once the last bit of debt is paid..

      Like
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • Reported - view

      GSDdad 

      Sooooo close!  yayayayayay!

      Like
      • GSDdad
      • GSDdad
      • 9 mths ago
      • Reported - view

      Technicolor Cheetah Pixel spender Faness Purple Foal Veronica Thank you all for the encouragement!

      Like
    • GSDdad Wowwwwwwwww. :) Congratulations, what an inspiration 

      Like
      • SapphireSweetie
      • Changing my financial future!
      • Sapphiresweetie
      • 9 mths ago
      • Reported - view

      GSDdad That is awesome!!!! Way to go!!!

      Like
  • 2020, here we go! I鈥檓 number 67 on the spreadsheet.

    I鈥檝e been participating in the Debt Smackdowns since 2018 and while I have yet to reach my goal 100%, I am still pretty pleased with my progress. In 2018, my stretch goal was three credit cards, a vet credit card and a personal loan. I paid off one of the credit cards as well as my vet credit card and also ended the year with around $500 less credit card debt than I had started it, despite some injudicious spending. My big priority for 2019 was not creating new debt as I worked at paying down what I had. While I didn鈥檛 *quite* succeed in that as we added a car loan, I still managed to pay off the credit cards- all three of them have $0.00 balances for the first time in 23 years (!!!)- and I will hopefully keep them that way. For 2020, I鈥檓 going to keep focusing on my willpower and on only using the cards when I have the money in the bank to pay the charge in full that day. I鈥檇 like to get rid of the personal loan and then take aim at our car loan.

    Total Debt: $62,638.12 (includes $45,382.83 in student loans, $13,726.01 car loan, and $3,529.28 personal loan)

    Goal: Pay off personal loan and keep credit cards at a $0 balance

    Stretch goal: pay off personal loan, keep credit cards at a $0 balance and get car loan below $10,000

    Like 9
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 4
      • Reported - view

      Violet Drill 

      Violet Drill said:
      I still managed to pay off the credit cards- all three of them have $0.00 balances for the first time in 23 years (!!!)

       I was moved to misty eyes when you posted that accomplishment.  Keep up the excellent progress.

      Like 4
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • 1
      • Reported - view

      Violet Drill No credit card debt for the first time in 23 years! What an amazing milestone for you! Best of luck knocking out some more debt in 2020!

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Violet Drill I'm not sure any of us could stress enough what a big deal this is! 馃憜馃徏 Excellent work!

      Like 1
  • Hello 2020!  After conquering 2019 and paying off my car 3 years early, this year our goal is to pay off the 2nd mortgage we took out 5 years ago on a 10 year note.  However, we will have a late start really cracking down on the debt since my hubby is having total knee replacement surgery on the 27th of this month.  Right now all extra income is going into our emergency fund category until he returns to work in late April or early May.  Until then will just be making minimum required payments and tracking principal reductions.  We have no other debt thanks to YNAB and feel confident we can handle this bump in the road.  Happy New Year!

    Final numbers for January  2020

    Starting balance end of 2019                                 Ending balance after Jan pymt

    $62,229.55                1st Mortgage                         $61,712.47

    $12,874.41                2nd Mortgage                        $12,663.91

    $75,103.96                                                                        $74,376.38

    Total debt paid down in January $727.58, total for 2020 $727.58.

    Like 5
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Whiskey Mama Best wishes to your husband for a successful surgery and a swift recovery!

      Like 1
    • Veronica thank you :)

      Like
  • We currently have $7791.87 ($6,924.80 principal) in debt that we owe to the IRS due to errors made by my husband's employer and our (very much former) accountant. My husband's employer did give us $4,000 to compensate for the mistakes they made, but we have put that into our emergency fund as about the time we received that money, we learned that his job would be ending and he would need to find a new job, which now also is going to require a move and a new baby in the same month. We are on a payment plan with the IRS, paying the minimum ($155/month) but this year our goal is to try to pay off $3,000 total. With a new job, a move, selling a house, and buying a house, we feel like that's a reasonable goal.

    Like 5
    • Chelsey Crouch that's a lot of bumps in the road all at once. Good for you for keeping perspective and being conservative with the hope that maybe it will end up better than you expect. You're here, and that's the first step!

      Like 2
  • Claimed line #70

    January 1, 2020 10:00PM - Where Things Stand

    Total Debt: $12,254.56 plus interest charges (Discover, Credit Union Loan, Credit Union Visa CC, Personal Loan); Interest averaged $152/month in 2019

    Total Income: $18,084/year (Social Security Disability)

    Debt to Income Ratio: approximately 89% (YIKES!)

    Credit Card/Loan Monthly Payments: $386

    Fixed Expenses: $681 (averaged $700/mo in 2019)

    True Expenses - Sinking Funds: $14 (averaged $14/month in 2019)

    Variable Expenses: $220 (Groceries, Laundry, RX & OTC Meds, Medical Supplies) (averaged $288/mo in 2019)

    Think Before You Spend: $80 (Spending Money, Transportation, Office Supplies, Hair Cut/Color, Gifts/One Time Donations, Household Stuff, Clothes & Shoes) (averaged $651/month in 2019)

    $1,507/monthly income - $1,381/monthly expenses = $126/month to use to pay extra on debt

    I have $1,055 in savings. I have no other savings or emergency funds or buffer.

     

    Areas to focus on:

    1. Pay off debt as quickly as possible (doing the YNAB Bootcamp)
    2. Variable Expenses, in particular groceries (this is typically an emotional/impulsive purchase)
    3. Think Before You Spend; this is the major area of focus for me, I averaged $651/month in 2019 but I plan to budget about $80/month going forward, that's a huge difference and I am going to have to commit to staying on budget (reminder card in wallet)

    I don't have a big income and I have a lot of expenses so that means I don't have much left over to pay extra toward debt. I do occasionally get gift cards or some small monetary gifts but I typically blow them on impulse purchases. If I can be more purposeful with this extra income stream, I can possible cut some areas in the budget each time that happens and put that money toward debt. I know that most people's first suggestion is to get some kind of side gig to make more money, but if I make any money at all, I can lose my SSDI income and also have my rent increase by a lot. I cannot make it without my SSDI and my low rent. I wish I could work but I can't. I have found a few things where I can volunteer some time, most from home, doing patient advocacy type stuff and I get compensated with gift cards (which do not affect my SSDI or my rent) and about once a year I get an all expense paid trip to somewhere in the US for patient advocacy. I typically end up spending money I shouldn't spend and don't need to spend on these trips so I need to either say no to the trips if I can't trust myself to not spend or accept the trip knowing I'll have a very small dollar amount to take with me for incidentals (bus fare, entry fees, etc.).

    The most important thing for me to work on is being honest with myself and everyone else. I lie to myself all the time about money, impulse spending, and justifying just about anything. I do see a therapist weekly and I know I need to work on these issues with her. I have YNAB, the YNAB community, and my therapist to help me get my debt paid off, if I use them appropriately. I know I am doing much better than I ever have done in the past so I'm not down on myself. I just have to face the reality of my situation and decide what is most important to me.

    I want to be able to fly from Colorado to Boston if my sister has a medical emergency like she did a year and a half ago. If she needed me, I'd have to put it all on credit cards right now. I'd like to get all the debt paid off so I can put that money toward an emergency fund, emergency travel fund, a fun travel fund, electronics replacement fund, and a service dog. My sister and a service dog should be a priority but obviously to date they have not been because I find it easier to spend money on other stupid stuff than save for those things. I'm hoping these 2 months will help me to get in the habit of stopping before I spend and thinking about what most important to me. I have a business size card on top of my debit & credit cards but it hasn't stopped me yet from spending.

    Now is the time to STOP & THINK before spending. The craziness has to end now. I know that I can stick to my budget and pay off all of my debt. I just have to do it.

    Like 8
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 5
      • Reported - view

      internettie I always love seeing your name in a thread because you bring such a great perspective and self-awareness to the conversation. Lean on these wonderful and encouraging folks all year, and I know they'll rely on you for the same in return. 2020 is going to be great!

      Like 5
      • Keith
      • kilohotel
      • 9 mths ago
      • 2
      • Reported - view

      internettie go get that debt !! Doesn鈥檛 matter if it is $1 more than the minimum payment, it鈥檚 still progress. Thanks for sharing your prospective on this it has made me re think a few things and I think I may realign some priorities to assist my goal! 

      Like 2
      • Purple Foal
      • Purple_Foal.3
      • 9 mths ago
      • 1
      • Reported - view

      internettie You have an amazing attitude! It might be a good idea though to have a buffer / Emergency Fund in place first before you attack all the debt. David Ramsey's Baby Steps #1 is $1000 E Fund. Jesse says on the YNAB podcasts to buffer your true expenses before attacking debt. Maybe give them a listen and consider your strategy. Mr Money Moustache is adamant about NO SPENDING if you have debt, so you are on the right track there. Your free trips sound amazing - perhaps that could be your reward and set a line in your categories for the trip spending money and budget monthly for it as a reward for not spending all year. :) 

      Like 1
      • internettie
      • Writer
      • internettie
      • 9 mths ago
      • 4
      • Reported - view

      Veronica thank you. Your post lifted my spirits. I will definitely ask for help and support as I take this journey. Folks here have been so helpful. I will do my best to help out where I can. 2020 is going to be great!

      Like 4
      • internettie
      • Writer
      • internettie
      • 9 mths ago
      • 3
      • Reported - view

      Keith thank you for reminding me that every penny I put toward debt counts. I often think it has to be big to have an impact but I know that's not the case. Any debt reduction is progress. I'm glad that I was able to give you some things to think about. It makes me feel good to know that I can help someone else out. Thanks for telling me that.

      Like 3
      • internettie
      • Writer
      • internettie
      • 9 mths ago
      • 5
      • Reported - view

      Purple Foal thank you. I do have $1,000  in savings. That is my initial buffer. I still want to have an additional amount to cover a months worth of expenses and then still have 3 additional months to cover a long term emergency situation. That will take a long time to accomplish but I'm willing to do what needs to be done to get there. I used to follow Dave Ramsey and I have listened to Jesse too. That's why even though I'd like to use that $1k to pay off more debt, I'm leaving it in savings in case of an emergency. It takes a lot of the stress off of me knowing it's there. I will do my best to curb all but budgeted spending. It won't be easy but I can do it if I remind myself of the long term goals that I have and what my priorities are. My free trips are amazing! I have gone to Baltimore, LA/Long Beach, and Orlando. I may be going to Anaheim and possibly Nashville this summer. So I need to put a little aside in case those trips happen. I want it to be an adequate amount but I know that the less I allow myself to have the less I will spend. These trips do feel like a reward to me. I know how fortunate I am to get these all expenses paid trips. I want to make sure they are positive experiences and I don't come back with debt because I charged stuff that I had not budgeted for. Thanks for the suggestions and the support and encouragement.

      Like 5
Like117 Follow
  • 117 Likes
  • 15 hrs agoLast active
  • 3354Replies
  • 11836Views
  • 393 Following