Women in Red Racers - West Region

[Rocky Mtn Saver]

I ran across this nice little article on cutting spending, based on three real life examples. I thought someone here might find it helpful!

finance.yahoo.com/news/could-cut-spending-half-000000017.html

[twinmama85]

Please don't kick me off the list we are going to start up our race again soon! We had to push pause on our money makeover so we could purchase me a new-to-me car (no added debt of course )and now we are pissed off at the debt and want to kill it!

[Rocky Mtn Saver]

Yay to sesly for cutting up the card!! I think I may have forgotten to say that.

And to twinmama for renewed determination!

[dsunshine]

UPDATE

dsunshine 7/14/2013 $16,943.81 (1/30/2011 $42,344.29 WPT8, WPT50)

Debt	Int Rate	Start	Previous	Current	% Paid off
DiscPL	9.99%	$19,799.28	$12,968.18	$12,700.70	35.85%
Sterling PL	4.56%	$6,662.88	$4,411.92	$4,243.11	36.32%
CC1	12.24%	$14,428.14	$0.00	$0.00	100.00%
CC2	16.24%	$1,453.99	$0.00	$0.00	100.00%
Total		$42,344.29	$17,380.10	$16,943.81	59.99%

Whoohoo! I am below $17K. Almost 60%; definitely next month.

So, I decided to accept the position in the Vascular Technology program. I am heading to school in Sept. I may disappear from the boards for a while but the cool thing is I may also have small jobs working from home. Once I decided to take the position I started telling people and they asked me what I was going to do for income. My real focus is schooling, but I do need some part-time or slightly less than part-time work. Now I have possibilities of doing work from home for various agencies that I now work with in my current job. Major changes, but possibly good things in still being able to pay down the debt.

[sealy]

THANKS Rocky I am glad I did it.

 
I have one more that I am going 
to shred.  I think I'm going to do
turtling and pay the minimum until
the end of the year.  I'll be working
on my EF. This first summer in my house
without extra funds have been a lil
difficult.

[snapdragon]

UPDATE: snapdragon 7/15/13 $ 23,892.82 (8/6/12 $ 28,849.00 WU 64,73)

I am pushing and hoping that I will be out of the 23's in about 3 or 4 months.

Everyone keep up the good work! Try to enjoy the sun and keep cool. 

[twinmama85]

twinmama85 7/17/13 $24,256.87 (5/18/13: $25,446.87)

$200 down on the CC! They so kindly bumped up our limit to $7500 that's OK, as soon as its paid off they will go byebye.

Debt Name	Starting Amount	Amount Paid	Current Debt	Percentage Paid
Wells Fargo	$2,533.90	$200	$1,333.90	47%
SL 1	$7,294.07	$0	$7,294.07	0%
SL 2	$15,618.90	$0	$15,618.90	0%
Total	$25,446.87	$200	$24,246.87	5%

[snapdragon]

Well, I started the ball rolling on re-financing the 1st mortgage. If it goes through it will take $200/mo. off my mortgage! The money will put towards paying extra on bills and savings. 

My car is 20 years old and I like it and hope to keep it running for a couple more years, but I need to be realistic that it might not last as long as I would like so I will put money into a savings account towards a down payment.

 

[shanendoah]

shanendoah: 7/18/2013 $13,037.07 (12/30/2009 $76,536.33 WU7, WU31, WPT512)

LOC	Current Balance	Starting Balance	Originally Borrowed	Total Paid	% Paid off
Chase CC	$                -	$   2,171.85	-	$              2,171.85	100.00%
BofA CC	$                -	$       432.55	-	$                  432.55	100.00%
LaZBoy CC	$                -	$       882.58	-	$                  882.58	100.00%
Care Credit	$                -	$   3,196.57	-	$              3,196.57	100.00%
Car	$                -	$   4,771.88	-	$              4,771.88	100.00%
Basement Solutions	$                -	$   4,775.30	$    4,775.30	$              4,775.30	100.00%
GSL	$                -	$ 42,150.85	$        39,000	$            42,150.85	100.00%
USL	$ 13,037.07	$ 18,154.75	$        16,000	$              5,117.68	28.19%
Total	$ 13,037.07	$76,536.33	-	$            63,499.26	82.97%

Current Savings: $14,357


So update from last time I posted- the job I had a second interview for, I got. I started July 1 as an administrator for the university. I am really enjoying my new job, but also very busy, and I now have a commute that is considerably longer than my previous one.

Money wise, we replaced all the windows in our house. We are using one year SAC financing. We have the cash to pay it off, but are going with the free money for now. I thought about adding it to the debt here, but I'm not really racing it. It will be paid off in one year, not any sooner.

For about 16 weeks, I will be getting paid double- from my severance package and my new job. We are expecting our savings to grow considerably during this time. We're trying to decide if we save it all toward a down payment on a new home next summer (keeping our current house and turning it into a rental), or if we want to use some of it to just pay off my student loan and be done with it.

In addition, our renters in C's mom's condo will be moving out in September, so we'll be selling that. The market has picked up there, and we hope to walk away with close to $40k from that, which will also go toward a down payment on a new house.

I am not commenting much right now, but I am reading. Glad to see everyone making progress. There's nothing wrong with turtle-ing - slow and steady wins the race.

[bankergurl]

$100K Updated as of 7/21/13!
www.notmsnmoney.proboards.com/thread/11187/100k-club?page=5#scrollTo=1669365

[Deleted]

Hello everyone,

It's time for me to make a major change in my life.  I am 33, married, with a 5 year old and a 13-month-old.  I live in California.  My husband and I were doing okay financially for a while, but then my husband didn't have work for over a year.  During that time, I got pregnant unexpectedly with my daughter who is now 1.  I am employed full time, and thankfully my job provides health insurance, but there were still many, many expenses related to the pregnancy and birth.  I am also still trying to recover from serious post-partum depression.  We don't have much family around to help so during these times of stress we used our credit cards way too much.  Some of it was absolutely necessary, but some was just not being as disciplined as we could have been.  I used spending as a coping mechanism because it helped me feel free, but it has hurt so much more in the long run.  Our cars are both paid off, as are my student loans, so the only other debt we have besides the CC's are our mortgage.  I am hoping we can be debt free in 4 years, since I have a spreadsheet that shows how that is possible with our current income and expenses.

My debts are as follows:


Debt:             Starting Balance            Current Balance            % Paid Off

Chase:               $936.00                      $936.00                            0

AMEX                 $11,450.61                $11,450.61                        0

Visa                   $11,651.02                $11,651.02                         0

Mastercard        $14,108.43                $14,108.43                         0

GAMA13: 7/24/2013, $38,146.06 (7/24/2013, $38,146.06, W73)

[Rocky Mtn Saver]

  Welcome, gama13! 

[twinmama85]

Welcome gama13! If you need a place to start and not sure where, look intowww.daveramsey.com/article/get-out-of-debt-with-the-debt-snowball-plan/lifeandmoney_debt/ and other things he offers... His plan has completely changed my family's life for the better (have paid off $45k since July 2011). God bless and I will pray for you as you deal with this depression. I am in the Air Force and stationed in California, away from all my family so I know what it feels like to be isolated.

[shanendoah]

Welcome @gama13!
For tracking reasons, could you let us know what state you're in? If you don't feel comfortable posting it on the board, you can send me a private message and we captains will get it in the spread sheet.

I noticed you didn't put in the interest rates for your cards. Do you have a plan for paying them off? Starting with the smallest balance or the highest interest rate? 
And, even harder, do you have a plan for not using them in the future - ie building an emergency fund so that if something happens, you can turn to it instead of the cards?

The West board doesn't "talk" as much as some of the other boards, but we are here to help in any way we can, even if it's just being a sounding board.

[megaptera]

UPDATE

megaptera: 7/31/13 $298,960.00 (7/30/12, $309,224.00 W58)

[shanendoah]

Over $10k paid off in one year- great job megaptera

[twinmama85]

twinmama85 8/3/13 $23,897.87 (5/18/13: $25,446.87)

Hubby made extra money on his paycheck, so it was nicely unexpected and going towards the CC. Everything goes well, the CC will be paid off this month.

Debt Name	Starting Amount	Amount Paid	Current Debt	Percentage Paid
Wells Fargo	$2,533.90	$349	$985.90	61%
SL 1	$7,294.07	$0	$7,294.07	0%
SL 2	$15,618.90	$0	$15,618.90	0%
Total	$25,446.87	$349	$23,897.87	6%

[bankergurl]

$100K List updated as of 8/4/13! $4997.02 paid off in the last 2 weeks!! Great job everyone!
- BIG Congrats to pay-no-interest from the South as she graduates from the $100K List! She is our 15th grad!
Congrats to Delphinius317 from the Northeast for getting $125K!
Congrats to Minnesotagirl7(3) from the Midwest for getting under $120K!
Congrats to megaptera from the West for paying off over $10K!
Congrats to Banker Gurl for paying off over $65K!
antevasin is back from the Northeast.
www.notmsnmoney.proboards.com/thread/11187?page=5

[nooccar]

Update: 

nooccar (2): 05/12 $50,250.71 (11/4/2010 $73,475.09 WU197)

I think it might be below $50,000 next month!  I'm looking forward to that milestone.

[nooccar]

Well, I did it.  I replaced my car that was 19 years old; it had started costing me a lot more for maintenance.  I've been planning this for more than 3 1/2 years and would have loved to throw that cash at my mortgage.  But I need reliable transportation, it's paid for, it gets better gas mileage, and it's even in my favorite color.  I'm excited that I don't have to worry about replacing parts for quite awhile.  

[scarlett81]

Can I join?  I'm just taking a stab here at laying things out.  I also have two student loans and am not sure if I want to add them now or accomplish this first.  My plan is to go with lowest balance first.  I've already been working on that Chase CC and the couch loan and may get them paid off this month.  I live in Washington.

Scarlett81: 8/8/13 $24,621.

Debt Name	Starting Amount	Current Amount	Percentage Paid
Chase CC	$99.00	$99.00	0%
Couch Loan	$394	$394	0%
BofA CC	$8,800	$8,800	0%
Car Loan	$15,328	$15,328	0%
Total	$24,621	$24,621	0%

[megaptera]

Welcome, scarlett81!!

[snapdragon]

Welcome to both gama13 and scarlett81! 

Mega - it's great that you have paid over 10K!

nocor - so excited for you about being under 50K next month!

twinmama - you are doing great on getting rid of the family debt.

Shane - congrats on the job and new family member!

Dsunshine - over 25K paid off - great job!

It's lots of hard work, but the satisfaction of having mental and financial security is sooo worth it

[Rocky Mtn Saver]

Welcome, scarlett81!  Looks like you'll have a couple of shiny new zeros in no time!! 

[shanendoah]

shanendoah: 8/12/2013 $12,925.80 (12/30/2009 $76,536.33 WU7, WU31, WPT512)

LOC	Current Balance	Starting Balance	Originally Borrowed	Total Paid	% Paid off
Chase CC	$-	$2,171.85	-	$2,171.85	100.00%
BofA CC	$-	$432.55	-	$432.55	100.00%
LaZBoy CC	$-	$882.58	-	$882.58	100.00%
Care Credit	$-	$3,196.57	-	$3,196.57	100.00%
Car	$-	$4,771.88	-	$4,771.88	100.00%
Basement Solutions	$-	$4,775.30	$4,775.30	$4,775.30	100.00%
GSL	$-	$42,150.85	$39,000	$42,150.85	100.00%
USL	$12,925.80	$18,154.75	$16,000	$5,228.95	28.80%
Total	$12,925.80	$76,536.33	-	$63,610.53	83.11%

Current Savings: $16,698 (last month: $14,357)

I want to say that it will only be 2-4 months until we have $10k more in savings than we owe on the student loan, and I can just pay the thing off, but since this time around, we're saving for a possible down payment on a house and the minimum payment on the loan is only $150/month, I'm not certain we'll do that. I may instead (once I figure out my new budget at the end of this month) decide to up the student loan payment by $50/month. The interest rate is only 3.5%, so it's huge money that we'd be saving by paying it off early.
We'll have to see how I feel in a few months.


twinmama85 - fingers crossed for getting that credit card paid off. So glad everything is getting back on track for your family.

nooccar - can't wait to see you on that $25-50k list! and congrats on the new car. Yes, it would have been nice to put the money toward the mortgage, but since the new car is already paid for, you won't have the repair costs and that money can go toward the mortgage

scarlett81 - WELCOME! I'll also ask for your state. We captains on the West board all seem to have gotten slammed by life at the same time, but we are paying attention, and knowing your state makes it easier for our tracking. As for whether or not to race your student loans yet, that's up to you. Everyone does things differently. Many people race everything all at once. Other race what they are focusing on right now. Some of us choose never to race one or two of our debts. (I won't race our mortgage because we're still on a 20+ year pay off plan for that.) Figure out which way provides the most motivation for you. If racing your credit cards and getting them paid off (and winning a race) then turning your focus to your student loans works best for you, do that. If seeing all the debt piled up serves as your best motivator, add it all together. There is no wrong way to race your debt, only the right way for you.

[scarlett81]

Hi to the other new member gama13, nice to get some extra money in twinmama85. 

Shanendoah - I am from Washington.  I think I will leave my race as it is for new and tackle student loans later since the interest rate is low and balances are high.  I am looking forward to knocking out the furniture loan and keeping the Chase CC at ZERO.

[twinmama85]

thanks for the love guys....had some major Murphy issues lately. my son knocked my laptop off a chair and crashed my hard drive. luckily, I am in IT and I can fix it for about $44 (cost of a new drive). then some wacky stuff going on with my car. we think we have it pinpointed to a malfunctioning tcm (transmission control module) but still iffy. but overall, God has been good to us, working on our marriage and we have our bumps but we still love each other and we are working together in many areas of our lives ♥ still hoping we have the cc paid off by the end of the month but we'll see, this car is being a pain

[scarlett81]

Payday today and I went for it and knocked the couch loan to Zero!  It was zero interest but I just wanted to go for one less thing to think about each month.  The Chase card is at $7 or something ... something small posted after I paid but I think there is also a little interest they will add so I'm kind of waiting for the next statement, might just try to figure out how to get that one to zero too today. 

We are simultaneously trying to buy a house so saving and paying down debt.  We have the down payment ready but want to keep putting money aside so the next zero may be a long time coming but I'm happy to have consumer debt down to one card and the car.  And I'm going to be paying as much as I can to that card as we go. 

[snapdragon]

UPDATE: snapdragon 8/15/13 $ 23,519.91 (8/6/12 $ 28,849.00 WU 64,73)

[snapdragon]

Aug 15, 2013 11:26:41 GMT -5 scarlett81 said:

Payday today and I went for it and knocked the couch loan to Zero!  It was zero interest but I just wanted to go for one less thing to think about each month.  The Chase card is at $7 or something ... something small posted after I paid but I think there is also a little interest they will add so I'm kind of waiting for the next statement, might just try to figure out how to get that one to zero too today. 

Great job scarlett81! Just think next month your Chase could be at 0 also!