ՏՇԾԵԵʅՏɧ_LԹՏՏʅҼ
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Post by ՏՇԾԵԵʅՏɧ_LԹՏՏʅҼ on Dec 16, 2013 21:23:09 GMT -5
I was about to beat you AND your DH with a wet noodle when I saw "Get the Boat Back" on that list... glad you/he weren't serious!
Definitely some of the money should go toward getting the cars fixed.
Allocate some of it toward your other debt/bills.
The elliptical or treadmill, as mentioned by a few, you could find used - just shop around for the best steal deal - Craigs List, Bargain Finder, etc. - but it's not a "priority" item - nor is upgrading Christmas.
The rest, put into a savings account.
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justme
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Post by justme on Dec 16, 2013 21:37:20 GMT -5
Definitely check Craigslist for the treadmill/elliptical. My parents have a treadmill they're trying to get rid of and they'd accept even $50 for it. It's not supper fancy, but it gets the job done and would probably be at least 4x a much new. Or maybe set aside some money and buy it in Feb or March when all those New Years resolutions are given up.
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KaraBoo
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Post by KaraBoo on Dec 16, 2013 22:07:18 GMT -5
I really didn't think you guys would focus on the treadmill/elliptical. Nothing else? No wild suggestions that I hadn't listed? Anything?
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justme
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Post by justme on Dec 16, 2013 22:18:30 GMT -5
Wild suggestions? Cash it all in 1s and roll around in it like you're rich, and then spend it wisely!
A more serious suggestion - where do you live? Weather wise I mean. Search Craigslist for some bikes instead and go on bikes together with your DH. That will give you both a) a buddy to work out with/someone to hold you accountable and b) regular time away from the kids where you two can talk, no interruptions that kids love.
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Peace77
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Post by Peace77 on Dec 16, 2013 23:06:48 GMT -5
Getting caught up with bills needs to be first.
Increase your emergency fund to $1,000.
Pay off the smallest debt. If you can't pay it off pay it down as much as you can. Getting rid of one of your debts will help your monthly cash flow.
If you have funds left, fix the car in the worst shape.
You can exercise by walking in your neighborhood or dancing in your living room. Look at the Free section of Craigslist or on Freecycle for exercise equipment. Sometimes people give equipment away when they move or want a change.
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KaraBoo
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Post by KaraBoo on Dec 16, 2013 23:31:25 GMT -5
Okay - I'm about to go to bed, so I'll post what I would do with the money if it was only my decision. Alas....I'll have to get DH on board as well, but I'm pretty sure it will pretty easy to get him to agree to this or something similar: $4000.00 total to spend $ 500.00 emergency savings - this will put our EF at $1000.00 $3500.00 $1200.00 (high estimate) shocks for both vehicles - they both really need shocks! Whatever I'm off by, would go on bills $2300.00 $ 500.00 repay son's saving's account that I raided to pay for band fees earlier in the year $1800.00 $1600.00 send to our lowest bill - won't pay it off, but will almost cut it in half $ 200.00 $ 100.00x2 each to DH and I to spend/blow - I really need a hair cut and some new undergarments, DH could use some new $ 0.00 work boots and pants. Anyway - that's what I would do....boring I know! I was really angling for blowing the whole stash at the casino! ETA - OOPS! I had one of my numbers off - I fixed it!
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zibazinski
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Post by zibazinski on Dec 17, 2013 7:19:18 GMT -5
I think that's a great plan. I'm not sure about replenishing the sons savings account unless HE earned the money and loaned it to you. Then , yes. If you have leftover from the shocks, I'd do something nice for just you and DH, like go out to a dinner, just the two of you. No upgrades on Christmas. All those kids of working age should have jobs, even if its just babysitting. Time and past time to learn nothing comes for free. What an unexpected bonus and I'm so glad you're not wasting it. No way of paying off even ONE smaller bill with the 1600?
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zibazinski
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Post by zibazinski on Dec 17, 2013 7:21:16 GMT -5
Oops, in re-reading it, I see that $1600 won't pay off any bills. As a thought though, would one of the creditors take that lump sum and write off or reduce severely the rest?
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Peace77
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Post by Peace77 on Dec 17, 2013 7:51:29 GMT -5
I thought you said you were behind on some bills. Getting caught up is more important than paying your son back right now. Yes, put something in the kids account but he can wait for some of it.
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taz157
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Post by taz157 on Dec 17, 2013 8:04:57 GMT -5
Congrats on the unexpected $4K in child support!!
First on my list would be fixing the cars, then the EF, then the rest of your list. Instead of putting the $500 in DS's account, add it to the $500 you are putting in your EF.
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tcu2003
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Post by tcu2003 on Dec 17, 2013 8:40:28 GMT -5
I really didn't think you guys would focus on the treadmill/elliptical. I'm a believer in the theory that your overall physical and mental health plays a big factor in your fiscal health, but also your overall quality of life. If you'll actually use the elliptical, then I think a used one you can purchase for a cheap price is a great investment. If you and your DH both commit to and then use it, you'll lose weight, feel better, have higher energy levels, etc. All of that will play a part in getting you to a brighter financial future. That said, if you don't have the discipline to use it if you purchase one, then don't buy it.
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KaraBoo
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Post by KaraBoo on Dec 18, 2013 21:51:49 GMT -5
Oops, in re-reading it, I see that $1600 won't pay off any bills. As a thought though, would one of the creditors take that lump sum and write off or reduce severely the rest? I hadn't thought of doing that, but thank you for the reminder to try it! Not sure they will go for it since we are only about 6 months behind - but it's worth a shot!
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KaraBoo
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Post by KaraBoo on Dec 18, 2013 22:03:29 GMT -5
I thought you said you were behind on some bills. Getting caught up is more important than paying your son back right now. Yes, put something in the kids account but he can wait for some of it. We are behind on a total of 3 bills - Lowe's, Chase and the boat payment (that we've voluntarily returned). We haven't paid any of these bills since about July? August? I haven't talked to the companies, but based on the websites, we'd have to pay $929 to Lowe's and $2809 to Chase to catch those bills up and be considered "current" (I'm sure they'd still be inactivated as well). We're waiting on the bank to tell us what we owe after the sale of the boat. Nothing yet on that front.... Catching up those two bills would use almost all of the money. I'm not opposed to this idea - I'm just not sure it's the best choice. Thoughts? Paying my son back is important to me, but I'm okay with postponing or lowering the amount as well. When we talked about using the money in his account, he knew and was aware that I'd make an honest effort to put the money back (I'm the one that put it there to begin with - $20 at a time over the last 15 years), but that it might not happen either.
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ken a.k.a OMK
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Post by ken a.k.a OMK on Dec 18, 2013 22:05:50 GMT -5
Cars can go without shocks.
You can exercise without equipment.
There are two ways to think about paying off debt. Paying the highest interest card saves a little money in not having the interest payment added every month. Paying off a card completely is positive motivation.
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KaraBoo
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Post by KaraBoo on Dec 18, 2013 22:06:59 GMT -5
Upgrading Christmas sends the wrong message to the kids. I know - but it was DH's suggestion and I didn't want to just dismiss it. Neither of us think this is a good idea, but we were batting around ideas and this came up.
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KaraBoo
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Post by KaraBoo on Dec 18, 2013 22:12:05 GMT -5
Cars can go without shocks. You can exercise without equipment. There are two ways to think about paying off debt. Paying the highest interest card saves a little money in not having the interest payment added every month. Paying off a card completely is positive motivation. Regarding the shocks... DH told me that the shocks are so bad that it is affecting the way the treads on the tires wear (it's obvious that one side is wearing quicker than the other of each tire). As we have a truck and a suburban, the tires are expensive and we want to make sure the vehicles last a long time (the suburban needs the shocks worse than the truck, but the truck needs them too). Is this not accurate? I'm familiar with some mechanical issues on vehicles, but not familiar with shocks...
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ՏՇԾԵԵʅՏɧ_LԹՏՏʅҼ
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Post by ՏՇԾԵԵʅՏɧ_LԹՏՏʅҼ on Dec 18, 2013 22:14:44 GMT -5
One year my family decided to do "home made" gifts. We didn't have to scrimp, but it was interesting & fun seeing how creative everyone could be. (Even the kids). We also don't really believe in a "commerical" Christmas (This year, we're doing "Secret Santa")
Christmas isn't all about "stuff". I know you want to make it special for your kids, but the kids can have fun and enjoy the holiday without having too many "things".
It's about celebrating, and spending time with family & friends. It doesn't mean you have to spend all your money on stuff for people to make them happy.
When we were kids, our mom got us involved in making cookies.
We were small to teenage - she'd basically do all the baking - having some of us help measure or cut the dough with cookie-cutters.
Once the cookies were baked, we got the joy of helping to decorate them.
Those memories are the ones that stick out in my mind more than the stuff I got for presents.
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tcu2003
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Post by tcu2003 on Dec 18, 2013 23:36:59 GMT -5
I thought you said you were behind on some bills. Getting caught up is more important than paying your son back right now. Yes, put something in the kids account but he can wait for some of it. We are behind on a total of 3 bills - Lowe's, Chase and the boat payment (that we've voluntarily returned). We haven't paid any of these bills since about July? August? I haven't talked to the companies, but based on the websites, we'd have to pay $929 to Lowe's and $2809 to Chase to catch those bills up and be considered "current" (I'm sure they'd still be inactivated as well). We're waiting on the bank to tell us what we owe after the sale of the boat. Nothing yet on that front.... Catching up those two bills would use almost all of the money. I'm not opposed to this idea - I'm just not sure it's the best choice. Thoughts? I don't think that's the best use of your money. You'll probably end up paying the bank all of whatever they tell you that you owe them for the boat, but right now, I wouldn't touch the Chase or Lowe's CC accounts with a 10-foot pole. If you wait long enough, you'll be able to settle with them for less than you owe, so I'd keep them on ignore for now. Focus on paying down and off other debts.
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Peace77
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Post by Peace77 on Dec 18, 2013 23:56:59 GMT -5
The boat payments can wait until it sells and the bank tells you what you owe.
The credit cards that are behind will continue to accrue interest and late fees until you pay them. I understand that you want to ignore them but you can't. They will eventually sue you for the debt. Since it's been some time since you paid, they may be willing to settle the debt. Give them a call and see if they will work with you. Be aware that you will owe income taxes on any forgiven debt.
For the shocks, can you use a company like Firestone? We bought tires @ 0% interest. Don't know if they will approve you for additional credit but you can try.
Instead of dividing up spending money, just buy only what you need.
Make things at home like homemade pizza, cinnamon rolls & hot chocolate, caramel apples, and cookies.
Make use of your printer and print out mazes, puzzles and games available in the Internet. Print out pictures and make a memory game (print at least 20 pairs of pictures, shuffle and place face down. See who can make the most pairs.)
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Apple
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Post by Apple on Dec 19, 2013 1:21:39 GMT -5
I agree about making the calls to see if someone would settle the debt with a lump payment.
Also, with the son's money... I would put $100 back into his savings. It's not the full amount yet, but it's a step to prove your intention to pay it back.
The rest of the money, I'd have to decide. However, if the cars need work, they need work. And if using part of that money pays for the work, it is one less thing that will be added to debt.
I know it's not easy, but it's good to see you just keep plugging away at all of it.
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zibazinski
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Post by zibazinski on Dec 19, 2013 7:25:41 GMT -5
The easiest way for Christmas would be for everyone to pick a name and buy for that person at a certain amount. Or make them something or give them something. They can even go to goodwill. You, as parents, can do the same. I think you should spend some money on yourselves. Underwear isn't exactly a splurge. Don't say a word about the unexpected windfall because you will actually have people, maybe even your own children, say it should be spent on them.
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NoNamePerson
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Post by NoNamePerson on Dec 19, 2013 7:32:17 GMT -5
Congrats on the back child support. That is a big pet peeve of mine so glad ex has come thru for once.
Exercise equipment usually and I said usually winds up in a corner as a clothes catcher. Unless you live in the frozen tundra 365 days a year you can walk for free.
Others have made some really good suggestion so won't go there. Although I guess I would see about the cars, but being single I worry about unreliable car so that may not be as big a thing for others.
Good luck!!!
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raeoflyte
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Post by raeoflyte on Dec 19, 2013 8:08:09 GMT -5
I would repay your son. Especially if you want the kids to cover their own expenses to some degree. I don't know much about cars but am too cheap to repair shocks.
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ken a.k.a OMK
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They killed Kenny, the bastards.
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Post by ken a.k.a OMK on Dec 19, 2013 9:43:50 GMT -5
Cars can go without shocks. You can exercise without equipment. There are two ways to think about paying off debt. Paying the highest interest card saves a little money in not having the interest payment added every month. Paying off a card completely is positive motivation. Regarding the shocks... DH told me that the shocks are so bad that it is affecting the way the treads on the tires wear (it's obvious that one side is wearing quicker than the other of each tire). As we have a truck and a suburban, the tires are expensive and we want to make sure the vehicles last a long time (the suburban needs the shocks worse than the truck, but the truck needs them too). Is this not accurate? I'm familiar with some mechanical issues on vehicles, but not familiar with shocks... Yes that is true. I should have added that if there was a safety issue or bad wear/handling then they need replacement.
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Pants
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Post by Pants on Dec 19, 2013 9:53:28 GMT -5
Ok, I'm going to go a completely different direction from everyone else here.
1) Buy shocks for the car. 2) Open a separate savings account. Put the balance of that money in there. Stop paying on all your credit cards, put that money in there as much as possible. Once the bank tells you how much you owe for the boat, use that money to file bankruptcy and settle with your creditors.
Kara - you guys are only getting ahead because you aren't paying on things - and sometimes you are sitll getting behind. It will take you 7 years to get the bankruptcy off your credit and if you COMMIT to not living like this again, you will be in a really good place by then. You will have a clean slate in 1 year.
It will take you many years dig out of this hole, and at the end you will have a clean slate, but be many years behind where you would be if you filed now.
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Wisconsin Beth
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Post by Wisconsin Beth on Dec 19, 2013 9:58:45 GMT -5
I have a trusted mechanic. If he says I need shocks, I get shocks. If your DH knows what he's talking about, I'd get the shocks done on both vehicles.
I like the idea of trying to make a deal with one of the CCs. Or banking the money for whatever the bank says you'll owe for the boat.
I also like the suggestion of putting some of the money back in the kid's account. Not the full amount at this point, but something.
Since we're at the end of the year, any guesses on what your federal and state tax situation will be? Will you owe, get a refund, break even ish? I don't remember if you've mentioned it in the past. If you think you're going to owe, that's another reason to sit on the money.
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swamp
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Post by swamp on Dec 19, 2013 10:47:40 GMT -5
Ok, I'm going to go a completely different direction from everyone else here. 1) Buy shocks for the car. 2) Open a separate savings account. Put the balance of that money in there. Stop paying on all your credit cards, put that money in there as much as possible. Once the bank tells you how much you owe for the boat, use that money to file bankruptcy and settle with your creditors.
Kara - you guys are only getting ahead because you aren't paying on things - and sometimes you are sitll getting behind. It will take you 7 years to get the bankruptcy off your credit and if you COMMIT to not living like this again, you will be in a really good place by then. You will have a clean slate in 1 year. It will take you many years dig out of this hole, and at the end you will have a clean slate, but be many years behind where you would be if you filed now. I don't disagree with this plan.
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KaraBoo
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Post by KaraBoo on Dec 19, 2013 19:13:17 GMT -5
Just a quick drive-by as I'm on the run tonight....I WILL try to get on later as I want to comment on some of the suggestions.
DH called me on my way home - our washing machine is now overflowing and the water won't shut off automatically. We think we know which part to fix and can do it ourselves, but its $65 on the Internet. At our local repair shop, the parts are higher. With 6 people in the house, we use the washer EVERY day.
The last part that went out about 2 months ago was quoted as $50 on the net, but was $85 at the shop, so I expect this one to be more as well.
The machine is ~13 years old. Fix of replace at this point?
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mollyanna58
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Post by mollyanna58 on Dec 19, 2013 20:16:06 GMT -5
Fix, if possible for a low cost.
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raeoflyte
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Post by raeoflyte on Dec 19, 2013 20:41:41 GMT -5
I agree with bsb.
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