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.

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

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.

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.

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.

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

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

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.

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!!

Sky Blue Falafel I haven't been updating monthly like I was supposed to, but I imagine so many people handled the stress of this year in different ways. I did actually keep up with YNAB. I balance daily and I manually enter my transactions these days. Unexpectedly I had someone that owed me money payoff their loan and so I paid off my 401k loan.  I am now debt free except the house and with actually using YNAB in the way it is meant to be used instead of using it as a checkbook register, my bank balance is just growing.  I love funding the true expenses and am happy that I finally am spending less than I earn. 

Sky Blue Falafel wahoo!!! I hope you update the spreadsheet if you had a line there, too. That's all amazing! Congrats!

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

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

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.

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.

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. 

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.

Faness  The toys r us MasterCard was turned into a Synchrony MC (the company that was behind the TRU card. Same APR ..they won’t budge on that.

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

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...)

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!

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

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!

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!

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

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

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. :)

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. 

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!!

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.

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

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

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

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.

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.   

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!! 

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.

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. 

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.

HappyDance That's true...most my accidents have been with stationary objects...lol 📫📬📭

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

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

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

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

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 “you know it doesn’t move right?” I’m like challenge accepted. 

Stacy C LOL i laughed so hard myself, especially at what your husband said to you about the mailboxes not moving 😂😂

HappyDance Thank you!

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

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.

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. 😂

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

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

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

Stacy C Way to go!!!! 🤜 

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!!!!

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

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

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

Stacy C You are knocking these credit cards out like dominos! I love it! 😁

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! 

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!

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

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!

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. :)

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. 

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!!

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

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

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

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! :)

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

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!

farfromtheusual well put!

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

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

Stacy C 

Stacy C CONGRATS!!!!!

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

Stacy C working it!!!

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

Stacy C Congrats!!

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

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

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!!

Stacy C WOOT!! Way to go! You are so inspiring!

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

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

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!

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?

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!

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!

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

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! 😄

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. 

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!

Stacy C 

I make this update with mixed feelings.

My mother unexpectedly died September 19, 2020. 

Her house was paid in full. Her savings account was healthy.  She had life insurance and a retirement account with a big balance still in. She left all this to my brother and I. In December I received my half of her savings account. Today I received my portion of the sold house.

I have officially paid off every credit card we own.  It is bitter sweet. I thanked my mother every time I pushed the "make payment" button. I'd like to feel happy, but I don't. How do you find happiness in debt freedom when it comes from such a huge loss?

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

PIF 01/15/21 Dell = $1072 (0% until 8/2021 - will pay off before promo ends)

PIF 01/15/21 Capital one = $1175 

PIF 01/15/21 Ollo = $2394

PIF 01/15/21 Best Buy 2 = $3355

PIF 01/15/21 Slate = $3404

PIF 01/15/21 Best Buy 1 = $4012

PIF 01/15/21 Apple Card 

PIF 01/15/21 Discover = $3336

PIF 01/15/21 Citi Thank you = $3824

PIF 01/15/21 BBT2 = $4031(0% for 12 months) 

PIF 01/15/21  BBT 1 = $4162 (0% for 12 months)

PIF 01/15/21 AMEX = $4743

Stacy C no advice, but lots of sympathy.  I’ll send only the good thoughts and lots of prayers your way as you cope with your loss.

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

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! :)

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

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

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.

HappyDance I'm looking forward to it!

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!!

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. :)

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.

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. :)

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

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!!

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

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

Zoe January 2020:

I amended my 2020 goal to my minimum goal.

Paid off Jan '20:

• Credit Card: €600
• Bank Loan: €260.33
• Private Loan: €500
• TOTAL: €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!

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! :)

Zoe 

Paid off Feb'20:

• Bank Loan: €260.33
• Private Loan: €500
• TOTAL: €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.

Paid off Mar '20:

• Credit Card: €700 
• Bank Loan: €260.33
• Private Loan: €500
• TOTAL: €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.

Zoe 

Paid off Apr '20:

• Bank Loan: €260.33
• Private Loan: €500
• TOTAL: €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 €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 💕

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.

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

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! :)

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!)

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 🤑

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.

Zoe 

May Update

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

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. 🏡

Next debt to throw everything at is my €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!

Zoe 

June Update:

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

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

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!

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!

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.

A very late update for July and August:

Balances (1st Jan -> 31st Aug):

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

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!

Zoe 

September Update:

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

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

For September I made my regular payments and put €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🤞

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

Zoe Steady progress is good!

Zoe 

October Update:

Balances (1st Jan -> 31st October):

• 2 Credit Cards remain PIF
• Overdraft - to be PIF in 2020: €1,000 -> €800: Oct €0
• Bank Loan - to be PIF in 2021: €7,184.85 -> €5,003.31: Oct €260.33
• Private Loan: €30,000 -> €25,000 (no interest) - target for the year €6k: Oct €500
• Mortgage: €133,685.40: target paydown for 2020: €4,095.44 - YTD: €3,071.58: Oct €511.93

Ireland is back in lockdown so it looks like I'll be doing all my Christmas shopping online.  Because of this I've diverted my overdraft payment to my presents category so that I can get things ordered in November and am not worrying about delivery dates in December or WAM-ing frantically for the entire month.  I am still hoping to make my goal of having my overdraft PIF by the end of 2020 but I also need to be realistic about my true expenses so it'll be close.

Tomorrow 31st October is also my 1 year anniversary with YNAB!  Looking back on the last year I don't know where I'd be now without YNAB - it's definitely helped me feel in control of my money (not in total control yet but I'm working on it!).  I've got used to checking my budget not my bank balance (or even worse how much until I reach my cc limit) but I'm definitely still working on true expenses and not abusing Rule 3.  I can't wait to see how many more improvements YNAB can help me make after another year 😊

Including Bank Account, Credit Cards and consumer debt but excluding mortgage and pension savings:

Zoe AWESOME!!!

Zoe 

November Update:

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

• 2 Credit Cards remain PIF
• Overdraft: €1,000 -> €800: Nov €0
• Bank Loan - to be PIF in 2021: €7,184.85 -> €4,742.98: Nov €260.33
• Private Loan: €30,000 -> €24,500 (no interest) - target for the year €6k: Nov €500
• Mortgage: €133,685.40: target paydown for 2020: €4,095.44 - YTD: €3,583.51: Nov €511.93

I now have a dawning realisation that I vastly underfunded Christmas so I will not be putting anything to my overdraft this month either.  I also bought a hoover in the Black Friday sales that I had not yet fully funded. 🙄  Fortunately, I was able to do some major WAM'ing so have not added any debt.  Unfortunately, I will definitely not be making my original goal.  I'm still hopeful I'll be able to pay something to my overdraft in December so I shouldn't be too far off.

I'm already planning ahead for the 2021 debt smackdown but I'm also planning for true expenses.  For the first few months of 2020 I wasn't being realistic about these and then it became difficult to catch up in the more expensive 2nd half of the year.  Oct - Dec in particular seem to be when a lot of my annual subscriptions or contracts renew.

At least I still feel like I'm making progress!

Zoë sometimes those awarenesses are what pays off the most. Kudos to you for recognizing that so you can do it differently from here on out.

Zoë 

December Update:

Balances (1st Jan -> 31st December):

• 2 Credit Cards remain PIF
• Overdraft: €1,000 -> €800: Dec €0
• Bank Loan - to be PIF in 2021: €7,184.85 -> €4,593.20: Dec €260.33 (+ Interest €110.55)
• Private Loan: €30,000 -> €24,000 (no interest) - target for the year €6k: Dec €500
• Mortgage: €133,685.40: target paydown for 2020: €4,095.44 - YTD: €4,095.44: Dec €511.93 (+Interest €947.86)

So I didn't quite make my goal - I was €800 off on paying off my overdraft.  But I did make 94.94% of my goal so I still count it as a win!

2020 was my first full year using YNAB (started Oct '19) and looking back on my reports there are definitely some things I need to work on.  I've updated my budget template goals to be more realistic to hopefully stop so much WAM-ing as I find once I've moved money from a category it's easy to justify continuing to do so for the rest of the month.  I've also noticed that if I'd managed to cut my take aways and purchases I regret in half I would have made my goal. 😭 So for 2021 I'll be stepping up the meal planning and prep and not making purchases online unless they're already fully funded AND I've thought it over for 24 hours.

It's been an odd year but overall I'm still really pleased with my progress.  I know I wouldn't have achieved this without YNAB - I'd probably have added to my debt instead.  The bank loan above was mostly the result of in the past panicking when something bad happened (getting evicted because the landlord was selling 😱) and taking out or topping up the loan just so I'd have cash on hand.  Then when the situation passed I'd have already spent the money on non essentials so just stuck with the monthly payments (and so much interest).  So YNAB definitely made me feel in control enough to keep paying off debt instead of panic borrowing because of a pandemic!

Congratulations everyone on whatever debt you've managed to smack down in 2020 no matter how big of small.  See you in the 2021 Debt Smackdown! 👋

Zoë WOW! For your first year in that's a LOT of accomplishments!! Way to go!

farfromtheusual Thanks! It's amazing how much difference just having awareness of your money situation makes.

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

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. 

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.

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

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!!

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.

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.

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!

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

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.

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

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.

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

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.

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!

Krys wahoo!!

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!

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!! :)

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.

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.

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.

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.

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!

Update on Debt Total.

• Debt Total: $8,370
  • Credit card 1: $0
  • Credit card 2: $0
  • Home equity loan (HELOC): $2,910 (targeted payoff April 2021)
  • Car loan: $5,460 (targeted payoff October 2021)

This was an unexpectedly big month for me! I've passed my Debt Smackdown goal for this year! I have also passed the halfway mark in paying off my debt!

The big change is made possible by a refund from my mortgage lender on our escrow, as well as a three-paycheck month this month. I was able to put $2k toward the HELOC, and will be putting an extra $100 per month toward that starting in December (thanks to another escrow adjustment).

Hooray for progress!

Krys WAHOO!! Love those windfalls!!

Update on Debt Total.

• Debt Total: $7,825
  • Credit card 1: $0
  • Credit card 2: $0
  • Home equity loan (HELOC): $2,550 (targeted payoff April 2021)
  • Car loan: $5,275 (targeted payoff October 2021)

Another good month! Sent an extra principal payment to the HELOC, thanks to a small windfall at the beginning of the month. I'm at nearly 120% of my goal now!

Update on Debt Total.

• Debt Total: $4,990
  • Credit card 1: $0
  • Credit card 2: $0
  • Home equity loan (HELOC): $0 (PAID OFF THIS MONTH! 🎉)
  • Car loan: $4,990 (targeted payoff May 2021)

Another good month! Sent the final principal payment to the HELOC, thanks to a cash gift from my folks for Christmas. I'm finishing the year at 160% of my goal!

Krys WAHOO!! Way to go!!

Krys 160% 🤯🤯🤯

Veronica Helps that I played it safe with my goal! LOL

Krys I am so happy for you!  Congrats!  You are killin' it!

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!

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

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!

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.

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! :)

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!

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.

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.

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.

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

GSDdad That is amazing!!!

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

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

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..

GSDdad 

Sooooo close!  yayayayayay!

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

GSDdad Wowwwwwwwww. :) Congratulations, what an inspiration 

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

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.

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!

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

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

Veronica thank you :)

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!

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!

internettie go get that debt !! Doesn’t matter if it is $1 more than the minimum payment, it’s 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! 

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. :) 

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!

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.

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.