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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  • I have $327,117.84 in debt right now.

    1. $304,896.17 in Mortgage @ 4.25% + PMI
    2. $2,211.75 in Sofi Student Loans @ 5.25% (Down $30k from last year, almost done!)
    3. $20,009.92 in MyFedLoan @ avg ~4%

    I need to finish off the Soft student loans (should be done this month) then I'm hoping to pay at least $35k into the mortgage to try to get rid of the PMI on the mortgage. To get rid of PMI I need $60k, so this will be a multi-year goal. Woo!

    Like 4
  • Current debt:

    • Credit cards - $26,615.63 😭
    • Bank loans - $5,289
    • Loan from parents - $8,000
    • Student loans - $82,504.59
    • Mortgage - $101,287.37
    • TOTAL DEBT - $223,696.59

    That's a staggering amount of money.

     

    To pay off this year:

    • Credit cards - $8,000
    • Bank loans - $2,500
    • Mortgage - $2,500
    • TOTAL PAYOFF - $13,000

    Parents and student loans can wait.

    I wonder if I should be more ambitious. It feels like a drop in the bucket.

    Like 3
    • Hi Phone Drone !

      How'd you come up with your total payoff amount for the year? Are you putting more towards credit cards because of high interest rates, or is there another reason you chose that amount? We have a guide on how to make a debt plan that may help! It's okay to be ambitious, but you don't want to stretch yourself so thin that you aren't saving for future expenses. :)

      Like
    • Faness I pretty much just looked at what I was able to do in YNAB for January and multiplied by 12! Yes, some of the credit cards are very high interest, so I'm trying to knock those out.

      Like
    • Phone Drone If you haven't already, playing around with those balances in undebt.it might help you come up with alternatives or best approach to save on interest.

      Like
  • In 2020, I will be paying down $15k in consumer debt this year and not accumulating new debt.

    Like 4
    • Slate Gray Screwdiver Welcome! 🎉

      Like
  • Late to the party, but I'm looking to pay off at least $5000 this year. I want to buy a house and I know the first step is paying down debt. Thanks to YNAB, I realized that I'm paying almost $600 in loans and credit cards!! 😮 

    I am paying off my credit cards using a hybrid method. I divided my debt by interest rates (less than 10%, 10 to 20%, more than 20%) and then paying off the smallest balance from there. I'm concentrating on my credit cards right now and then work on my loans later. As of right now, I have $6,316 in credit card debt. 

    Like 3
    • Dawn D The best day to start is today! Folks join year round. You'll tackle the debt, and start saving for your future home in no time. Glad you've joined us!

      Like
  • 2020 student loan paydown smackdown:

    Starting balance: $83,224

    Payoff goal: $15,000

    Averaged $1041/month last year, so bumping up my goal to $1250/month for the year as a minimum.

    Like 3
    • Pink Tape That stretch goal is great. You've got this! :)

      Like
  • Hi! I am new to the Smackdown. My husband and I have been using YNAB since around 2012 (one of the truly best decisions we ever made), but we did a Fresh Start late last year and have been refocusing our priorities and rethinking some things. We just finished off our credit card debt as of January 1 this year.

    For years, though, I've been avoiding thinking about really paying down our student loans...they just seemed insurmountable. So I'm trying to shift my perspective about that and am truly inspired by y'all. Right now, we have student loans, a car loan, and a bit of medical debt to work on with a grand total around $47,500. We're attacking the lowest interest-bearing debt aggressively and paying our regular payments on the rest, with the plan to rollover each amount as debts are paid off (ye olde snowball method). So we're looking at paying $10,500 this year. 

    Like 5
    • Turquoise T-Rex Welcome! I love your forum name. 🙌  🦖Congratulations on demolishing the credit card debt. The student loans were a scary one for me too (and thought I'd be paying on them forever). You have a solid plan, and you'll get there!

      Like 1
    • Nicole Thank you so much! Because of this forum I just discovered undebt.it and am even more excited about getting our debt under control!!!

      Like 3
    • Turquoise T-Rex I am currently making my way out of the "Student loans are too much to think about right now" mind frame. This is my first year tackling them and I'm hoping to take a sizable chunk out of them. Good luck with your snowball! :)

      Like 1
    • Faness Thank you! It's been such a struggle for me to break out of that frame of mind! Good luck with yours as well!

      Like 1
    • Update to numbers above. I did some more numbers crunching and hammered down some exact amounts. I already put $673.67 towards debt in January, and am attempting to boost that monthly amount to $923.67/mo starting in Feb., so that should bring my debt paydown goal for 2020 to 10,834.04. undebt.it was super helpful in seeing the bigger picture.

      Like 4
    • Turquoise T-Rex You're in great company with a lot of us taking on student loans this year. So interesting how they longer for so many of us, be it feeling insurmountable in your description, and a "price to do what I want to do" in mine. Glad we're all in this together here to take them down!

      Like 4
    • Spider Plant Me too! The support here is really wonderful and I love being able to celebrate other people's progress as well as my own!

      Like 2
    • Turquoise T-Rex Huge numbers like that definitely need chunking. Perhaps working on a debt colouring sheet as you knock it down. Many available for free online. And of course many people trying to make a profit! I made my own. :)

      Like
  • Line 180: this is my first time participating (or knowing about it).  We have the following debt, totalling  $133,353.52.  The Malibu will be paid off by default at the end of the year, so we're not putting anything extra to it, but the HELOC and the Venture card are what we're tackling.  The 401k has to be paid off in total, so we'll have to save for that one (and it's paying myself interest...so it's low priority).  We missed our goal of $25k last year (only $20.5k) because of starting a new business and vet bills, which are now budgeting for.  The other goal is to take on no new debt this year, unless the debt is paying for itself (investments).  I'm excited and motivated!

    Malibu $6,942.25
    401k $30,413.76
    HELOC $68,709.51
    Venture $27,288.00
    Like 4
    • woolmonkey This challenge is a great place for motivation. Glad you found us! 

      Like
  • Line 181 claimed! First time participating. I've got a car loan that I want paid off this year, student loans to work on and a mortgage to pay. We're also putting a couple windows in the house this year (thank you tax return)! Goal of $17,000.

    Car - $9279

    SL - $36,206

    Mortgage - $48,820

    Total = $94,305

    Like 5
    • Forest Green Gazelle Welcome - I'm glad you're joining us! :)

      Off-topic question, but what was the deciding factor for new windows? I've been thinking about it, but also telling myself they can wait.

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    • Faness we’re just replacing two right now so I’m not sure exactly what we’re going to replace them with yet. I’m meeting with a contractor later in the week to discuss my options in my price range! 

      Like 1
    • Forest Green Gazelle Ooo, good luck with the contractor! This gives a new meaning to the term window shopping. 😆

      Like 1
    • Faness you might want to research the tax credits for replacing windows - I saw a comment recently that there are some incentives out there. Might be worth it to check into :)

      Like 1
    • farfromtheusual Our windows are currently functional, I just wish they were prettier, but a tax incentive definitely helps spell out motivation. I'm putting this on my summer to do list!

      Like 1
    • Faness if they're not that old then I don't know if there would be a credit available. Ours are so leaky that the plastic we put over them moves every time the wind blows.... researching new windows is also on our to do list. I adore our house, but the list of projects is so long that it's difficult to pick one to focus on (and sometimes the projects themselves decide what's most important... aka the air conditioner 2 years ago!)

      Like 2
    • farfromtheusual My want for windows made me quickly forget that both our AC and furnace need to be replaced in the coming year. They've essentially been rigged to last the current season, but we know it's coming (and have been budgeting for them). I'll have to see if we can somehow get all three tackled in some kind of bundle but, if not, the windows would be the thing put off until later. (Though, if they start leaking, all bets are off.)

      Like
  • January check-in:

    We paid $1,190.56 on three different student loans, $600 towards the highest priority loan with the largest interest rate. We should have that one paid off by August. It has an 11% interest rate, so we're pretty eager to have that one finished.

    Current balances:

    Husband's loans are $2397.85

    My private loan is $3408.48 (11% interest)

    My federal loans are $118,644.47 (I am enrolled in Public Service Forgiveness Program, we'll see what happens with that program in the future)

    Like 4
    • Ruth Elizabeth 11% interest on a student loan seems very high, but yay for tackling it head on this year! August can't get here soon enough. :)

      Like
      • Ruth Elizabeth
      • Soil Scientist
      • Sapric_Histisols
      • 9 mths ago
      • Reported - view

      Faness It is very high for a student loan. Due to health reasons I missed a semester of my undergrad and lost scholarships and grants because of it. When I came back to school I needed to take summer classes to make up time and the only option was a private loan. Seven years later, I'm dealing with the consequences!

      Like
    • Ruth Elizabeth Oof! I had a private loan for my first semester with a similar rate. It was the first one I targeted! It will feel great to send that last payment in August. 🙂

      Like
  • Joined YNAB in October of last year.

    Our total debts are $101,638.00

    Our goal is to pay down principal by $10,000.00 this year.

    Like 4
    • Tilda Lou I like that you're aiming for a change in principal! Interest can rack up quickly, so getting through that to make a change just to principal is a great goal! 

      Like 1
      • Tilda Lou
      • Silver_Flute.11
      • 8 mths ago
      • 4
      • Reported - view

      In January paid debt down by 1297.00

      February saw another $1054.94 paid off

      Debt total is now $99,286.06

      Target goal of $10,000. paid off in 2020 is nearly 24% met.

      Like 4
    • Tilda Lou Reaching below the $100k mark is a milestone - congratulations on your progress! 🎉

      Like 1
      • Tilda Lou
      • Silver_Flute.11
      • 8 mths ago
      • 6
      • Reported - view

      Took a long hard look at the debt situation and how long it would take to pay it down and decided to sell RV.

      With that sold will update goal for the year and also amount paid down in February

      February total debt gone is now $38,858.23

      Remaining debt total is $61,482.77

      Our goal for total debt pay down for the year will now be $45,000.00

      Like 6
      • Tilda Lou
      • Silver_Flute.11
      • 8 mths ago
      • 4
      • Reported - view

      Tilda Lou 

      Used more of the equity from the sale of the RV to pay off some small c.c.'s.  February's total debt blasted now stands at $45122.02

      Like 4
    • Tilda Lou That is an impressive total, especially only two month's into the year! Are you planning to change your goal for the year or are you satisfied with that amount? Either way, great job! :)

      Like 1
      • Tilda Lou
      • Silver_Flute.11
      • 8 mths ago
      • 2
      • Reported - view

      Faness Increased the goal to $50,000.00 for the year.   Updated it on the spreadsheet but forgot to post it here. 

      Like 2
      • Tilda Lou
      • Silver_Flute.11
      • 7 mths ago
      • 3
      • Reported - view

      Tilda Lou 

      March total debt paid $617.97🙂

      Like 3
      • Tilda Lou
      • Silver_Flute.11
      • 1 mth ago
      • 5
      • Reported - view

      Tilda Lou Paid off the final credit card.  The 0% interest was about to end and rather than move it to a new 0% credit card decided to pay it off.  Makes things a little tight but then the relief is worth it.

      Total debt eliminated this year $61937.00

      Thanks YNAB for a budget that put things in perspective. 

      Like 5
    • Tilda Lou Wahoo! Congrats!!

      Like 1
      • MXMOM
      • MXMOM
      • 1 mth ago
      • 1
      • Reported - view

      Tilda Lou wow!

      Like 1
  • 21,082.53.

    Wow. It seems like, for so much time, I have been trying to pay this down but to no avail. No excuses - it's time to get honest with myself. I earn plenty enough to pay it down, but life happens and I get off track. 

    The thing that bites, when I consider it, is that I'm paying money each month in interest. If I think about where else that alone could go it seems insane that a well-educated, professional, independent woman is choosing to spend money on paying interest. 

    No more. I'm joining the 2020 smackdown and I am going to come out smiling. 

    Like 6
    • Orchid Device I'm glad you're joining us! The Debt Smackdown is a great way to stay accountable for the amounts you're aiming to wipe out this year. :)

      I faced the facts about interest this year thanks to Spider Plant . It's an ugly truth, but I think seeing those numbers are a real motivation factor because you're right - there are so many other places that money could be going.

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

      Orchid Device I look at my debt the same way and have been reflecting on my spending last year and previous years. Just mindless spending. Now I'm laser focused to live well beneath my means within a spending freeze. Want my buffer and snowballs. That's more exciting than shopping. I just keep thinking of how I could be investing money later on & saving for goals when I don't have debt. :)

      Like 3
  • January progress report on my battle against the student loan beast.

    As ofJanuary 1, 2020: $224,934.56.

    As ofJanuary 22, 2020: $216,970.75.

    Notes: Regular monthly payment resulted in principal reduction of $1,163.81. Made extra principal payment of $6,800.00. Total reduction of principal in November: $7,963.81.

    Year-end goal is to get the balance down $44,934.56 to $180,000.00. With a $7,963.81 reduction so far this year, I'm now about 17.72% there. 

    Like 7
    • Slate Blue Pilot Way to come out the gate running! You're almost 20% of the way to your goal, less than a 12th of the way through the year! 

      Like
    • Slate Blue Pilot That's amazing!! Keep going. :)

      Like
  • Currently, I want to focus on Credit Card debt, so I can free up cash flow to eventually tackle my much larger Student Loan Debts. I owe $10,608.31 in credit card debt across 6 cards. I have an app that adds up the balances for me, so I'll just be using that app to monitor my progress.  I think I can successfully cut that number in half over this year, so my goal by 2021 is to have $5, 304 or less in credit card debt. It's setting the bar high for myself, but even if I get close to that number it'll be better than I've been doing over the last 10 years where I was racking that number up every month little by little.  #letsgetit

    Like 6
    • Welcome Rebecca ! Setting goals a little outside your comfort zone can be a great motivator. We tend to surprise ourselves! You've got this. 😄

      Like 1
  • Hi all...I am officially joining to keep me accountable.  Last month, the husband and I decided on a plan to pay down ALL of our debt by Oct2025.  That's 70 months, including this month's payments.  However, yesterday, we got news that he will be unemployed within 36 months.  We have a total debt of $197,842.73 before I make January payments...YIKES!!  So I guess the plan is to pay down massive debt, and as fast as possible.  Our goal is to pay a minimum of $40,000.00 in payments.  There will be some interest involved, so actual results may vary.  I'm going to need all the luck I can get my hands on!!  Best of luck everyone...Let's do this.

    Like 4
    • Sea Green Vacuum I'm sorry to hear that! Thank goodness for advance notice, so you two can adjust the game plan. You've got determination! One of my favorite quotes is:

      Once you make a decision, the universe conspires to make it happen. ― Ralph Waldo Emerson

      Like 2
  • I'm excited to join the Smackdown for 2020! 

    1.

    My debt that I would like to pay down is a personal loan of $15387.44.  I have included the expected interest at 13.54% in this total.

    In addition to this I have two private student loans with a balance of $22,279.89. I am paying the minimum on these until I pay off the personal loan.  I am not including this in my payoff goal for the year but I do have a schedule for it.

     

    2. I would like to pay off my personal loan in 2020. My income is variable but at a projected income of 50k this would be around 30%.  I plan to put a big chunk towards it in February with my tax return and income from a freelance project, around $4k.  Following that payment I will adjust my payback amount to complete by the end of the year.  Any windfall will go towards this debt.

     

    I'm nervous because this is a lot for me to pay down in one year but I really want it gone.  And, I know that any amount of progress is good progress / one step closer to a positive net worth.

    Like 6
    • I'm on row 184.

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    • Little Green Ghoul Woohoo! Yes, progress is progress and each payment gets you closer to reaching your goal. 😄 

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

      Little Green Ghoul Keep attacking the principal with the chunks. You can do this for 2020. It will be painful and it will take sacrifice. But it's one year and imagine how you feel when you conquer the beast! There are many personal finance blogs & books written about people's journeys attacking debt in a year or few. Keep reading to keep you focused! :)

      Like 1
    • Purple Foal Thank you for the support.  Reading similar stories of debt payoff is the one major thing that keeps me motivated.

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    • Little Green Ghoul The Debt Smackdown takes place every year, so if you ever need more than just this thread, you can check out last year's thread, too! :)

      Like
    • I just transferred my smaller student loan from 9% to my chase card for 0% interest for a year.  With that change in mind i've added that debt($1800) to this year's payoff in the spreadsheet so I can push to pay that off before the promotion runs out.  So now my goal is set to $17187.  Still very attainable if I stay motivated.

      Like 3
    • Little Green Ghoul Is your goal to pay off the Chase card in the year with the 0% interest? How much will the interest rate go up to if you don't? :)

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    • Purple Foal It will go up to 25% interest in a year.  All my CC have a zero balance and i'm not using them for every day spending so I think its manageable. And, I'm getting really frustrated seeing only 20% of my payments go to the principal with that student loan every month.

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

      Little Green Ghoul Sorry misread your previous post. Yes you plan to pay it off. Smart move!! Use their promotions to your gain, and loss of that debt! :)

      Like 1
    • Little Green Ghoul Seeing 20% more of each payment go towards that principal should help knock that debt out! Yay for saving on interest (9% is high for a student loan in my experience). 

      Like
    • Faness Yes, it's going to feel so good to see it going to that principal.  It's a private student loan from grad school, thats why the interest is so high...

      Like
    • Purple Foal No worries! I'm just trying to take every advantage I can!

      Like
  • Posted this in the off-site forum (abudgetthatworks.org), and reposting here.

    The 2019 Debt Smackdown was extremely helpful for us, and we are back at it this year. Last year, I only paid off 63% of my goal, but instead of berating myself about it, I am celebrating it. In years past, we were just treading water, but now we can actually see our progress. Our total debt, not including the mortgage, is $124,943.50. The bulk of that is federal student loans that I have from undergrad and grad school. Woof.

    I claimed line 187 and am setting a goal of paying off our credit card consolidation loan ($6,927.58 at 6.82%) and paying down the used auto loan we picked up in October ($18,625.42 at 4.29%), for a total principal payoff goal of $12,500. My parents are in a position to help me pay off my student loans, and have been contributing $5200 a year to that end, so that is a huge help. We’ll tackle that nightmare in earnest next year.

    Good luck to everyone, I’m looking forward to celebrating our collective progress!

    Like 6
    • MicroSpice Yes! I love that mindset. Celebrate all wins, big and small—even if the goal needs to change. Life happens!

      Like
  • I started YNAB just before the first of November 2019. I had been trying for several years to find a system that worked for my family (wife and two kids off at college). The turnaround in our finances in this short period of time has been nothing short of remarkable. My wife has seen it work in this short term and she is on board 100%, which is what will push us forward at a much faster rate. We have a long way to go, but I absolutely have no doubt we are headed in the right direction.

    We currently have a credit card with a balance just under $20K. My goal for 2020 is to pay $15K of that balance by the end of the year. YNAB has given me the confidence to even be able to set this goal.

    Good luck to everyone!

    Like 10
    • R Bro Thank you for sharing with us, and welcome to the challenge. I'm thrilled that the two of you have found what works for you, and are seeing things turn around. 🎉

      Like 1
      • R Bro
      • Purple_Filly.9
      • 9 mths ago
      • 4
      • Reported - view

      R Bro 

      January update:

      We were able to pay $715 toward the CC goal. From this point forward, we will be paying $1320 monthly at a minimum. The lower amount for January was a result of paying off a line of credit. Since we began just before the first of November, we've paid off an $1100 credit card and a $1500 line of credit in full, all while not charging anything new on any credit card (and we won't be doing it either moving forward). We were also able to budget money for our son's $1700 tuition bill for college and pay for a $300 plus auto repair bill without charging any of it. That is more exciting to me than paying off the credit card. We are making progress toward paying the debt, but not adding any additionally. 

      Like 4
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 3
      • Reported - view

      R Bro 

      Positioning yourself to not be vulnerable and having to resort to more debt (while paying off other debt) is a massive win!  Nice job.  

      Like 3
      • R Bro
      • Purple_Filly.9
      • 8 mths ago
      • 4
      • Reported - view

      R Bro 

      February update:

      We are able to pay $1402 this month ($1320 plus an $82 charge from earlier this month one of our kids paid for). Our 2 month total is $2,117.57, which is 14% of our goal. If we can keep paying at least $1320 per month, we should make our goal.

      Like 4
      • R Bro
      • Purple_Filly.9
      • 7 mths ago
      • 4
      • Reported - view

      For March, we were able to pay $1320 once again. Slow and steady wins the race. 

      Like 4
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 7 mths ago
      • 2
      • Reported - view

      R Bro Truth to that!

      Like 2
      • R Bro
      • Purple_Filly.9
      • 6 mths ago
      • 3
      • Reported - view

      For April, we paid $1320 once again, with no new CC charges, while our bank account balance is increasing exponentially. Our CC balance and bank account balance are headed in different directions. . .in a good way! Totally different trend than just 6 months ago.

      Like 3
    • R Bro That feels so good doesn't it! I love watching that net worth line on the reports go UP!

      Like 1
      • R Bro
      • Purple_Filly.9
      • 5 mths ago
      • 5
      • Reported - view

      May has thrown us a few curve balls.

      First of all, my wife's car needed new tires. $775 we had been preparing for since February.

      Next, this past school year, we had two children off at college (this being what led us to YNAB 6 months ago). Our daughter, who is our oldest, graduated with her BS in 3 years earlier this month. However, this means she wants to enter a Master's program, and needs to take a series of classes over the next year to eventually apply to a program in Speech Pathology We originally thought she would start in the fall, but had an opportunity to begin this month, which we agreed to. She has moved back home, but the 8 classes she will take will cost around $14K in tuition between now and next January. One year ago, this would have been impossible. Now, it's tough, but we have actually figured out a way to pay for all of it without charging anything, which is quite remarkable. We are paying $6100 for the summer semester, and about $4K each for the fall and spring semester of next school year. By rolling with the punches and re-evaluating our priorities, we are able to make it work. On top of that, the school charges a 2.3% fee for credit card payments, which will save us around $300 in extra charges during this time (every dollar helps at this point).

      We are able to do this in part by reducing our credit card payment each month. For May, with the $6K tuition bill, we only paid the $475 minimum. Beginning in June, we will see a reduction between $300 and $500 per month on our credit card payment, which will probably mean we do not reach our goal for the year. However, we will still be paying a minimum of $820 per month (we have been paying $1320) and even $1000 a few of the months between now and the end of the year. 

      We are paying this tuition, making consistent reductions in our final credit card balance each month, and sending our son back to college in August and are able to budget and pay for all of his expenses as well. All while continuing to save for a new vehicle for my wife and planning a small vacation (very small) hopefully around the holidays among all of the other expenses.

      Having said all of this, I could not be happier. To be able to pay all that is occurring without adding any new debt is more than I ever thought we could have done just 6 months ago. Not reaching our debt reduction goal will not bother me at all. I will still try to get as close as I can, but just working toward the goal means we are making steady progress.

      Like 5
    • R Bro Those are really big wins!! Congrats!!

      Like 1
    • R Bro - I would rather aim for the moon and hit a barn then aim at the barn and hit a puddle.  And if we aim at nothing at all - we will hit it.  Congrats!!  😁

      Like 3
      • R Bro
      • Purple_Filly.9
      • 4 mths ago
      • 1
      • Reported - view

      Our June payment toward the CC is $1000. Without rehashing what I said before, we've had to roll with the punches a bit, which means we may not meet our goal for the year, but we will be close. These changes mean we are able to pay all related expenses for both of our children in college without adding any CC debt. That is an absolute victory in itself.

      We are also in the process of refinancing our home, which means we will shave 9.5 years off of our mortgage.  Our payment will go up approximately $250/month, but we are more than able to do that now. It will save us tens of thousands of dollars in interest in the end. 

      :)

      Like 1
    • R Bro That's all good news, even if you aren't going to meet your goal this year. There's still 6 months left in the year, so there's plenty of time. But those changes will matter more long term than just hitting your goal will.

      Like 1
      • R Bro
      • Purple_Filly.9
      • 3 mths ago
      • 6
      • Reported - view

      Paid another $1000 for July. Zero new debt. :)

      Like 6
      • R Bro
      • Purple_Filly.9
      • 2 mths ago
      • 4
      • Reported - view

      $1410 for August. No new debt once again. Even funded a small vacation at the end of July for the family. If we can continue to pay this much each month, we could make our goal by the end of the year. :)

      Like 4
      • R Bro
      • Purple_Filly.9
      • 1 mth ago
      • 2
      • Reported - view

      To correct my post from August, we actually paid $1385. A small amount of difference, but I wanted my entries here to match the spreadsheet.

      For September we are able to pay $1350. We have paid over 10K so far this year, and  will most likely come up short on our $15K goal, but not by much. The progress is still unbelievable.

      Like 2
    • R Bro That is still quite amazing! Congrats to you!!

      Like 1
      • R Bro
      • Purple_Filly.9
      • 3 wk ago
      • 3
      • Reported - view

      Paid $1000.00 for October.

      Year to date: We've paid 11,149.57 toward our $15K goal. 74.33%. We now owe less than 10K on our last credit card, which we hope to pay off by mid 2021.

      Like 3
    • R Bro CONGRATS!!

      Like 1
  • I would like to pay off a debt of 493€ (that's a minimum !). It's the two most little debts I have (120 & 373). I begin with the little because I feel happier this way and want to continue to the next !

    So far I have the money to cover the 120€ debt, and part of the other one (thanks to christmas presents !)  ! I feel I will finish easily, but I prefer to congratulate myself rather than be sad if I didn't finish. I took an other job on the wednesday,  and it's a very hard day for me now, I work a lot and I would really like to stop already. But I decided that until I have debts, I will continue (and let myself stop and breathe  when I paid them off !)

    The total of my debts is around 3500€, and is mostly the money of the school I had, that I continue to pay back to my mother since years. But since I don't have a big salary, and have still trouble to keep my budget very well, it might take a long time to pay it off. But I'm on YNAB since the beginning of January only, and things are already getting better !

    Like 8
  • End of Jan update:

    Paid 1,137.66 - Leaving 12,628.29 left to pay by September 

    Feb plan is to pay ideally 1500, most likely around 1130

    Like 5
    • ISuckatMaths Good luck with your stretch goal for February! You can definitely knock that balance out come September! :)

      Like 1
  •  January Check In

    Credit Card: $4,851.56 - $1250 = $3,601.56 (0% interest)

    Auto Loan: $3,916 - $100 = $3,837.08 (adjusted w/ interest)

    Total: $7,438.64  

    The one thing I said I would not compromise on this year were my debt payments. They have to be consistently paid every month at relatively the same rate. I had set monthly targets to pay off my credit card (April) and my auto loan (July) and my husband comes with a beautiful wrench to my plans with a work-related trip that we've extended into a vacation.  I'm keeping to the plan tho and setting aside money from each paycheck for the vaca while still paying my debts. To say it's been tight is an understatement but it's made me flex my creative financial muscles when it comes to the budget.

    Like 4
    • Tishy Wishy I think budgeting for something you want while tackling debt is a great reminder that budgets stretch your possibilities. You don't have to solely focus on one thing - you can multitask so that you're getting rid of the balances you don't want and preventing balances for the things you do want (like vacations). 

      I hope you have a great time! :)

      Like 2
    • Faness Thank you!

      Like 1
  • A bit late for my January check-in, but took some much needed time off to just chill and play Diablo 3 and Pokemon Sword and Shield. Then I went back to work to insanity. However, slowly that car loan is going away.

    • Car Loan: $962.50/$7,349.19
    • Mortgage: $661.79/$3,000.00
    • Total: $1,624.29/$10,349.19
    Like 7
    • Madkat-Z Slow and steady wins the race! :)

      Are you Team Sword or Team Shield? I've only gotten three badges in because I can't tear myself away from the wild area. 😅

      Like
      • Madkat-Z
      • madkatz
      • 9 mths ago
      • Reported - view

      Faness I have Shield. My fiance has Sword though, so we got our bases completely covered. I am working on the battle tower and I'm really bad at it. 😵

      Like
    • Madkat-Z My husband and I do the same thing (he has Sword and I have Shield). The battle tower in Soul Silver was my weakness - I had almost a thousand hours in that game because of it. I'm hoping the new battle tower is just as fun - if I ever make it there. 😂

      Like
  • I'm getting SERIOUS about clearing my non mortgage debt this year! Here goes:

    Total non-mortgage debt €10,642.64

    Aiming to pay off at least €6k in 2020!

    It's made up of a personal loan €5194.01, credit card €3848.63, and my overdraft €1600.

    Knuckling down and finally getting some of this off my back this year!

    Like 5
  • Started out in 2019 with $80000-ish in student loans, CCs and HELOC.  Paid of $40000 in 2019 and have $40000 left!  School loans gone, all CCs gone...now just the HELOC and truck loan left.  

    Like 5
    • Mama Sho Nicely done!! Knocking out all that debt in two years is impressive! I'm looking forward to your debt-free post at the end of the year! :)

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

      Faness You will! You give so much positive support to others. Take what you give for yourself and your goals. :)

      Like 2
  • I plan on tackling debt this year and building back our emergency fund. We had aggressively paid down debt and contributed to retirement accounts in 2017-2018, but slowed down in 2019 for home improvements, repairs, hospital bills, and baby #2.  In 2020, we're jumping back in but it will be tougher with two kids in daycare. 

     

    Credit cards: Pay off all of $2,936 left at 0%

    Student loans: Pay off $9,190 of $24,312

    Car loan: Pay off $5,772 of $7,237

    Mortgage: Pay off $21,124 of $197,316

    Like 4
    • Yellow Pufferfish It sounds like the last few years have been pretty exciting! Good luck with picking back up those debt payments this year! :)

      Like
  • Started YNAB in December 2019 and it's been a huge boost to our family budgeting.   We've been trying to get serious about paying off our huge mountain of debt, and YNAB has become more of a shared place for my wife and I rather than a me-vs-you thing that our previous budgeting spreadsheet had become.  YNAB has helped get her on board a lot more as she now feels a lot more empowered and responsible for our budget.   For me, it's refreshing to not have to be the "budget cop" all the time and to be able to "roll with the punches" a lot easier.

    We've got quite a pile of debt to pay off, but I'm feeling optimistic that we're going to be successful this time around.

    Total Non-Mortgage Debt:  $84,450   (Credit Card, Medical Bill, Credit Line, HELOC)
    Goal for 2020: Pay off $25,000

    Like 5
    • joebobstevedave 

      Welcome (to you and your wife) to YNAB! :)

      I'm glad YNAB has given you both the space to budget together. Being a united force against debt cushions any hard decisions that have to be made and makes the victories that much sweeter.

      We're rooting for you two! :)

      Like 1
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