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 :)
Hi y’all (I identify as a Minnetusker - Minnesotan, Texan, and Nebraskan - but “y’all” still feels foreign!)
I just signed up over the weekend and I’m super on board!! My major short term goal is to pay down my debt by the end of 2021. At the beginning of the year I was carrying about $36,000 of consumer debt 😳 I’m happy to report I’ve knocked out about $15,000 and am at $24,000. I’ve been binging budgeting YouTube videos... of course I came across YNAB and became VERY intrigued. You guys - I’m totally geeking out on YNAB!! Even though I created my debt repayment plan and have been doing well... I really want to make sure I get there. I know YNAB is just the path I need to take to get me there. When I saw this smack down I really wanted to join in, but figured it was too late. But it looks like I can jump on in. So....CANNON BALL!!!!
September check-in: Happy to have Canada Pension and unemployment insurance deductions finally gone from my paycheck, so I get that lovely little boost for the rest of the year. Payment this month of $2908.69. That puts me at a total of 73,6% of my total debt payment goal. Thing I'm looking forward to with my next pay in October, I'll be moving from 5 figures to 4 figures left to pay:) As well, next month is one of the mystical extra paycheck months! I have a countdown app, and as of right now and all being well, I am 98 days away from being debt free!!!!
We get paid on Wednesdays (weird) so September 30th is the 3rd pay. But its going to fund October anyway so who knows, this could be the bit we need to be a WHOLE month ahead.
$2714.70 for September. 70.82% of my goal. I need to step it up just a little bit to reach my goal. I actually had a big windfall that I used to pay 2 large personal loans and some back property taxes that I hadn't included in the 2020 Smackdown. Now I won't need to put them in 2021! (And they are no longer weighing me down😊)
September Check In - was able to put a small windfall (mostly) towards debt and pay off my car 4 months early! And pay a little extra on the next debt in line. Then chose to pad my true expenses a little with the rest. On track to be debt free (other than mortgage) by June 2021. So grateful for YNAB.