Hot Pink General I'm right there with you in the 'doesn't look like much but is HUGE to me category', and mine is even lower than yours is. Debt is debt, and when your income is low that makes it even more challenging to eliminate. You'll get there, though!

Hot Pink General  its a pain to have debt no matter the number! Go get it and have a great and successful challenge this year! Make 2020 great! 

Sea Green Griffin Glad you're here!

Violet Storm YES! May we all have lucky zeros in 2020!

Bearours Any step in 2019, whether it be forward progress or simply a new perspective on your debt will have set you up for success this year! You've got this!

Silver Router Welcome to the forum and the Debt Smackdown (and the Debt Bootcamp)! I'm happy you're joining us this year! :)

Turquoise Porpoise I can really relate to the issue of being so close to the wire that there just isn't money to fund the debt. So hang in there and keep working with YNAB, it gets better, even if the debt pay off is way slower than you'd like!

Turquoise Porpoise As long as your making more than 0 extra payments even if it is £1 more than the minimum you are making progress! Every penny is better than nothing. 

Line #79 😊

M K I'm dreading the braces, and I know at least one of our three will need them in the next year or two 😭

Veronica 

Yep, oldest kid has done expanders and the orthodontist said he needed 5k of braces after.  Haha, as if!  I can't tell that one tooth is 1mm lower than the other one or the canine tooth is rotated 15 degrees.  I'm going to save my money to take care of my middle kid's buck teeth first, thanks.  Teeth have their own category and savings goal in my budget right now and for the next 5 years, maybe more.  We'll see.  After everyone gets expanders if they need them, then we'll decide (with kid input) if more orthodontics are necessary or wanted.  I'm not pushing if not medically necessary once there's enough room for their adult teeth.  

Ruth Elizabeth great goal! You can do this 🤛🏽 

Ruth Elizabeth You can do this! I read a book about written by someone who had a zero spend year and lived off one income. It was a little extreme but once you start cutting out the fat you don't need, you probably won't feel too hard done by. :)

Tomato Moose You CAN do this! I hope the provider drops the bill, that would relieve some stress for sure.

Tomato Moose Ah nothing worse than that feeling, I fell off the YNAB bandwagon so much that the bandwagon doesn’t even bother coming to my town any more 😊 however don’t let feelings like that discourage you! You have made the effort now of getting yourself a line and you recognize your priorities and are willing to attack them debts through a snowball! That’s great! Keep your chin up

Tomato Moose So sorry to hear of your ER visit! I am glad it wasn't something worse though, while you don't want the bill, it would have been equally bad to find out that it was something that would need a lot more care and cost a good deal more, too!
You've got this!!

I was thinking along the lines of farfromtheusual , what a blessing that the explanation was so mundane.  Your experience also has me re-assessing my medical/dental category savings goal.

Tomato Moose Preventable debt is so frustrating, but paying it off feels great. Glad to hear that your health scare was easily treatable. Fingers crossed that the bill is reasonable!!

Yoohooooooooooo you got this!

Krys HappyDance farfromtheusual Keith Veronica Thank you so much guys. Your messages keep me going 

Keith I definitely think you have that extra 2% in you for 2020! :)

PhysicsGal It sounds like adding that balance of savings & debt payoff will help you feel more secure in 2020 and that's a big deal. 

Green Inspector Excellent! Will you start the snowball with CC1?

Veronica  That would be the smart thing, but I'm so tired of my car payment and I hate interest. So I'm starting with my car loan.  It should be paid off in Feb. I started accelerating payments in October and January is a 3 paycheck month, woohoo. 

I am  counting on a bonus I haven't received to address CC1 before the interest kicks in, I know, I know 😄.  Worst case though, no bonus and I use my emergency fund. It wouldn't take my entire emergency fund and I can pay myself back with the snowball.

Green Inspector I'm also in the 'don't pay any more than you have to if it's not costing you any money' camp, so I hear you there. It will save you more to pay the ones with interest first, which means that you can pay off the zero interest faster once the others are out of the way!

Can't find my Jan update so I'm just going to add on to my original comment.  

Feb check in.

Missed my goal this month to not add new debt. However, the balance transfer is now complete. I decided to payoff my auto loan just to get it done. The money saved is going to replenish my true expenses. I had a few unexpected life maintenance things come up, so no snowball yet.  I do have additional income coming in March. Assuming everything goes as planned,  CC1 will be paid off. 

Auto:       $4,828/$4828 PIF
Fridge:   $120/$840
Mortgage: $100/$5,000 principle payments

CC 1 0% til April: $35/$2244 (+$1,111 to debt)
CC 2 0% til June:  $166/$746
CC 3 0% til 2021:  $50/$5000

Paid this month: $3204 Total Debt Paid: $5299/$18,658 (28% complete)

March check in

Staying on track to payoff my CCs before the intro rate expires. Still funding true expenses, but the snowball should start in April. This is assuming all goes expected job wise.  In these uncertain times, I struggle with aggressively reducing debt and saving to shield against an uncertain future.

Auto:       $4,828/$4828 PIF
Fridge:   $180/$840 
Mortgage: $150/$5,000 

CC 1 0% til April: $2244/$2244 PIF
CC 2 0% til June:  $186/$746 
CC 3 0% til 2021:  $50/$5000 

Paid this month: $2339 Total Debt Paid: $7638/$18,658 (41% complete)

April check in

I'm done with payments for April so here's my early update 😃

Priorities have changed so I am no longer trying to pay down my mortgage.  As such, I've removed it from my goals. Continuing along with the pay down of my remaining debt. Haven't decided on how aggressively to pay CC 3 vs saving. So CC 3 will probably roll into 2021, but it will be significantly lower.

Auto:       $4,828/$4828 PIF
Fridge:   $240/$840  (paid $60)

CC 1 0% til April: $2244/$2244 PIF
CC 2 0% til June:  $372/$746 (paid $186)
CC 3 0% til 2021:  $270/$5000 (paid $220)

Paid this month: $466 
Total Debt Paid: $7954/$13,658 (58% complete)

Green Inspector if someone is allowing you to borrow money without charging you for it, then there's no reason to push to pay it off early - unless it makes you feel good for some reason. But if doing so causes you to over spend and end up with debt again, then it's not worth it. I keep having to remind my BF of that when he complains that he's still got outstanding debt. If someone is loaning you the money for free USE ALL THE TIME they give you. No need to strain yourself unnecessarily.  And besides, even if you can fund it fully, if the money sits in YOUR bank account, it's building up a fraction of interest. If you pay it to them, then it's gone. That gives you the space to build up the savings so that you don't back slide on accident when an unexpected bump in the road happens.

farfromtheusual this is the exact explanation I gave my on is respect of the CANADA Apprenticeship Loan. Of course he has heard me say for years that debt is bad, we don’t do debt ((anymore), etc. So he decided he did not want or need the loan. But in light of what is happening with COVID19 I said he should apply. It’s $4000 per level 0% interest and no payments due until he’s completed his apprenticeship or 6 years, whichever comes first. 6 years!!!! 0% interest. No payments!!!  I said take it out and give it to me and I’ll pay it back LOL. No sweeter deal out there. I finally convinced him but now the application website is down with no answers as to when it will be back up. I said a similar thing to you. Put it in an account (tangerine is paying a promo 2.8% rate right now) as an easy access solution if things don’t go as he's planned.    

MXMOM Hmm, that's a thought. I'll have to look into some of these other options and see what else I can do.

farfromtheusual 

Yeah, it's more of a mental thing of wanting to get rid of the debt.  Like the fridge could be paid off, but it too is 0% until 2021.  I'm more inclined to do as you suggested for those exact reasons.I'm just impatient 😄

I recently opened a high interest saving account so I'll probably just stash money there. I have a payment plan in mind for the next 13 months that is doable as these other debts are paid off and my raise kicks in.

PS: it's Green Inspector, had a name change right after your response in case there was any confusion.

Boiler Room Minion Yeah, I hear ya on wanting it gone. I guess I've dealt with it so long that I'm ok being patient.

May check in +name change

It's the same ol' Green Inspector 4 here, just a little more personalized now.

Continued with payment plan. On track to pay off CC 2 by June.  I am not making any accelerated payments anymore as all debt is at 0% and I'd rather have cash on hand (thanks farfromtheusual ). Monthly payments for CC 3 will increase in June when additional snowball becomes available. CC 3 will be paid off by time 0% APR expires in 2021. Any additional money will go toward NMI and true expenses. I've never been buffered so this is my new goal. The additional pay check months will get me there quickly now that they are not needed for debt or unfunded true expenses.

I will not be debt free at the end of this challenge, but freeing up cash flow from consumer debt feels great. I am working hard to make sure all purchases, big and small, are funded before buying. I enjoy new things, but the feeling of not accruing the debt from those new things is better.

Auto:       $4,828/$4828 PIF
Fridge:   $300/$840  (paid $60)

CC 1 0% til April: $2244/$2244 PIF
CC 2 0% til June:  $559/$746 (paid $187)
CC 3 0% til 2021:  $380/$5000 (paid $110)

Paid this month: $357 
Total Debt Paid: $8311/$13,658 (61% complete)

Boiler Room Minion  that looks like a really solid plan!

June check in 

Since I am paying the minimum due, I've adjusted my 2020 goal to reflect what will be paid in 2020 and what remains for 2021.   I did end up adding some debt this month so the 2021 balance has increased.

With another card down, my snowball  will start next month. However,  I am only adding it to payment category. I will keep it in savings until the 0% ends in 2021 at which point I will send a lump sum payment to zero out the card.

PIF:
Auto: $4,828/$4828
CC 1: $2244/$2244 
CC 2: $746/$746 (paid $187)

Remaining:
Fridge 0% til 2021: $360/$840  (paid $60)
CC 3 0% til 2021:   $490/$5600 (+600, paid $110)

Paid this month: $357 
Total 2020 Debt Paid: $8,668/$10,228 (85% complete)
2021 Debt: $0/$4,030 (0% complete)

July check in 

Just plodding along. Updates below.

PIF:
Auto: $4,828/$4828
CC 1: $2244/$2244 
CC 2: $746/$746 

Remaining:
Fridge 0% til 2021: $420/$840  (paid $60)
CC 3 0% til 2021:   $956/$5600 (paid $200, savings $266)

Total 2020 Debt Paid: $8,928/$10,998 (87% complete)
2021 Debt (In Savings): $266/$4,030 (6% complete)

Purple Foal I've never had a loan with a maximum allowance on extra principal payments. While that may slow any extra progress, it makes goal setting pretty straight forward. You've got this! :)

Opal Freshness I love the goals you've made for 2020! I can't wait to see how much you accomplish! :)

Scarlett I'm happy you joined us in the support forum - Welcome! :)

Someone else took 88 so I’ve claimed 97.
 

My first comment was wrong because I forgot to include a debt. 
Here are my debts broken down:

Debt one: $288.54

Debt two: $551.60

Debt three: $9578.59

Total debt = $10418.73

I am going to annihilate these debts in 2020 and I hope to do that before the end of the year. 
In 2019, I paid $9537.32 on debt and of that amount $2107.67 went to interest. 🤦🏻‍♀️

Scarlett 

You're halfway there, well done!  And with half of it gone, the amount of interest it can accrue in the same time will be much less!

Are you planning on knocking the first two ASAP or are they a lower interest rate than the largers that you're targeting the big ones first?

Technicolor Cheetah 

Thanks for your reply. 😊

I’ll be paying the smallest debt first and then going for that huge one because that’s the highest interest rate and annoys me the most. The middle one is zero interest, I’ll be putting money aside to pay that off by July.

Scarlett 

It’s hard to keep up with all the posts here, so is it okay if I just reply to myself each month? I copied my January check in post so they’re all together. 
 

January check-in:
Debt one:  paid off completely (technically this should not have been included as it’s a credit card I pay off every month, but I was so cranky at myself for overspending in December, that I included the amount of overspending.
Debt two: $431.55
Debt three: $8611.90
Total debt: $9043.45
These figures are after the monthly fee on the second debt ($4.95) and the interest on the third debt ($133.31)
I lowered the amount I’m throwing at my debt slightly as I want to build up more of a buffer.  I’m moving across the country in June and although I have budgeted funds for this, I want to make sure that I’m covered for any unexpected expenses that may occur.  Along with this, I will be paying less to debt for February and March and more to my buffer.  This makes me feel less panicked towards life.
Total debt paid for January: $1375.28

Scarlett 

February check-in:

Debt one: paid off in January

Debt two:  paid off completely

Debt three: $8233.13

Total debt: $8233.13

I changed my mind about waiting to pay that second debt because I worked out that even though it was interest free, there was a $4.95 monthly account keeping fee and I had paid $99 in fees.  This annoyed me so much that I paid if off in full because I was an idiot for getting it in the first place.  I now own my couch.  I paid $436.50 to pay this debt off.

For debt three, I paid $378.77 after interest towards it.  It will probably be the same in March because I’m building up my buffer for my move, but after that, I’ll be paying more towards it.  I’m still on track to reach my goal of attaining debt freedom in 2020.

Scarlett You are definitely not the first person to pay off an account in anger, but I hope seeing that zero balance made you feel better! :)

Only one debt left to go - nice job! 

March check-in:

Final debt: $7841.14

I paid $391.99 towards the principle of my debt. I’ll be paying more in April and beyond to get rid of this once and for all.

Scarlett 

April check-in:

It's the last day of the month here and I can finally say I am debt free.  I crunched the numbers and worked out I can afford to pay this debt off completely.  It's sooner then I planned but it feels right to get this debt gone.

Final debt: Zero WOOHOO

Scarlett Congratulations!!!!

Scarlett Well done!!!!!!!!

Scarlett What an amazing jump!! Congratulations! I hope debt freedom is everything you've dreamed it would be!! 🎉

Scarlett That's incredible!! Time for a happy dance!! Put some money away to treat yourself when the world opens up again! :)

Scarlett Congratulations!  I can't wait until the day I can say those words.

Scarlett 

Congratulations!  Excited for you and your bright future.

Scarlett CONGRATS!!

budgetvirgin Living on less than half of your income is no easy feat. Don't forget to prioritize a little money to your own self care, whether that looks like a matinée movie with a friend or ordering a pizza every once in a while. You can do this and we'll be here to cheer you to the finish line!

budgetvirgin 

Your progress is amazing!

zoebby $15k will cut that total in half and that's going to feel so great! Good luck this year!

Quantum Jump Looking over my debt again, it looks like it won't be possible to completely get rid of the debt this year - I'm thinking of changing my goal to all of the rent arrears, and half of the loan from my 'rents, with a stretch goal of all of it. That'll give me some money to set aside for True Expenses, so I don't go back into debt as I'm trying to climb out. Thoughts?

Quantum Jump It's definitely a good idea to set funds aside rather than throwing everything at debt. It's a terrible feeling to go back into debt because everything was thrown at debt and there wasn't enough for an emergency or change in plans. I love stretch goals, because even if you don't fully achieve them you go further than you would have otherwise. :)

Quantum Jump 

I think that it's wise to fund an emergency fund, whatever that means to you  I also think it's wise to fund your true expenses, at least in part.  If you have a vehicle, you'll need maintenance some day.  You'll need small and possibly large appliances if your microwave/washing machine gave up the ghost.  Sometimes life kicks you in the teeth, so having both funded true expenses and an emergency fund is a good way to prevent more debt down the line.  Also, if you're moderately new to YNAB, you'll probably find as the months go on that your money goes further and you're better able to both fund your true expenses above monthly bills as well as have more money to throw at debt.  

Alright, I'm gonna change my goal for this year to all £4788.35 of my rent arrears, and £4362 of my other debts. Thanks for the advice! 

Quantum Jump I agree with the others, I think that's smart to be conservative enough that you can still handle life's punches and not end up further set back.

Hi Chelai !

Wishing you all the business success! 

By chance, have you seen our Using YNAB for Small Business workshop? I think you may find it helpful!

Offtopic: I love your avatar!

Faness Thanks for the tip,  I'll check the workshop out.
I'm using YNAB already to run our company budget. But I'm sure there's always more to learn and optimize.

The avatar comes from Lineage 2 artwork. It's an old MMORPG game. =)

Tomato Barnacle Paying off a debt early is extra satisfying! The payment you would have had to make in the following months feels so much sweeter.

Beki Alexi I brought in an extra $140.00 between cash back rewards and selling items around the house!  I used that to increase my personal loan payment in January!  

Beki Alexi Way to go.👍 I sold some stuff for $172 and i was debating what to do, put it in my emergency fund or apply that to my debt. I went with how each option makes me feel and i decided i will feel better if i apply it to my debt

Tomato Moose Thank you!  And great job too!  I decided that I'm taking myself and my son on a vacation this year (we haven't been on one in 10 years and he is going to be graduating high school soon), so I'm going to split cash back rewards and stuff that I sell 50/50 between a vacation fund and debt.  :)

Beki Alexi Awww that's nice. I am sure you and your son will enjoy your vacation :)

Beki Alexi I love that plan - you get the best of both by splitting those funds. I didn't realize how lucrative cashback offers could be - but they funded most of Christmas this past year. I hope you have an amazing vacation! Have you already picked where you want to go?

Faness I literally just learned about how to use and maximize cash back rewards! I had no idea they could be so much! 
 

My son and I are going to go to Los Angeles in April. I’m running a half marathon and then we will do touristy stuff for a few days.  I’m really excited! 

Beki Alexi That sounds like an amazing time! I grew up in SoCal and go back to visit when I can. Good luck on your marathon! I hope a beach is in your future afterwards! :)