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 :)

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  • Hello YNABers! I'm excited to officially participate in the 2020 Debt Smackdown. Last year I paid off $37,300 in debt, which is wonderful, but I know I can do better. We still have significant non-mortgage debt, currently totaling $111,528.31. I have been using YNAB for almost 3 years now and have had to make lots of "fresh starts" over the years.

    2020 Big Goals:

    1.  NO FRESH STARTS

    2. Pay off all personal loans and credit cards ($22,200)

    3. Pay off one car in total ($27,400)

    4. No new debt

    5. Break paycheck-to-paycheck cycle

                   List of Current Debts (Claimed Line 129)

                        Personal Loan 1-$2300

                        Personal Loan 2- $3000

                        Credit Card 1- $4000

                        Credit Card 2- $12,900

                        Car Loan 1 - $27,400

                        Car Loan 2 - $29,700

                        Student Loan - $32,200

    With my aggressive plan to pay off both personal loans and credit cards, plus one car, plus the minimum monthly payments on the remaining debts, the grand total goal for the year is $60,000. This is approximately 53% of our debt load. I use undebit.it and at this rate, we can be debt free by summer 2021, which is my ultimate goal.

    Like 6
  • Back again. Claimed line 131. Failed miserably last year, so we will try to to go with a more reasonable goal of paying of $50,000 in 2020. Overall unsecured debt is still over $82,000, but we won't dwell...sigh. Just keep swimming! Happy New Year!

    Aiming for a $10K emergency fund by December as well as to pay off the following debts:

    Payoff Goals:     AMEX $15,000

                                      Capital One $15,000

                                      Bank of America $3500

                                      Old Navy - $7800

                                      Paypal $2500

                                     Amazon $3000

                                     Macys $500

                                     Home Depot $1400 

                                    Citibank $1300

    Like 9
  • Here we go:

    Amazon Chase Visa: $9,904.70

    Citi: $1,664.94 (although I have approximately $500 to be refunded due to returns)

    Navient: $4,973.84

    Total: $16,543.48

    Goals: 

    1. No new credit card debt - at all, not even on the float.

    2. Stick to the budget - I don't want to play whack-a-mole just because I can't say no to impulses.  

    Like 8
    • DontSpeakDefeat I found the best trick to avoiding whack a mole is to check the reports for my average spending in all the various categories. Once you apply that amount for a couple months it beings to build up a little extra so if you have a bigger spending month, then it's covered. My budget changed dramatically when I finally did that... it was a duh moment for sure, and it made a big difference for me! I hope it can help you, too!

      Like 1
    • DontSpeakDefeat My way of defeating whack-a-mole is to look at the average spent in each category then budget accordingly.  A few months ago, I started budgeting things like groceries and eating out on a weekly basis, rather than monthly.  This has really helped me stay closer to my goals in areas that are most subject to impulse buys.

      Like 3
    • Slate Blue Storm  farfromtheusual Thank you both for the tips.  I have a really good grasp on my true expenses my problem is I will impulsively spend $500-$1,000 at Lululemon then have to scramble to cover the purchases to avoid incurring more debt.  When the urge hits I don't even look or care about the budget.  I have some behavior issues I need to work on this year.  

      Like 2
    • DontSpeakDefeat this is why mindset is so important. Staying present with where your finances are and how much you realistically have available will get you out of the hole. It's painful sometimes, but it's important.

      Like
    • DontSpeakDefeat I'm with you on the impulses. They trip me up every time! Cheers to us staying on budget and walking right by the tempting purchases!

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

      I tend to binge purchase too.  I restarted sewing/quilting last fall.  It's been a steep learning curve and lots of tools to purchase.  And fabric, so much tasty fabric.  But I swore to myself that I will try not to buy any fabric that isn't for a current project.  I have 6-8 projects or more that I have most of the fabric for, it's time to produce.  I want to buy all the things but I need to make all the things first.  Yesterday I had a lot of leftover 4 inch blocks so I made 14 nine patch blocks.  Enough for a lap blanket, almost half way to a twin sized quilt.  '

      It helps to think about what I want and what I have.  Yes, I want 6 more yards but since I have 30+, I don't need any more until I get rid of some.  I have totes of 12-15 year old fabric.  Now it's not absolutely suited to my current pursuits (lots of linen and broadcloth, some silk dupioni, and wool), but a little googling tells me that I can use these things in quilting if I prep then properly.  No excuses! 

      Apparently I'm double dog daring myself.  If it works, I'll have cleared out some yards of fabric and have something to show for it.  I'm excited.  Yes, I want to buy all the pretty fabric.  Unfortunately I'm cheap and most  of the pretty fabric is outrageously expensive, so that helps.  

      YNAB makes it easier, but you need to keep checking your budget before you purchase anything.  Keep at it, it will become more natural sooner or later.   

      Like 5
    • Technicolor Cheetah being a maker makes it SO challenging not to spend, especially when you can see amazing concepts for fabric or wood or crafts!!! Kudos to you for working on your stash!

      Like 1
  • I met 98% of my goal last year so that was great!! This year I hope to reach it 100%.

    My debt is as follows

    Roof: 10,916

    Student Loans:10,131

    My goal is to pay off $15,000 of this debt.  The roof should be completely gone.  It will be tough because I have to pay cash for some car repairs but I love having this spreadsheet to push me!

    Like 5
  • I wish the Debt Bootcamp was in the Forums for confidentiality purposes. Anyways, for now, what is everybody doing to attack their debt this year? Suggestions, strategies, cost-savings ideas? 

    Me:

    • Cut the fixed expenses that I could: cancelled mortgage insurance (have enough life), cleaning lady, switched cell phone providers, 
    • Cut food: groceries goal $100 pp to a realistic $350 for Jan, $0 takeout, $200 eating out
    • Not buying anything I don't need/want. Really no shopping at all.
    • Price match everything
    • Driving less to save gas. To/fro work with errands en route only
    • Aiming for simplicity in my life & ignoring the Joneses :)
    Like 5
      • auntdar
      • auntdar
      • 2 mths ago
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      Purple Foal Sounds silly but I have the gift of being a 25 min walk to work. In the winter I usually say screw it and take the transit as it's "cold". Starting this month, I have been trying to walk to and from work when it's more than -10C. Everytime I do it saves $3. Every bit counts:)

      Like 5
      • Purple Foal
      • Purple_Foal.3
      • 2 mths ago
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      auntdar That's an amazing feat and great exercise motivator too! Maybe even put those $3 fares into a jar or category, and then treat yourself for your efforts with some of the money saved! :)

      Like 3
    • Purple Foal Thanks for your feedback on the Debt Bootcamp. I'm hopeful we can use the curriculum here in the future and knowing you feel that way is helpful for sure.

      Like 3
    • Purple Foal I've decided to theme every month this year. I'm doing a No Junk January - no junk, meaning food or anything else I could buy that would sit around the house, occupying unnecessary space, with a single-use purpose. I answered my cookie craving by baking some from scratch this weekend. So far, so good! :)

      Like 3
    • Veronica Perhaps the daily / weekly challenges that is happening over there can be posted here for us to ponder. Similar to your 34 day challenge (which is great btw).

      Like
      • Purple Foal
      • Purple_Foal.3
      • 2 mths ago
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      Faness SO AMAZING!!! Why don't you start a separate posting in the forum under the Community Challenge. I'm sure lots of people would join in, me included, and they'd share lots of ideas & ways to keep each other motivated! :)

      Like 1
      • Stacy C
      • nursepower
      • 2 mths ago
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      Faness I really like this!! Please keep us updated on your other month names....I may join...lol

      Like 1
  • Alright. My first time participating.  We now have a second income in the family so we are planning to focus on paying down personal debts this year.  We have four different personal loans worth $18,500 that we plan on eliminating.  Added a line.

    Like 3
  • This is my first time venturing into paying off ALL of my debt. I owe $40,133.84 including student loans, one small line of credit, and several credit cards. I'll be doing the snowball method to pay this off and hope to finish in 2022. My budget is starting low since I was recently married and haven't a month where I can actually stick to a budget in over a year. I hope to be adjusting this budget even higher than the $25 a month I have already planned. 

     

    I hope to stick to my payoff plan and pay off at least $8k of debt this year.

    Like 5
    • Forever Blue 44 if you haven't already explored your averages through the reporting feature, I highly recommend it. It was a game changer for being able to fund my categories and stop moving money around as often. Shoot me a message if you want some strategies/tips around doing that!

      Like
    • Forever Blue 44  hit my goal with a paycheck to spare! I paid $1000 to my debt this month, including minimums. I also cashflowed a big birthday trip for my husband so I look forward to next month being even better!

      Like 4
    • Forever Blue 44 Budgeting is all about planning for the things you want (and need) - I love that you're tackling debt but still making room for fun! I hope the birthday trip turns out amazing! :)

      Like 1
    • Forever Blue 44 Well things are definitely not going as planned over here. Having a hard time maintaining our acreage through a very rainy winter without adding more debt. Nothing substantial just feels like we're moving backwards instead of forwards. Goals haven't changed and I'm still just as focused but our budget is changing daily. Since I am feeling like I have so literal control, we were able to do some deep decluttering so far this year, we actually sold several things for a small sum of cash! We weren't able to use this for debt payments but we are knocking out project after project around the house. Looking at the bright side here.

      Like 4
    • Forever Blue 44 send rain.... we are in a drought. I hear you on the changing budget situation. I've been updating mine it feels like every second week. Hard to keep track of things and my 'ideal' budget is just being sucked dry with essential costs.

      Like 1
      • Slate Blue Vacuum
      • Trying to ignore the Joneses
      • Slate_Blue_Vacuum.5
      • 1 mth ago
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      WairereRose Hugs and prayers if you'd like. We are right there with you...still. I'm sorry you are going through this.

      Like 2
    • Forever Blue 44 I feel your pain on the rain issue. We've had way too much, too. Not fun at all. I hope that the weather settles down soon for you!

      Like 1
    • Slate Blue Vacuum Thank you. I had a call yesterday from the government department that pays the carer's allowance I receive for looking after my mum. They said there had been an error in calculations due to my getting married during the period of the benefit, and there would be a refund of $500 odd. Yay. Then she said, oh, but we worked out your own period as well before we changed it, and you owe us $280 (or some such), how do you feel about us taking that off what we pay you. I told her I think it sucks, I'm really struggling, you call me and tell me that you're giving me enough to get on top of my CC, then in the next breath you take it all back and leave me struggling again?! On top of that, they told me last week that if there was any error on their part that caused me to owe money that they wouldn't charge it to me - so I'm not happy. I'm struggling and that is just cruel to do that. So she said - well, I have to do a 'test' and one of the things is whether you're in a position to pay it off or not, and I think you pass on that so we'll give you the whole lot - but I didn't really believe it till I checked my account this morning and it was actually there. It possibly helped that in the email I'd sent her I'd pointed out that they weren't deducting the debt repayments amounts that they should have been so could she please start them up again. Then a few hours later I had a call from another lady at the office where I am dealt with usually, and she said what is all this about, so I told her again about the debt payments not coming out and I was getting too much but was there any chance they could reduce the amount to just $3 repayment a week. She said, but you just changed everything and you're getting more money each week. I said yes, but you're giving me $23 more/week and taking that off my hubby so I've reduced his rent by $25 which actually makes me $2 worse off a week. (I didn't even put in the whole 'my income has reduced by a net $100/week this year while my expenses haven't' argument). She said they usually get things paid off in 2 years which means I should be paying off $18.50/week, so $5 is already too little, and I said that is fine, but you aren't the only debt I'm trying to pay off and I'm struggling because the other debts I have aren't ones you 'recognise' as 'essential'. I've finally got one of the others down to under $1000 and I'm hoping I can somehow pay it off by the end of the year but I have no show if you keep sucking tiny bits out of my budget. I guess I can change to completely rotting fruit instead of second-grade fruit to try and still eat, but I'm trying to stay healthy so I can continue to care for my mum (and my husband). So this morning there is enough to turn most categories green - or to put some to my CC and clear the balance, or to keep the business account from going into overdraft while I'm still mending from surgery and can't do much work - I have to decide.  For now, most of my categories are green just to feel good. I may change that later on as it isn't necessarily the best use of the money.

      Like 1
      • Slate Blue Vacuum
      • Trying to ignore the Joneses
      • Slate_Blue_Vacuum.5
      • 1 mth ago
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      WairereRose That's SO MUCH but I'm glad you go the $500. I'm so sorry, but you are amazing. Truly awesome and you know I appreciate you so much. You're always so positive, and it sounds like you have so much going on. Being a carer for anyone is hard, especially on such a tight budget. I'm sending prayers and hugs now. We will get through this. One inflow at a time.

      Like 5
    • Slate Blue Vacuum Thank you so much. I am struggling to be positive at the moment. I think it's the after effect of the anaesthetic - there are studies that show it can take as long as 6 months to clear the system, so at the 4 week mark today, only 5 months (and a few days) to go...

      Like 1
    • WairereRose *hugs*

      Like
    • WairereRose Yes, I have heard that, too. So be gentle with yourself, you are doing an amazing job!

      Like
  • #152! New to YNAB. CC : 12,860/HELOC: 46K. Target: 9112 for HELOC (monthly payments), at least 4k for CC ( will have those funds in latter half of the year). 

    Like 5
  • I didn't finish my 2019 goal; in fact, I added debt to my credit card toward the end of the year.

     

    So I am here. I cheated a bit this year and I withdrew from one of our investment accounts so my largest credit card will be paid off at the end of this month. I've never paid interest on it (thanks credit card float), but I wasn't able to float enough to maintain paying the full statement balance and I was going to start paying interest to the tune of $50 per month and I couldn't stomach it. So I made the transfer, and while I have some regret, I am feeling pretty positive about our decisions moving forward.

    Our goal for 2020 is to pay off all of our credit cards. No more floating. And to pay off my husband's car completely. And to actually use YNAB how we're supposed to and say no when the budget says no. Husb seems to be on board, but we'll see how he likes it when I actually start saying no to things. I usually just go along with it and sweep it under the rug, but I guess that's how we ended up with $6000 in credit card float. How the heck do you float $6000 month after month!? It wasn't always that big, and then it got out of control.

    I've had 2 no spend days in a row. Technically, I spent like $2 each day, but I used unbudgeted cash which doesn't exist in YNAB, and I used a gift card I got for Christmas. I get my morning coffee at Panera and it's a habit I need to break, but at least I've stopped getting the breakfast sandwiches there (I gave that up about 3 weeks ago, thank goodness). 

    I have a check from USAA for $24.50 that is void because I didn't deposit it in time (facepalm emoji), so I'm going to message them today to see if they'll reissue it. Ugh. How annoying.

    Maybe I'll go start a journal.

    Like 6
    • imaginaryannie I am also trying to "actual" use YNAB as well and I am on day 4 of no spending :) small steps.

      Like
      • Purple Foal
      • Purple_Foal.3
      • 2 mths ago
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      imaginaryannie As hard as it is to cash in investments to pay off CC, remember if you have $100 in the bank but owe $10,000 that little interest on your savings is nothing compared to the interest you accrue on your debt. Getting rid of the CC float has been amazing for me. Now I only spend from my categories & then pay my CC off asap. Gift cards are bonuses. Enjoy them! I used mine recently after thinking no spending for months & felt like I was cheating until I realized they were gifts. They help & helped keep my Xmas budget low this year! :)

      Like 2
    • imaginaryannie awareness is the first key - without it nothing can change. Good for you for getting started! Just keep working away at it. Instead of quitting the coffee habit all at once, what if you decided you only got coffee on Tuesdays, or whatever other day you'd like to choose, and the rest of the week you make it at home? Sometimes making a deal with myself is the best way to curb those habits so that I allow myself to have something, but just not as extravagant as I was.

      Like 1
    • farfromtheusual thanks! I’m kindof an all or nothing person. So I’m letting myself get coffee and no breakfast. And eventually it will be point blank no coffee. Probably closer to when my Christmas gift cards run out. 

      Like 1
    • imaginaryannie That's a good thing to know about yourself, though, and if you can do it that way then that will be awesome!

      Like
  • Line 144 claimed!

    The past year has been a little out of control debt wise. I have a total of $24,237 worth of debt. 

    -9k in Student Loans

    -8k for a car loan

    -1.5k for personal loans

    -6k for CC's

    My goal for the year is to pay off all of my Credit card debt and continue paying minimum payments on my student loans and car loan. So around $10,000 for 2020! Working on a limited income so this should be tough but hopefully worth it!

    Like 4
    • nfarbs_1 Glad you're here!

      Like
  • Hi All,

    I have approximately £9k of debt

    1.5k in overdraft

    3.k in CC

    500 in personal loan 

    and 3.5k in car loans

    I am planning on paying £7.2k off this year using the debt snowball method. This is worked out using my current salary but I am currently a trainee undergoing exams that warrant payrises so hopefully I will get a bit extra to go towards it!

     

    Good luck everyone

    Like 4
  • Hi, random... and tangentially related...

    How do I create a journal? Once  created, do the posts stay together or is a new one posted every time?

    Like 1
    • just_zoshin You can create a new Journal here! Then click Reply or Reply to Topic when you're ready to add a new entry, and they'll be posted to the same thread. It looks like you've started one already, but I wanted to respond here—just in case someone else has the same question. 🎉 

      Like 1
    • Nicole Thanks! Yes, someone let me know. I wasn't sure and it wasn't entirely clear. Ready to go though!

      Like
  • Hello all, this year, at least the start of it, I'm keeping it simple. I cleared all remaining overflow off my cc and now have only a balance transfer cc that I am focusing on. If I clear it quickly, I'll add my LOC or the additional funds I need to pay for my medical. However, right now I want to just focus on this one debt.

    $13, 765.95 pay by Sept so no interest is earned on the balance transfer.

    So my plan is to pay out about 2k a month, as some months this will not be possible due to insurance due in March and other payments. I think I can work it that I have it paid still by Sept. We'll see how it goes, hopefully, I'm lucky with work and can earn enough to save for my other medical debt. Will keep you updated. 

    Good luck in your 2020 journey!

    Like 4
  • First extra payment has gone on my last remaining loan. There will be another next paycheck this month, in addition to the monthly payment. Die Loan Die!

    Like 6
    • Schiaparelli Hat Slay the beast! 🐲

      Like
  • I have $10534 (CAD)  on my LOC that I want to get rid of this year!  This is from overspending on life - mostly wants not needs.  Time to make change!  Ontario, Canada 

    Like 5
    • GroceryAddict I love the phrase "Overspending on life" - I feel like we've all been there at one point or another. Now that you've recognized it change is sure to come! :)

      Like
    • GroceryAddict Great term! That's most of us on here except those with student debt. :)

      Like
  • I'm here to say a quick hello and that I'm interested in killing off $7500 of debt this year! It's a mixture of credit card and student debt, and year after year I've found the savings challenge and debt pay-down challenge a good tool to keep me accountable and keep my mind in the right spot. 

     

    Good luck to all, and happy 2020!

    Like 7
    • Slate Blue Zebra Hello to you, too! I'm happy you're joining us and hoping luck is on your side! :)

      Like
      • Purple Foal
      • Purple_Foal.3
      • 2 mths ago
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      Slate Blue Zebra Good luck too! I'm grateful for the forums otherwise I'd feel alone in my quest to be debt-free since people in my real life don't have similar goals or the focus I have. Between this forum, podcasts, and books, I'm in my own world. :)

      Like 1
  • Made my first debt payment tonight! $400 to my Best Buy card. Balance is now $1068.93 

    Feeling good! 😁

    Like 6
    • just_zoshin Congratulations on that first payment - the pay down has officially begun! :)

      Like
    • Faness Sure has! I'm looking forward to seeing the new balances at the end of the month!

      Like 1
  • First update. My investment withdrawal came through and it’s my payday, so card #1 is paid off! We’re done credit card floating this card! Thank. Goodness. I’m going to pay off every transaction I make as I go for the next month to spur a couple of habits. 
     

    1) if I know I’m paying it off immediately, I absolutely can’t spend money that I don’t have. 
     

    2) there’s no way I’ll pay interest on it in case I got caught in a month of interest bearing because I didn’t pay the full statement balance on time. 
     

    Anyway: 2 cards on the float to go, and one will be done next paycheck and the next will be done February 7th. Wooooo. Then on to paying off the car. 

    Like 4
    • imaginaryannie That's amazing! Your budget will really feel real once the CC float is gone. Very liberating! :)

      Like
  • I claimed my line...145!!!!   I am a newbie here to the debt smackdown!  Here is a breakdown of my totals.

     

    Victoria Secret...$120.18

    Torrid...$1836.00

    Bank CC...$7919.46

     

    Total...$9875.64

     

    My goal for this year is to pay off the smaller 2 and just pay as much as I can on the Bank card.  

    Like 5
  • Claimed line 146! Goal for 2020 is to pay off the remainder of my student loans: $5,893.06

    We have a 0% car loan we may add to the mix, and pay off early—but still considering our options.

    Like 6
  • I read somewhere if you can't make more money, then focus on education. That is what I have been doing with all the podcasts I listen to commuting, forums & blogs, and library books. Today's library visit to read over the next few weeks that have come highly recommended:

    • Living Debt Free: The no-shame, no-blame guide to getting rid of your debt, Shannon Lee Simmons
    • Meet the Frugalwoods: Achieving Financial Independence Through Simple Living, Elizabeth Willard Thames
    • Debt Free for Life: The Finish Rich Plan for Financial Freedom, David Bach
    • The Wealthy Barber: The Common Sense Guide to Successful Financial Planning, David Chilton
    • Wealthing like Rabbits: An Original Introduction to Personal Finance, Robert R. Brown
    • The Richest Man in Babylon (Revised & Updated for 21st Century), George S. Clason

    Although it is a little late for me to reach financial independence before retirement, my goals are to become debt-free in 3 years (LOC, car lease) then attack my mortgage so it's paid before I retire (10 years). A lot of financial materials / planning focus on a number you need for retirement. What you really need from what I've learned is to rein in your spending and live on less. Then your money will go far. :)

    Like 5
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 2 mths ago
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      Purple Foal 

      It was a book by David Bach that got me started on fixing my finances and which gave me a plan and some optimism I could right my ship even in turbulent waters.

      Start Late, Finish Rich by David Bach

      (there's also a Canadian edition for the specific details on retirement planning legislation in Canada)

      Happy Reading.

      Like 2
  • Line ID: 148

    Hey all! 

    I did pretty well in 2019 and paid off 100.17%, BUT I took on almost equally that amount of debt. So I'm lowering my amount this year to try to be more realistic - it is 1/3 of my total debt due minus mortgage. I also am starting this year with $1,000 EF which I haven't had in a long time (yay!) and a new job, which will be bringing in $11k/ year more!

    2020 payoff goal: $6,051.11. 

    Best wishes friends! 

    Like 6
      • gosolino
      • gosolino
      • 2 mths ago
      • Reported - view

       PS - are we not doing change this year on the spreadsheet? (my 11 cents...it counts!!) 

      Like
    • gosolino Where'd you try to enter the 11 cents? I took a look and I see change included in other amounts on the spreadsheet. I agree - it counts!

      Like
    • gosolino Good for you for being realistic! Taking on more debt while paying off other debt isn't really an accomplishment, and doesn't feel nearly as good as seeing ALL the numbers go down (and the net worth number climb!)

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

      gosolino 

      gosolino said:
       PS - are we not doing change this year on the spreadsheet? (my 11 cents...it counts!!) 

       You can increase or decrease decimal places in cells.  The 11 cents was recorded, just not displayed.  Fixed it for you.

      Like 1
      • gosolino
      • gosolino
      • 2 mths ago
      • 1
      • Reported - view

      HappyDance Thank you!! 

      Like 1
      • gosolino
      • gosolino
      • 2 mths ago
      • 1
      • Reported - view

      farfromtheusual It might not be an accomplishment, but I didn't go doubly into debt. So it's a wash imo. 

      Like 1
    • gosolino it is a wash, which isn't a bad thing in the long run, but it just means working longer to keep trying to pay down the debt. I've been in a wash for the past several years (many factors, mostly low income which I am still working to change), and it's not enjoyable. I'm ready to be done. We can do this together!

      Like 1
  • Claimed line 150! Making 2020 a year of drastic change and challenging myself to pay all of my debt by the end of the year - all 29,848.40 of it. Already made some hard but necessary changes that allowed me to start off with momentum. 

    Breakdown of debt:

    Student Loans: $20,057.27

    Personal Loans: $9,791.13

    I'm working on tackling down the student debt first to avoid paying the insane amount of interest that I have been in the past. I was able to bring it down $8,355.01 so far this month by down grading my car (shed a few tears in the process), tuition reimbursement for the last semester, and adjusting my budget by cutting out spending in areas that I will have to sacrifice until I'm debt free (subscriptions, shopping, etc). It's going to be a year of grit and determination, but I cannot wait for the day that I can say I'm debt free!! And finally be able to build up my savings. 

    Sending positive vibes to everyone!!  

    Like 8
    • karine7 My hat is off to you for making those hard decisions! I know it wasn't easy, but you're already seeing the fruits of that labor and it will only get better from here! :)

      Like
    • karine7 Good job. I had a big smile on my face reading your post :)

      Like
  • Claimed line 153! Really want to clear all of my consumer debt this year and free up over £300 of monthly payments. Aiming to clear over £8500 which might be a bit ambitious hence the reason to commit to it on here and gain that extra motivation!

    Been using YNAB for well over 5 years but first time doing one of these challenges so looking forward to reporting my progress! Wish me luck!

     

    Debt details:

    Personal loan 1: £3544.12

    Interest rate: 2.76%

    Personal loan 2: £5012.69

    Interest rate: 3.6%

    Like 6
    • FYF Good luck - we'll be rooting for you! Having that £300 in your pocket each month instead of going to debt is going to be an amazing feeling! :)

      Like 1
    • FYF When I think of being able to use those big payments for something else current it is so exciting! Here's to crushing debt!

      Like 1
      • FYF
      • fundyourfuture
      • 2 mths ago
      • 2
      • Reported - view

      farfromtheusual The dream is to then use that money to stop me from needing to borrow again (apart from mortgage). Normally it is to buy a car so I am going to stop doing that going forward and save up the money instead! Appreciate the support!

      Like 2
    • FYF YES! That's so empowering!!

      Like 1
  • Alright, here's January!

                  Current bal  payments   total balance

    Visa -  $1420.60                               $1420.60

    MC -       $717.46       $61.00          $656.46

    Total - $2138.06                              $2077.06

    Not really much progress, but I'm waiting on the tax returns to come in, and I have to sort out the financial tracking to see how much I owe myself from the business, and then once that money starts flowing better I can begin to pay myself back for that, so here's to knocking this out this year!

    Like 8
    • farfromtheusual It sounds like you're poised to strike as soon as the time comes. 

      Like 1
    • Faness I hope so!

      Like
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