Women in Red Racers - Northeast Region

[Rocky Mtn Saver]

Cris, you could try either using the old proboards formatting if you still have it, or building a table with the "insert table" button in the reply box. I find that using my excel spreadsheet with the old formatting works easiest. PM me if you want a template of it

[crisde2bdebtfree]

Update
Crisde2bdebtfree—3/16/2013—$15,859.73--8/31/2010 $16,834 NEU286) Long Island NY

Ok so here is my March update.  Slowly trying to getback on track with this debt— and I will, Things are getting better.  I will be starting back at the County April 5^thand I am so excited about that.  I have a few non racing debts that I have to work on also—being out of work a year and half really put me behind. Although I made sure to never miss a payment. Paying only min. and using charge cards because of lack of cash for food and gas really hurt me financially, but I am determined to finally take this race seriously.  My plan is have this race completed March 2016.  That is when My mortgage will paid off and I would love to be totally debt free. 

   

DEBT	LAST MONTH	THIS MONTH	CHANGE
MC	3245.36	3177.36	68.00
CC 1	5936.22	5870.97	65.25
CC 2	3265.74	3194.08	71.66
KOHLS	1667.32	1617.32	50.00
MACYS	2000.00	2000.00	0.00
BML	0.00	0.00	0.00
DELL	0.00	0.00	0.00
LOWES	0.00	0.00	0.00
TOTAL	16114.64	15859.73	254.91

[meltingdebt]

Update meltingdebt:3/16/13 $8,148.29 (1/1/10 $30,844.93 NEU 18)

 

DEBT	ORIGINAL BALANCE	CURRENT BALANCE	CHANGE
CABLE	$136.84	$0.00	(136.84)
CELL PHONE	$367.54	$0.00	(367.54)
CLOTHING STORE	$512.46	0.00	(512.46)
CC#1	$742.37	$0.00	(742.37)
CC #2	$1,168.00	$229.78	(938.22)
CC #3	$9499.62	$1,915.32	(7584.30)
BCC #1	$4818.91	$0.00	(4818.91)
BCC #2	$13,599.19	$6003.19	(7596.00)
TOTAL	$30,844.93	$8418.29	$22,696.64

 

Account	Original 1/1/10	Current Balance	Change
Savings	0.00	$15.02	$15.02
Emergency	0.00	$1.55	$1.55
Vacation	0.00	$55.79	$55.79
New Car	0.00	$642.88	$642.88
IRA	0.00	$1791.55	$1791.55
Total	0.00	$2607.29	$2607.29

 

PHEW!  I am glad February is over!  For the shortest month it seemed the longest.  I had a minor set back at the end of February beginning of March, which emptied my savings accounts.  Since I am still paying off some of my bills from my business that I closed 18 months ago (some I am racing, some I am not), I had to keep my corporation "open" to be able to deduct those expenses off of my taxes.  Since my business is still considered open, I had to pay $606 by March 15, to be able to file my corporate taxes.  Then there was a major screw up on my last paycheck:  I did not get paid for 5 1/2 hours of overtime.  Told my boss, and the only thing I heard was excuses. Screw ups happen, just fix my paycheck and give me my money.  UUUGGGHHH!!!  Just when I thought I was getting ahead...

[irishsob]

UPDATE:

as of 5/16/07 (1st post)	as of 1/31/12	as of 2/28/13
cc #1: $3,878.37	$0	$0
cc #2: $13,498.94	$0	$0
cc #3: $17,226.41	$20,894.50	$20,682.83
cc #4: $21,992.36	$0	$0
auto: $5,650.00	$0	$0
Total: $62,246.08	$20,894.50	$20,682.83
Monthly Change:	~	-$211.67
Total $ Paid-to-Date:	$41,351.58	$41,563.25
%-age Paid-to-Date:	~	66.77%

irishsob (N20): 2/28/13 $20,682.83 ($62,246.08 5/16/07)

All the Best!
IrishSOB

[Minnesotagirl7]

Head on over to the Midwest thread and congratulate Dreamer218 on winning her race!!!

[movinonup]

Welcome Lucy!

[bankergurl]

$100K List updated as of 3/19/13! $4,202.39 paid off in the last 2 weeks!
Welcome to Minnesotagirl7(3) from the Midwest!
One Leapfrog, pay-no-interest from the South!
Congrats to Teachermom#1 for getting under $130K!
Congrats to pay-no-interest from the South for paying off over $265K!
www.notmsnmoney.proboards.com/thread/11187/page/4/100k-club#scrollTo=1544582

[lark1964]

Glad to meetcha, Lucy! We're happy to have you!

[wudnit]

Welcome aboard Lucy!!! 

[mourningcloak]

Accounts	Start (1/10/11)	Last (1/9/13)	Current (3/23/13)	Change since last post	Total Change
PenFed Visa Gold	$5,824	$0	$0	$0	($5,824)
PenFed Promise	$461	$13,693	$14,134	$441	$13,673
SunTrust Auto Loan	$16,078	$0	$0	$0	($16,078)
PenFed Auto Loan	$0	$8,488	$8,000	($488)	$8,000
Mortgage	$143,050	$137,952	$137,282	($670)	($5,768)
PenFed LOC	$0	$8,559	$0	($8,559)	$0
Upromise Mastercard	$0	$4,912	$1,072	($3,840)	$1,072
Belvoir LOC	$0	$0	$13,500	$13,500	$13,500
Totals	$165,413.00	$173,604	$173,989	$385	$8,576

mourningcloak (Race 2): 3/23/13 $173,604 (1/10/11 $165,413 NPT5)

So I only went up $385 since January.  I can't decide whether to celebrate that this is all I went up or cry that it's not going down.  I just need to make it through this summer and hope furloughs don't happen or aren't as drastic.  We will see what happens.  Is it too much to hope to win the lottery without playing 

[chiver78]

I knew all of this was coming, but I was surprised to see my tax refund hit the checking account the same day as a regular paycheck AND my annual bonus. I actually took a screen shot of my banking home page, with a checking account balance of almost $13k

I'm not sure if I explained the abnormally large tax refund I got this year, in here, so someone please let me know if it's not ringing any bells and I'll explain it all. for now - very long story short, it's related to my mortgage escrow and some inaccurate tax reporting over the past couple years. this year, that resulted in a $4000 refund.....which will be going right back into savings, that's been getting depleted over the past few months as Murphy's been taking swings. 

so, with this expected "windfall" I took a step back and looked at my overall picture.
-I have two low-interest rates on old BTs that will just keep cranking along with no change.
-I have a 0% purchase rate on a card that I use daily in place of cash. I throw a couple hundred at it each month, but haven't paid much mind to totally paying off until the rate resets - in August, I called to confirm that today. that balance is ~$1600.
-I have a 0% promotional BT rate that resets at the end of this month, it was the cash advance I took around this time last year to do the quickie renovation to my townhouse so that I could list it for sale. I said I'd have the cash to pay that off when the rate resets.....and I do. but, after running numbers* I feel like it's a better idea for me to move that balance again. so, for a $195 transfer fee, I'm moving $6500 of the $8k I loaned myself last year over to an unused Discover card for 0% for a year.
-I paid off completely the two other cards that I have and use - the MC that I use when my primary Discover isn't accepted, and the AmEx that I've used a couple times in the last week or so after I paid it back down to $0. At this point, I think I will be switching back to using the AmEx for daily stuff and paying it off each month. I had let that balance build up a bit with some travel expenses, and had stopped using it until I could pay it back down. I prefer it over my Discover, but barely. we'll see.

*running numbers - with the chaos in my life last fall, my AmEx savings account had dipped down to $2200 from its high of almost $9k. between major car repairs last fall, the escrow clusterf*ck in January, and paying off all the last-minute trips I felt were important to my mental health and that of my dear close friends that live too damn far away....I just kept taking $ out of the account. better than adding to the debt total, I guess....but still.   in my opinion, it is going to make more sense for me to deposit the remainder of all that windfall cash into my saving account. I will bring that balance back up to where it was late summer last year. I will continue to pay down the newly transferred balance at the minimum payment (rounded up to the next $25) until the rate resets again, while I continue to sock away $ to that high-interest savings account. right now, I see more value to me to have those funds available in cash even while carrying a balance, because the real estate market is continuing to turn around. my property value is hovering at just over my payoff value, and it continues to tick upward every week. as soon as it's financially feasible for me to do so, I'll be listing....FINALLY! it just seems to make more sense to have cash available in case I need it during that process. that was my logic last year, it seems like it's still a good idea.

thoughts? am I nuts? I know I'm still moving shells around....but do the numbers make sense? thanks in advance

[nidena]

chiver78:  Makes total sense to me.  So few folks have/had a savings account six years ago when everything tanked that I commend anyone who does *now.*  Plus, it's not like you're spending like a fiend and buying a bunch of crap that you don't need--I take mental health vacations as often as I can. 

On a note for me...Only a couple months left on this, ahem, vacation.  Looks like I'll be celebrating Memorial Day (and my birthday) back in the States.  I've almost maxed my Savings Deposit Account--I'm somewhere over $6500 and the max is $10k.  I've got about $1800 from this paycheck and another $1000 that will be deposited on the 1st.  I'll make the final deposit with my Apr 15th paycheck and then not worry about the account until I return from deployment and make the request to get my money back.  It will have made only a couple hundred in interest but I'll take 2.5%/qtr over .2%/mo.

I ran a debt calculator on bankrate in order to see what my plan of attack should be for my three debts:
CC          4% til Nov     $5600 (monthly payment varies cause I overpay in one month and it carries over for a couple more)
Truck      3.99%           $11000 ($213/mo)
HEL        7.99%            $31000 ($306/mo)
And bankrate suggested that I take the $2000/mo that I can work with and pay off the HEL then the other two and that should have all paid off in 15 months.  The $10k that's in my SDP will be transferred to max out my 2013 Roth and then either beef up my 3to6 savings or towards the debt above. 

I welcome your input.

[movinonup]

Mar 24, 2013 2:40:00 GMT -5 nidena said:

I ran a debt calculator on bankrate in order to see what my plan of attack should be for my three debts:
CC          4% til Nov     $5600 (monthly payment varies cause I overpay in one month and it carries over for a couple more)
Truck      3.99%           $11000 ($213/mo)
HEL        7.99%            $31000 ($306/mo)
And bankrate suggested that I take the $2000/mo that I can work with and pay off the HEL then the other two and that should have all paid off in 15 months.

Nidena,
Thank you for your service.  I look forward to the day that you tell us that you have arrived safely back in the states.
I agree that you should be paying the HEL first, then the other two.  The timeline does not make sense to me.  Is the $2,000 everything that you will be paying or is that in addition to your current payment?  $2000 per month on a $31,000 balance will take a minimum of 16 months to pay off.  At $2300 per month it would be somewhere around 14 months for that account alone.  Either way, 15 months seems like it might be off a little bit for the three debts.


Chiver78,
Everything you are planning makes sense to me.  You may also want to consider transferring the $1600 to another card when that rate resets.  It will only cost you about $50.  This decision will depend on whether you think you are better off with $1600 in cash for your real estate needs, or with another zero balance.  For me, I would probably pay off the card when the rate resets, and if any expenses come up, then use the credit card for those and pay the balances that may build up with proceeds from the sale.  This would of course change if you end up with a short sale, though it sounds more than likely that you will have some cash coming to you whenever a sale does take place.

-movinonup

[movinonup]

movinonup: 03/24/13 $304,327.39 (02/12/13 $309,217.65 NE100) NY

Account	Interest Rate	2/12/2013	2/28/2013	3/24/2013	Amount Paid Since Last Update	Total Amount Paid	Percentage Paid
LOC	18.24%	3,500.00	719.49	0.00	719.49	3,500.00	100.00%
CC#1	18.99%	20,688.08	21,043.08	9,982.05	11,061.03	10,706.03	51.75%
CC#2	0.00%	(8.16)	(2.46)	11,327.54	(11,330.00)	(11,335.70)
CC#3	0.00%	10,300.00	10,300.00	10,146.00	154.00	154.00	1.50%
CC#4	0.00%	9,135.05	9,153.05	8,910.05	243.00	225.00	2.46%
CC#5	10.99%	4,910.22	4,826.78	4,667.04	159.74	243.18	4.95%
CC#6	0.00%	1,239.00	1,239.00	1,109.00	130.00	130.00	10.49%
SL#1	3.50%	23,021.50	22,902.85	22,765.65	137.20	255.85	1.11%
SL#2	6.80%	4,748.54	4,678.98	4,678.98	0.00	69.56	1.46%
SL#3	6.55%	2,533.57	2,497.66	2,460.20	37.46	73.37	2.90%
MTG	4.63%	220,170.76	220,170.76	219,864.43	306.33	306.33	0.14%
Auto	4.24%	8,979.09	8,979.09	8,416.45	562.64	562.64	6.27%
Total		309,217.65	306,508.28	304,327.39	2,180.89	4,890.26	1.58%

$7789.62 of the balance of CC#1 is at 0% until October.  $11,000 of that card's balance was transferred to CC#2 for 3%.  The rate is 0% for 18 months. 

My LOC is still my Emergency Fund for at least another couple of months while I build an actual Emergency Fund.  There is about $1100 in my "Emergency" accounts but some of that is for current bills.  I will designate one of those accounts as my true Emergency account and keep it segregated.  The problem to this point has been that my "Emergency" accounts have been used to pay current bills.  I have not viewed them as untouchable.  My LOC has been viewed the same way.  This is changing, but it is going to take a few months to make the transition.

I am also going to work on an actual budget, something which I have been operating without.  I know that I have annual and semi-annual expenses, but I have never saved for them throughout the course of the year.  I have always maintained a rough outline of expenses, but I have never formally put together a budget.  The generally means that I know that the expenses are coming up, but I tap into my LOC for a month or two.

Confession over.  Time to work on my budget.

-movinonup

[nidena]

I think I input closer to $2500 for the calculator--that's about how much I save each month towards my SDP.  I don't like being here but I'm trying to take as much advantage of tax-free as I can.  You're right, though, $2000/mo would take me a little longer than the 15 months that I put down.  I'm mainly just trying to get it all paid off as soon as I can so that I can really start beefing up my regular savings.  Military retirement is right around the corner--2016--and I will have to adjust to living off of about 1/3 of what I currently take home.  I want to have just my mortgage ($830/mo) to be my debt at that time.

[dschmidt1007]

UPDATE
dschmidt1007, 3/26/13, $101,193.33 (8/7/12, $110,668.68, NE90)

DEBT                            (in order of Payoff)	STARTING DEBT	INTEREST RATE	CURRENT DEBT	MINIMUM PAYMENT	PAID OFF!!!	ANTICIPATED PAY OFF
American Express	$2,276.73	15.24%	$-	$-	$2,276.73	DONE!!!!
United Teletech Loan	$6,893.40	6.99%	$5,256.90	$202.24	$1,636.50	Sep-13
BoA - RCCL	$21,495.01	6.99%	$23,019.85	$372.00	$(1,524.84)	Nov-14
D's Car	$19,706.13	2.99%	$16,002.92	$510.00	$3,703.21	Feb-15
W's Car	$25,265.93	0.90%	$21,018.59	$550.00	$4,247.34	May-15
Sallie Mae SL	$13,609.27	4.38%	$13,013.54	$139.40	$595.73	Sep-15
Discover SL	$22,695.03	2.94%	$21,013.34	$263.79	$1,681.69	Feb-16
EdFinancial SL	$1,002.11	2.11%	$613.19	$50.00	$388.92	Apr-14
Care Credit	$2,467.00	0.00%	$1,255.00	$177.00	$1,212.00	Nov-13
Total	$115,410.61	-	$101,193.33	$2,264.43	$14,217.28	Feb-16

Was really shooting for less than $101,000 this month, but considering it's a nearly $2,300 payoff month, I'll take what I can get!  Plugging along - we are about 1 set of paychecks ahead of ourselves (meaning we are living off our last paycheck, instead of our current paychecks) and we are saving $375 out of each paycheck for our Tax Fund (fully funded on 3/5), a Vacation Fund and our Gift Fund.

[wudnit]

If you were to receive an unexpected windfall, that would cover all your debt and then some, and all you had was NONcredit card debt(two mortgages and a home equity line of credit), what would you do?   I find myself in this predicament.  I guess it is time to seek out a Financial Advisor.  I've never needed one before (well, only to set up some accounts, but never on this level).  It will be months before everything is settled, but now is the time to start figuring things out.  The interest rates on all three are low.  The highest being 4.75, the other two are 3.75 and 2.99.  I am leaning towards:

Padding the checking with one months expenses.

$10,000 in local savings.

$40,000 in on line savings (we will be needing a newer car soon.  We have no intention of buying NEW, just new to us.  We have had our current car for 13 years.).  I do have some money aside for a new car.

Investing the remainder.  My husband owns his own business and there are many weeks with no paycheck, so I want to make sure we have funds to fall back on, but not too much.

My head is swimming, I did NOT see this coming.

[movinonup]

Mar 26, 2013 8:50:39 GMT -5 wudnit said:

If you were to receive an unexpected windfall, that would cover all your debt and then some, and all you had was NONcredit card debt(two mortgages and a home equity line of credit), what would you do?  

We should all have such problems!   That is quite a substantial amount of money, based on your last update.  I agree that you should speak to a financial advisor.  Here is an article I found on choosing an advisor moneyover55.about.com/od/findingqualifiedadvisors/tp/bestfinancialadvisor.htm

My two cents: Since you have times when you have no paycheck from your husband, it's better to be a little more on the conservative side.  I would keep at least six months of expenses in an emergency fund.  I would max out contributions to IRAs (Roth if you qualify) for both you and your husband for 2012/2013, depending on when you get the money.  Then I would put away enough for your replacement car, and pay off at least one of your loans (probably the highest rate).  

-movinonup

[dschmidt1007]

wudnit - I always dream about what I would do with an unexpected windfall.  It's so much harder when it actually happens to you I would imagine.

I think I'd put money on the side for taxes (as you will probably get hit with something for coming into this windfall), then put away money for retirement, look at immediate needs - you said you need a  car soon - and put that on the side, beef up the emergency fund, take a vacation - a little reward, pay off a chunk of the debt (maybe the instead of looking at interest rate, look at what costs you the most each month as a reoccuring payment, and tax advantages each provide, if any).  The rest (if there s any at that point) buy something for yourself to enjoy with your hubby.

[munjoyhill]

Wudnit - Here is what I would do with an unexpected windfall:

1.  Hire a financial advisor.
2.  Depending on where the windfall comes from, pay taxes on it up front
3.  Consider an accountant too, if you pay off your mortgages and HELOC you could get a good kick next year at tax time (the windfall could move you and your DH into a higher tax bracket and if you pay off all your debt you'd have no interest expense to deduct).
4.  I understand you might be anxious to pay off your debt, but there's no hurry in making the decision.

And breathe, and congratulations on the windfall.

[wudnit]

Movin on up: Thank you for that article.  I have printed it off to review.  I will start contacting Financial Advisors soon even though it could be a while before things are settled.

dschmidt1007:  I use to dream of it as well, but never thought there was a possibility that it could be a reality!  Thank you for your advice.

munjoyhill:  Thank you!!  This is an inheritance and there is no inheritance tax where I live (I checked with our accountant).  However, we will of course, pay taxes on whatever the money earns.  I'm overwhelmed.

This is definitely the place to go to get feedback.  You are all wonderful!!!  I have time to sort things out.  For now, I will proceed as usual, although will be cutting back on extra payments due to other issues that reduced the amount we have coming in, this should correct itself shortly and once it does, I will again start making extra payments. 

[dschmidt1007]

Ugh - just paid my taxes. $2,491.  Hoping that 2013's taxes aren't so rough, though I have a feeling with starting a 2nd company in the very near future, we aren't off the hook just yet.

[lark1964]

I really wanted that $420 million windfall. It was someone in NJ. I work in NJ. It could have been me. You know, if I were to buy a lottery ticket.

[wudnit]

Update:   Wudnit 3/29/13 $95,489 (1/13/10 $172915 NEU46)




I am hoping to make another update sometime around mid April, but will have to wait and see how things go.  I am loving watching the balance get further and further away from $100K!

[ravenhaired]

UPDATE!
Ravenhaired: 3/29/13 $52,113.00 (12/23/09 $72,190.66)
Overall decrease $20,077.66
Pittsburgh, PA NE U4
 

DEBT	Dec '09	Dec '10	Dec '11	Dec '12	Mar '13
Home Equity Loan	63,865.83	58,603.12	50,508.60	52,350.73	52,113.00
MISC Debt	8,324.83		379.00	0.00	0.00
Totals	72,190.66	58,603.12	50,887.60	52,350.73	52,113.00
Change:		13,587.54	7,715.52	-1,463.13	237.73
SAVINGS	Dec '09	Dec '10	Dec '11	Dec '12	Mar '13
EF	0.00	1,985.02	5,000.00	8,000.00	7,851.26
Totals	190.20	1,985.02	5,000.00	8,000.00	7,851.26
Change:		1,794.82	3,014.98	3,000.00	-148.74

Daily Goals
* Find inexpensive alternatives for EVERYTHING
* Think less, LOVE MORE

* Invest in passionate pursuits

* Accept what is

* Live honestly and fearlessly

* Anger and worry less, Smile and laugh more
* Be grateful and remember LIFE IS GOOD!

[bankergurl]

$100K List updated as of 3/31/13! $10,589.72 paid off in the last 2 weeks! Fabulous!
One leapfrog, dschmidt1007 from the Northeast jumped 3 spots, all the way to the #1 spot!!
Congrats to Banker Gurl from the Midwest for paying off over $60K and over 35%!
www.notmsnmoney.proboards.com/thread/11187/page/4/100k-club#page=4

[Delphinus317]

UPDATE:  Delphinus317 4/1/13 $126,525.33 (2/9/12 $132,416.25)

Creditor	Starting Balance	4/1/13	Total Paid	Current Balance
Mortgage	$120,883.09	($364.58)	($2,484.67)	$118,398.42
Auto Loan	$11,533.16	($250.75)	($3,406.25)	$8,126.91
Total	$132,416.25	($615.33)	($5,890.92)	$126,525.33

Total percentage paid: 4.45%

[antevasin]

Update:

antevasin: 4/1/13 $100,568.37 (8/20/08 $210,000.00 NE100)

Total balance paid: $109,431.63

Total percentage paid: 52.11%

Total percentage remaining: 47.89%

Just a quick update for March!  Keep moving along to repay the debt!

[wudnit]

Update:   Wudnit 4/4/13 $93,987  (1/13/10 $172915 NEU46)

[nidena]

Today, I am making my final deposit into my Savings Deposit Program account.  The total deposited in four months is $10,000.  That was a lot quicker than I expected and now I just let it sit until July or August--I can't remember if it's 60 or 90 days that it has to be withdrawn/transferred to regular checking--but it will be accruing 2.5%/qtr until then.  That's not much but it's certainly better than the interest rates that my bank has currently.  Next month, I'll take what would have been deposits into the SDP and send them to the credit card that accrued a bit of a balance prior to and during this deployment--they don't carry much of anything for women here.