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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  • February quick check-in: Paid off $2763.31 so far this month and that's 2 or 3 accounts leaving us one final loan with a final balance of 2655.32 which is our final last debt which I expect to have paid before the end of this month but will hold off celebrating until that final debt is at a $0 balance. :)

    Like 7
    • GSDdad I'm readying the confetti, you just tell me when it's time! 馃槃

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  • So checking in.

     

    My debt went up a bit for a course i'm doing to 鈧1214.61 but i paid off 鈧314.61 today.

     

    Bringing my debt down to 鈧900.   Slowly but surely this year i think. 

    Like 7
    • flyonthewall You've got this! 馃挜

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  • Just starting the Smackdown !  I have lots of debt but have decided to concentrate on getting 4 cards paid off and paying my auto loan down $10,000.   I hope I'm doing this right.  

    Like 7
    • Cyan Yeti Yes, pick the ones you want to focus on this year to name for the challenge. Many of us have been here for more than one year as we pick off our debts slowly. Any step forward is a step in the right direction.

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    • Cyan Yeti Welcome! You set your target and goals. There is no right or wrong!

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  • Checking in for February. While I paid larger amounts towards the credit cards, I realized that what I have to give them is only what was budgeted for other categories and paid with a CC. So I'm not counting that amount here, as it really doesn't pay anything off. I added up my auto loan payment, the amount that I budgeted toward CC interest, Daycare, and Student loan payment. I know I won't get all 70k down this year, but using what the tracking info for this year will help me budget the following years. Also, the next couple months I can expect my yearly raise, so that will help give more momentum here as well. Man this looks bleak, lol. 

    Like 5
    • Cinged Paying off new charges and preventing new debt is still a win! Preventing new debt gives you room to eventually tackle the old debt. Don't be too hard on yourself - you're moving in the right direction!

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      • Cinged
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      Checking in for March. Taxes came in, woot! Used majority of it to pay half of daycare cost, $5k. paid off one credit card $456.99. Continuing to pay rest of debts as scheduled, of course, $260 (minus interest means really paid off $177.29) to car payment and $35 to student loans. I discussed daycare bill, with my new work schedule we opted to change from full time to part time care, so that reduces my monthly bill by roughly half; however recertifying my student loan repayment may end up tripling that bill. I have been thinking of getting a super part time job, like 6-10 hours a week to help bring in my income, so we'll see how that goes.  $5669.28 paid off this month so far. :D

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    • Cinged Love those tax return windfalls!

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      • Cinged
      • Cinged
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      Cinged Checking in for April. Received the stimulus deposit. I budgeted majority of it to my highest interest CC, but then sat on it for a while before actually making the payment. I ended up pulling a little bit from it, some entertainment and food, but I think it was worth it. Mario Maker 2 has some Cooperative features, so my kids and I can work together to build things while we're in the stay home order. Overall put $977 to said CC, and while I haven't been to the daycare for a long while due to all these crazy COVID changes, I have put some away to pay it when we return. I'll add that money it's actually been paid. $177 went to the principle on car loan, $35 to student loans and $25 min payment to another CC. Overall $1214 more went to debt payoff. Woot.

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      • Cinged
      • Cinged
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      Faness I just realized I never said thank you for that.  No new debt is a win for sure!

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    • Cinged No worries! Glad you're chugging along! It sounds like you put your stimulus check to good use (I'm excited to see what masterpieces come out of Mario Maker 2)! :)

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      • Cinged
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      Cinged Checking in for May, just a couple days late. So for my auto loan, they make you do recurring payment, not the normal auto pay, so the payments aren't linked to the bill I receive. Apparently, I learned yesterday, that recurring payment that was set up had ended in April. So even though I still have a loan and a due date, the payment never came out on time. I don't think I'll get any fees, I was notified only a couple weeks later and I made a payment, but you'd think they'd send an email reminder or something stating it was going to end!  I talked to a rep as well, and she had me make a payment for March's bill in addition to me re-setting up the recurring payment. She said the new recurring payment won't come out until the due date on the 15th, but I now have two pending transactions for the same amount. So yay for misinformation! Other than that I splurged on a new gaming chair (back started to hurt with old chair and I work 10hr shifts from home). I DID tell amazon to have it paid in payments, but apparently it didn't get the memo and took the whole thing out at once. Either that or it can't do two different transactions on a payment basis, since I bought new amazon fire tablets for the kids on payment schedule. So while that was only $152 more than I was expecting, my plan is allocate an extra $25-30/m x6 months to that CC to pay it off plus a little extra. I'm also trying hard to not just go and splurge on roller skates for myself and the kids, about $30-60 each. And I also found out that due to CARES I have no student loans for the next few months too. So while I gave some money to CC, it was to prevent new debt (which is great but it's not paying anything down). So I feel like just increased my debt by that $150 in May, and didn't really get anything paid down. Some months are like that, I guess!

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    • Cinged Some months are like that. I have found that sometimes when I try to do something nice for myself, I end up with a little extra, so it's a double stretch to make it work. I'm getting better about it, but it still happens. The longer you work with the system the less those glitches are an issue. It just takes a while.

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  • Hi everyone, checking in for February! We get paid biweekly so I鈥檒l probably end up doing 2 posts a month to update. So far have been able to pay of $344 on the visa in addition to not adding anything more to the visa debt. I expect we should be able to pay another $300 to the from the paycheck at the end of the month. Which actually means we might be ahead of the game. Yay! As a new ynabber I鈥檓 feeling so much more in control since I started using this software. I cannot stop recommending it to people! 

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    • Glad to hear you're feeling more in control of your money, Stephy T !

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  • Hi there. This is hard to write about!! Non mortgage debts are heavy for me. I鈥檓 the sole income earner in the family, and we have a toddler and a new baby on the way - due in April.  Endless to say, saving for and being ready for a bit of maternity leave has been a challenge. I鈥檓 a family doctor and generally, the pay is good, but being part time brings us to a more difficult place which is why I reached for ynab. I friend it several times before but was  not getting it and never had time. Now I do! 
     

    Non-mortgage Debts: credit card is at $1,600; RV Loan is at $60,000 and line of credit (from medical school) is at $102,000!! Totalling around -$164,000. 
     

    in this year of working less and having a baby I want to start paying this down. 

    I have some ideas to get started - selling our old trailer that鈥檚 paid off, and selling some ski gear to find something to kickstart debt repay one to. Maybe picking up extra jobs. 
     

    I have no idea how this will go but I鈥檓 going to start with a goal of $20,000. I may be conservative but if we get momentum I hope to re-evaluate that goal. 
     

    good luck!! 
    vivianmichael. 

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  • I鈥檝e been throwing every dollar past my true expenses, buffer, and $1k EF to my debt, and with an unexpectedly high tax return, my car loan will be down to $4,538.40 and my other loan to $2,990, and I鈥檒l be on course to pay off the car in May and be debt free (except mortgage) by July. 6 months ahead schedule! Seeing the Net Worth report has been really motivating by the way, for others out there. And the website unbury.us where I tweak the numbers of how much I pay and see the time to debt-free go down even with a little more per month. Hope it鈥檚 helpful!

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  • February Check-in:

    I've finally started to colour in the Debt Thermometer!

    This month was a bit hard as I have just moved to a new job and was paid less than I was expecting (I had to take a day's unpaid sick leave) so I had to adjust my debt payoff plans a bit so that the rest of my budget could be funded. However, I found that if I reduced my biggest overpayment by 拢100 this month, I'd only need to put an extra 拢20 a month for the following months to guarantee I'd clear the debt before interest.

    Total Paid off 2020: 拢1,238.16 (5.72%)

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  • Hello! I have two paychecks each month, so maybe I'll check in twice just so I feel more proactive. So far I paid $575 towards debt this month. I expect to pay at least 200 more, but we'll see what I can squeeze out. One thing I notice in myself is impatience and frustration that I can't do this faster. But my spare money after bills is simply not large. It has to add up slowly, and I guess I just have to be patient about it. One positive thing-- my union finally negotiated a wage increase, and management has FINALLY given us a date for the raise and backpay we are owed. That money is unencumbered and I can use it for debt smackdown. March 12th is going to feel fun. But right now I'm still slowly plodding along. Slow and steady wins the race?

    Like 7
    • Turquoise Wildebeest  Each step brings you more breathing room. The debt (likely) didn't accumulate overnight, so don't be too hard on yourself for that slow & steady pace. I think you might find farfromtheusual 's journal really inspiring for showing that progress over time!

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    • Nicole aww, thanks Nicole!

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  • Tax returns are dropping.... I'm just waiting to find out how much new tires are going to cost so that I can make SURE I can pay off the float before I make that payment. I'd rather not slide backwards by accident. I can't wait!!!!

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  • Hello! :waving: A little late to the party, but here goes!


    I have 拢30,420 to pay off... I thought we were making progress last year, then we moved house and it crept back up. I saw that the total went over 拢30k and I've been hitting my head on the desk ever since. How could we be so stupid?


    Our target is to pay off at least 拢10k this year, using the avalanche method. Our biggest barrier to paying off more than this is our children and the unexpected expenses that come along with them!

    Good luck everyone!

    Like 4
    • Blue Sander It's never too late to join the Debt Smackdown - we're happy to have you here! :)

      Debt can be a silent enemy - but now that you've created a plan to get rid of it, you're already a step ahead!

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  • February check-in. All accounts are current and any large purchases we made were paid for in full. That means no new debt was added while managing to pay an extra $400ish towards our previous debt. Getting a small refund from the IRS whenever the last 1099 comes in, despite my best efforts to make it a $0 refund, but that amount will be going towards our debt as well.

    Like 3
    • Rhei I don't like loaning the government money interest free... but in my mind a refund is better than having to come up with the money from somewhere!

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    • Rhei We had an unexpected change in our tax situation, so instead of being close to $0 (I was proud of being within $100) we're getting a rather large refund this year. All the better to pay debt with - is what I keep telling myself. 馃槄

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  • YALL!!!! I just hit the submit button on the payment for my Visa!!! I can't remember the last time that was at zero. It's always crept back up every time I've gotten it to zero, and I'm so tired of it. The goal this year is to KEEP it at zero now! I believe that's more possible right now than has been since my income has gone up a little bit (and I'm aiming for another raise to boot).

    Visa -  $1167.73      $1167.73      $ZERO

    MC -       $656.46       $61.00          $595.46

    Total - $1824.19     $1228.73     $595.46

    For some reason the debt tracker was a little bit off of what my total was, it was actually higher somehow, so I corrected that, and now it says I've paid off 72.11% of my debt! WAHOO!! The other card will get paid in $61.00 chunks until it's paid off in December. Then I'll be back next year in the smackdown to eliminate my truck payment. I'm looking forward to playing with undebt.it at the end of the year to see what kind of impact I can have on that. I said I'd pay it off early and so far I haven't been able to make any headway in that. I'd love to get a fat enough raise that I can start now, but I won't count those chickens yet.

    WHEW. What an emotional roller coaster. It was pretty scary to actually hit submit on the payment. But it's DONE!

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      • Violet Drill
      • Violet_Drill_0bf6fcf19d
      • 4 mths ago
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      farfromtheusual YAAAAAYYY! I said yay in your journal too, but feel like congratulations are in order here as well! It is an incredible feeling to have a card that you've carried balances on finally be at zero, right? I was worried that I would slip back into old habits with mine, but honestly, I'm still getting just as big a kick out of seeing that $0.00 balance as I did when it first happened back in December, and that feeling is a great motivator. Great job!!

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    • farfromtheusual Yes!!! 馃帀 Congratulations! You've worked so hard for this.

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    • Violet Drill Nicole  Thank you both so much!!

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  • Like some others, I get paid twice a month, so I'm going to play around with doing an update per paycheck (because it's more fun that way!).  With my 2/14 paycheck, I paid down $1388 of debt (principal only), including an extra $200 toward my student loan, which is what I'm trying to pay off first.  That brings my total debt payoff for 2020 to $3503!  It REALLY helps to see that progress.  

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  • February Check in:  Pretty much the same as last month, I paid $2,853 towards debt.  Here's the breakdown:

    Mortgage: $1091

    Truck: $600

    Visa: $1162

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  • February Check In

    I paid another $248.62 towards my principle and $71.38 in interest. Total payment $320. That means that I found an extra $20 to put towards the debt this month. With how tight my budget is, that feels pretty amazing. Put money aside for all of my true expenses, added a category so I can start swimming and put $20 in it, put $20 into my emergency fund, and even put $3.33 towards my summer holiday. That $3.33 felt like such a victory. I even had a surprise vet bill that wasn't a big deal because I had money in my vet category. I may be plodding through my debt but I feel like I'm getting to a point where I'm off of the debt cycle every time something comes up. Age of money: 22 days - gained a day this month.  

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    • I've also been in a no spend month. I've tracked the things that I have been tempted by and the couple of things I did buy. A new bujo cost me $30 (mine is almost full so this is something that I "needed") and a shampoo/conditioner bars sample cost me $10 (I have been looking for one for a long time but these ones were also not to my liking). What I haven't spent adds up to $70 so far this month and it's only the 18th. I am going to continue tracking this next month because not being impulsive is a challenge and it feels good to see the pitfalls I've avoided.

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    • Purple Henry Those extra bits really add up! And you're balancing that, with your True Expenses and some fun too, which is great so you don't burned out. Do you have something in mind for the summer holiday?

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    • Nicole I'm thinking a week long drive through BC. I've done it before and it is so relaxing. There's also a flyball (dog sport) tournament in Regina. What I get to do will depend on my tax return. 

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    • Purple Henry I'm also a BuJo person - have been using books from the local stationery warehouse, but they no longer sell the ones I want, and I can't find them online. I've been toying with using an online publisher to design my own now that I have some kind of format (I'm on my 8th book now, so beginning to see what works really well for me) and don't have to spend so much time drawing lines - my budget doesn't stretch to the 'official' version with the squares. For the shampoo bars, we have a few local companies that sell kits to make your own (https://www.gonative.co.nz/shop/DIY+Kits/Hair+Kits+%26+Packs.html) - perhaps you can find something similar near you that may be cheaper than having someone else make them.

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    • WairereRose Who are you looking at to make your bujo? The one I purchased is a leather cover that is refillable.  I went with this one (https://www.aliexpress.com/snapshot/0.html?spm=a2g0s.9042647.0.0.ee094c4dXt2MJ7&orderId=8010450119274920&productId=1000005608214) because it's slightly cheaper than the similar product on amazon. I'm hoping that the quality is similar. My theory is that it's cheaper than the Scribbles That Matter book (what I'm using currently) so if I hate it, I can switch back once I fill it up. 

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    • Purple Henry I believe LuLu and places like that do self-publishing. I have no idea what the quality would be like, or whether they'll do the elastic strap to hold my pen in (LOL). I am using basically the same format now with roughly the same number of pages, my habit trackers I keep at the back (since the habits I track change I'd still have to write those in, but the boxes could be pre-printed for me), and my daily journal I would have to fill in the date/month, monthly would have to fill in the month/year - but they can be pre-named for those events. I'm getting around 7 months in each one consistently, so a few blank pages in case there are any odd-ball things, but otherwise set up for my usual habits. I haven't got that far down the project yet, since I'm still fighting with Publisher to let me put squares on my page...

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    • WairereRose That is very cool. I don't know if it would work for me. My favourite part of the bujo idea is that I can turn to the next page and do a brain dump or write down what I need to remember from a meeting or detailed phone call. I also like changing the colours every week. I'm just starting to experiment with the ideas of weekly spreads so I'm not sure which one I like the most yet but I've decided that I like them better than just starting with a blank page every day. 

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    • Purple Henry yeah, definitely keep experimenting and drawing. I have - NO - artistic talent, and such a heavy commitment load at the moment that drawing even for relaxation (which I used to do and enjoy) isn't even on the table right now. My BuJo just keeps me sane one day at a time for now. Perhaps one day in the future I'll go - you know what? I need a 'just draw something' page in here once in a while - or maybe I'll put it on a line in the daily and do it somewhere else. Probably not this year, but you never know.

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    • WairereRose That's a fantastic idea! Keep us posted. I'm a creative person, but the time investment of having to draw my own layout was the #1 detractor to bullet journaling. 馃槀 I use a planner to organize my day, but have other crafty hobbies.

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    • Purple Henry YAY! Those are all huge wins, even the $3.33 (looks lucky to have all those 3's!)

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    • WairereRose I understand the crazy busy thing. I squeeze my layouts into spare moments at work -  I need something to do on my breaks that lets my mind relax. That said, I'm not super artistic so my journal is colourful but very minimal. Straight lines for charts are about as far as I get although I am trying my hand at fonts.

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    • Nicole I have tried every planner that I could find but they never have enough space in the right spot and too much space in a spot that I don't need and no random extra room for a thing that I want to track or that note that I can't lose. A minimalist journal doesn't take much time to keep running but lets me make sure I have the right amount of space in the right spot to help me be effective.

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    • farfromtheusual Thanks. I'm still celebrating it even as I'm waiting for my paycheck to be able to go grocery shopping.

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    • Nicole I'll do my best to remember when I finally get round to it. Could be a couple of months as it hasn't hit my "urgent" filter yet and there's a lot on right now.

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    • Purple Henry I have some pens I can write very untidy calligraphy - that and the lines for my habit tracker are about as fancy as I get. Even that takes more time than I have at present - but I can type fast and would only need to copy/paste once I figure out the program.

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  • With small additional payments on my loan, I've got it down by $639. So that plus the massive paydown at the start of the month on my credit lines, my total for February is $11316.

    Even with non-planned vet bills, I haven't added anything to my credit cards since they've been zero so far, it's only been a few weeks, but I'm still calling this a victory. I'm worried that'll change as a family emergency came up today, but I'm trying my hardest to roll with the punches and move things around to figure out how to cover it and not add any debt to my life.

    Age of money is 16 days. I actually have some savings for once but I don't want to touch it at all since I need to move and that was earmarked for my deposit. We'll see how it goes. Juggling the goal of debt is not an option with touching these funds is not an option is pretty damn tough though.

    I'm also worried now that I've down such a huge paydown this month that I'll be discouraged next when I can't match that amount at all, but keeping in mind, everything helps and there's still a good amount of time left in the year to do my best at cutting out the personal loan from my life. 

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    • Green Cleric Woohoo! I like to think of the "big" months as getting ahead. There is no such thing as normal month. Some payments might be more or less, but you're getting closer to that goal!

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    • Nicole Thanks! Yeah, need to keep that mindset in mind. Everything helps!

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  • To quickly find your line in the spreadsheet, use ctrl+F (or command+F on a Mac) it will open a search bar and you can type in your name.

    Like 8
    • Nicole thanks, Nicole: I have done this several times; it's not showing up and I think my YNAB line name has been overwritten by someone else. Whom should I contact to restore my line and data? Thanks

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    • Lavender Snow Oh no! I'm sorry to hear that. There was some funny business at the end of January with the spreadsheet. Can you please send Veronica  your numbers, and we'll see about getting you re-added. Thank you!

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      • Cinged
      • Cinged
      • 1 mth ago
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      Nicole  Just an FYI I do this every month and it doesn't find my name in the comments, just the top right corner. The last couple months after having the page open it automagically find it eventually, but this month it's still not finding my previous comments.

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    • Cinged Are you searching on this thread, or the Debt Smackdown spreadsheet? The thread does get long as time goes by, and everything might not be loaded in your browser yet. I've seen the same thing!

      You can click your name in the top right, then on View profile. On the My Posts tab, it may be easier to locate those. Let me know how it goes!

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      • Cinged
      • Cinged
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      Nicole  I forgot about that option! And I'll probably forget next month too, there's just been so much going on. Thanks for the reminder, that does work!

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  • February check-in:
    $1190.56 paid towards debt. 
    $372.99 towards my federal student loans. Balance is $118,783.90.

    $600.00 towards my private student loans. Balance is $2841.47.

    $217.57 towards my husband's student loans. Balance is $2244.13.

    The private student loan will be paid off in June, then we will move that six hundred to my husband's student loans. 

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      • Ruth Elizabeth
      • Soil Scientist
      • Sapric_Histisols
      • 4 mths ago
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      Ruth Elizabeth 
      I'm threading my updates so they're easier to find in the future. We have all our March payments budgeted but haven't made any yet. It looks like we may need to reduce the size of payment we make in April and May, but we should still be able to meet our goal by December.
       

      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)

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      • Ruth Elizabeth
      • Soil Scientist
      • Sapric_Histisols
      • 2 mths ago
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      Ruth Elizabeth 
      This check-in is a little late since we wanted to make sure everything was stable with jobs before we sent extra payments towards debt.
      March check-in:

      We paid $1,190.56 on our three student loans. Our federal loans are in forbearance, due to the CARE act. We're planning on continuing to make payments as long as we are able. We want to pay off my husband's loans before the end of the year and I want to continue to add to the number of qualifying payments I've made towards my federal loan. 

      $600 towards the private student loan which now has an interest rate of 10.42% due to the fed lowering rates. Balance is $2,132.68.

      $372.99 towards my large federal loan that currently has an interest rate of zero. I'm hoping we'll catch up on some of the outstanding interest during this time so we can actually pay down on the principle. Balance is $118,794.84. Notice how we've paid $1,118.97 towards this loan since the beginning of the year and we now owe $150.37 more. Sigh.

      $217.57 towards my husband's federal loans which also have a zero interest rate right now. Balance is $2,129.64.

      If we are able to continue at this rate my private loan and my husband's loans should be paid off by October.  

      Like 3
      • Ruth Elizabeth
      • Soil Scientist
      • Sapric_Histisols
      • 2 mths ago
      • 1
      • Reported - view

      Ruth Elizabeth 

      We made some changes to our payment plan since my federal loan is in forbearance and not accruing interest right now. Also, this time still counts towards payments made for federal loan forgiveness, even if we aren't making payments. So, we're using that money and making extra payments towards the other loans. 

      April check-in:
      We paid $1,190.56 on two of our student loans. 

      $972.99 towards the private loan. The interest rate has fallen to 9.94%, so that's exciting. Actually, what's exciting is how close we are to paying it off completely! Balance is $1,316.99.

      $217.57 towards my husband's federal loans. Balance $1,979.64.

      Federal Loan balance is still $118,794.83. 
       

      Like 1
      • Ruth Elizabeth
      • Soil Scientist
      • Sapric_Histisols
      • 1 mth ago
      • 2
      • Reported - view

      Ruth Elizabeth 
      During May we used the payment we would have made for my federal loans towards my private loan again, which means we were able to make an extra payment of $372.99. That puts our balance at only $354.21, which means it will be completely paid off in June and we can then make an extra payment towards my husband's student loans! We're hoping to get his paid off in July. 

      May check-in:

      We paid $1,190.56 on two of our student loans.

      $972.99 towards the private loan, balance of $354.21. Yay!

      $217.57 towards my husband's federal loans. Balance is $1,591.42.

      Federal loan balance is still $118,794.83.

      Like 2
  • Hi all

    New year, new mega mortgage amount 馃槬

    The mortgage is our only debt at $640,000 on 1st January 2020.

    Goal is to pay $40,000 off in 2020. Actually, $40,001 so it's under $600k LOL This is definitely a stretch goal so wish me luck! 馃檹

    January 2020 check-in (line ID #370):

    $2,847.00 paid off principal

    Like 7
    • Final repayment for February will be made on Thursday which is the regular weekly amount so I'll post my update now. Due to DH's tax refund and extra payments we have made good progress this month. Sadly won't be this good again this year.

      February 2020 check-in (line ID #370):

      $10,358.32 paid off principal

      $1,515.57 paid in interest

      $626,794.68 balance owing

      Like 4
    • Thought I'd post this photo of the roos in our campsite on our last camping trip a few weeks ago so I can easily find my posts as this thread is getting looonnnggg 馃 

      Like 5
    • Aussie Beachlife ahhhh so super cute!!!!!

      Like 2
    • Aussie Beachlife Between these kangaroos and the sea turtle in your profile picture the animal lover in me is ecstatic!

      Like 2
    • Final repayment for March will be made tomorrow. Nothing extraordinary happened this month to our finances fortunately given current world crisis!!! We are still employed (DH is emergency services and I'm essential services) so we continue plodding along. Stay safe everyone!

      March 2020 check-in (line ID #370):

      $3,184.43 paid off principal

      $1,421.73 paid in interest

      $623,610.25 balance owing

      Like 4
    • Monthly interest was applied today. This will be the last time the monthly interest bill is over $1400 as our interest rate cut kicks in. We still have 2 more regular repayments to be applied for April but I'll check in now. Looking forward to May where we have a 5 x weekly pay month 馃

      And in keeping with the Native animal theme here is a photo of a Koala and her joey in the wild (they are quite common in the area where we live)馃惃

      April 2020 check-in (line ID #370):

      $2,946.06 paid off principal

      $1,453.94 paid in interest

      $620,664.19 balance owing

      Like 4
    • Aussie Beachlife 馃槏 So cute!!!

      Like 1
    • DH got paid for some overtime he worked that we weren't expecting to recieve the payment this month so YAY!馃槃 I put some towards some annual bills and paid $500 to the mortgage. 

      April 2020 check-in (line ID #370):

      $3,446.06 paid off principal

      $1,453.94 paid in interest

      $620,164.19 balance owing

      Like 6
    • May 2020 check-in (line ID #370):

      $620,164 April opening balance

      $2,924 paid off principal

      $1,326 paid in interest

      $617,240 balance owing

      Like 1
    • June2020 check-in (line ID #370):

      $617,240 May opening balance

      $3,527 paid off principal

      $1,343 paid in interest ($43.33 per day)

      $613,713 balance owing

       

      Mortgage term 30 years (January 2050)

      Current projected term remaining 9 years 2 months (February 2029)

      Like 2
  • Hey Everyone! 

    Since the sheet is so huge now I wanted to share a top tip to quickly find your row - if you bookmark the link somewhere in your browser, you can add a cell reference to the sheet to quickly focus on your own row.

     

    By adding "&range=[yourRow]" you can jump straight to your line in the sheet.

     

    E.g, I am on Row 6 - so my link is this.

     

    https://docs.google.com/spreadsheets/d/1NzAKcA1i9j3QTPAd_NpdJHYQ2rvTYJRUxf173sEXKRU/edit#gid=0&range=a6

    Would take me straight to my cell. If you change the number for whatever Row you are on (that's the google row number) it will always take you there :) 

     

    You can then bookmark that and you're good to go. 

    Like 15
    • BritishMuseum Fantastic tip! Will pin this to the top. 馃檪

      Like 1
    • BritishMuseum Thank you SO much!

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

      BritishMuseum brilliant!

      Like
  • Oh, and question for non US users - are there any currencies you'd like adding to the list?

    I was about to go and *all* of the ISO recognised currencies but quickly realised that was a big job!

    Let me know :)

    Like 1
  • Really disappointed that I have to lower my monthly payment back to the minimum, but with the new Tax Code in effect, my federal withholding is going to cost me $1,500 in taxes for 2020 if I don't increase my paycheck withholding amount. I received a raise this year and I'm actually going to take home less money now. What bunk.

    So I can't afford the higher payment to pay off my debt quicker. C'est la vie I suppose. 

    Like 3
    • Salmon Banjo Oh man, what a bummer. I've had that happen where a raise got completely eaten up by taxes :( That's so disappointing when that happens!

      Like
  • Checking in for February! Managed to keep my payment consistent and put another $1,050 towards my two student loans, another nice extra chunk over $751.97 total minimum payment for the two of them. I was really hoping to put even an extra $50 more towards them, and pre-YNAB me would have totally just done it. But having learned to give those dollars jobs and to roll with the punches, I realized that this month just wasn't the month to do that, as those dollars had jobs to do elsewhere. Maybe next month I can bump it up, but ultimately if I can at least keep this current level going, I'll still be making great progress.

    Like 5
  • Send help. Going on my 23rd no spend day, because there's nothing to spend. And, also, nothing with which to pay bills. Being able to vent rather anonymously here is great. Entrepreneurship is truly like this sometimes, but it IS THE PITS. Hopefully we are one of the 20% successful second-time entrepreneurs. 

    I now understand the HIGH divorce rates among entrepreneurial people. The level of narcissism it takes to keep going when everything is going against you is much higher than the average person's...for better or worse, we're all a little narcissistic.

    The budget is still here. It's not happy. It's very red and irritated, but it's here. Hoping we will scrape together enough to pay the rent and the kids' tuition next month, but at least I can get to work.

    We are learning to live on very, very little and its actually exciting to realize that other than our very high fixed expenses, we don't need much!

    Like 5
    • Slate Blue Vacuum I feel your pain!!! I've been on an entrepreneurial journey now for the past 7 years, and while I wouldn't trade it, it is HARD. And very few people really understand what it's like. And so often when you tell them you're starting your own business it's met with resistance and repulsion. Kudos to you for sticking it out and really making a go at it. (and yeah, it does require a certain level of narcissism and believe in yourself above all else in order to make a go at having your own business, which is why so many people don't. I'm still finding my unshakable foundation, and some days it feels like it's nothing more than quicksand. And if it makes you feel any better my business budget is separate from my personal budget and it's UGLY. A lot of months it's really, really ugly, with way more orange over spending than green funded categories....)

      Like 3
      • Slate Blue Vacuum
      • Trying to ignore the Joneses
      • Slate_Blue_Vacuum.5
      • 4 mths ago
      • 2
      • Reported - view

      farfromtheusual Yeah, we can't have the budgets separate anymore because this new business isn't off the ground at all other than having an EIN, name and bank account. There is no capital at all, it's all personal. It's nice to know you're in it too! The first journey was great and, to an extent, it's still going, but it wasn't scaleable, so it made sense to look for something that was in addition to it. Orange would have been a nice start, it's all red now. We've been in this downward cycle trying to save the last business since 2016 and now we're trying to keep the old one on life support while we launch the new one. It's tough, but I wouldn't know where to start without YNAB.

      I'm so glad there's someone who gets it! I hope that you get yours funded and rolling too! 

      Like 2
    • Slate Blue Vacuum Ugh, that's ROUGH! I hope that you get some income flowing in again soon!! Our landlord was a multimillionaire (likely billionaire, who knows) who owned real estate. We once asked him what his best business advice was and he said you've got to to be willing to loose sleep over it. I was like oh dang.

      Like 1
    • Slate Blue Vacuum Also trying to get a new business off the ground - I hear you there. At least I have that little bit of extra support coming in.

      Like 3
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 4 mths ago
      • 1
      • Reported - view

      Slate Blue Vacuum Sending so much positive energy your direction. I'm just now recovering after my first business failed 2.5 years ago, and not due to finances, but due to not being able to hack it emotionally. A different sort of being in the red! If you can keep the energy up, you have won a huge battle! Rooting for you!

      Like 1
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