WOMEN IN RED RACERS

[teachermom]

Hi Sealy....right now....no. Not enough at the end of the month to not have to use credit cards for necessities. I am still behind on my student loan payments as well. I need to pay of some debt to free up more income. $600 per month for the meds is 1/6th of my take home....so a significant amount.

Also, in the process of adding a second job. Just struggling with that because of a knee injury and have to go to physical therapy 3 times a week for 12 visits before the insurance will do an MRI so we can figure out what is wrong with my knee. I know....seems like that should be first if the therapist is to truly treat the injury. Oh yeah....that's $25 a visit or another $300 I owe. I have to go through the end of the month.

It really has been a bad few months.....on top of all this....someone hit and ran my Honda Pilot on Halloween. It is in the shop.....about $4k in damage. Thankfully, my part is only $200 and they are covering my rental car. Getting hit right now from all directions.....too many hands want money.

Teachermom

[janie4]

Hi all -  Just a quick check in to say that I'm in DC, and I should have a larger update tomorrow - that's the day that the student loan payment hits, so I will wait until then to update.

[snapdragon]

UPDATE: snapdragon 11/17/14 $15,927.81 (8/6/12 $28,849.00 WU 3, 79-82)

I made it into the 15000's. I'm going to push and attempt to be under 15,500 for the new year. 


Everyone keep on chugging. I know it can be difficult any time of year but when it stars to get chilly and the tune of Rudolph the Red Nosed Reindeer starts to get stuck in your head, it's down right demoralizing.


Just some backstory -
I used to read all the articles and stalked lurked on the old boards but never got involved until the switch over to proboards. I was doing my debt payment thing and decided that I should finally pop out of the shadows and really own my finances. So I have been racing a bit over 2 years and I hope to have this race done in about 2 more years if things work out right. 

I'm also in WA and have worked for my company for over 15 years now.

[snapdragon]

Nov 17, 2014 9:37:14 GMT -5 teachermom said:

Hi Sealy....right now....no. Not enough at the end of the month to not have to use credit cards for necessities. I am still behind on my student loan payments as well. I need to pay of some debt to free up more income. $600 per month for the meds is 1/6th of my take home....so a significant amount.

Also, in the process of adding a second job. Just struggling with that because of a knee injury and have to go to physical therapy 3 times a week for 12 visits before the insurance will do an MRI so we can figure out what is wrong with my knee. I know....seems like that should be first if the therapist is to truly treat the injury. Oh yeah....that's $25 a visit or another $300 I owe. I have to go through the end of the month.

It really has been a bad few months.....on top of all this....someone hit and ran my Honda Pilot on Halloween. It is in the shop.....about $4k in damage. Thankfully, my part is only $200 and they are covering my rental car. Getting hit right now from all directions.....too many hands want money.

Teachermom

Teachermom - That is really rough. Good luck on the 2nd job hunt. Are any of your boy's old enough to have a part time job?

My mom really struggled with finances during and after her divorce and so my brother had 2 paper routes (I would help deliver) and we would collect cans and scrap metal for extra money.

[Ombud]

Nov 17, 2014 9:37:14 GMT -5 teachermom said:

$600 per month for the meds is 1/6th of my take home....so a significant amount

What about any of the Prescription Assistance Programs?

[gidgetc13]

UPDATE	6/28/2009	10/16/2014	11/17/2014	Diff Last Post	Total Diff
SL#1	1,433.32	-	-	-	1,433.32
Car#1	5,630.51	-	-	-	5,630.51
SL#2	6,373.42	-	-	-	6,373.42
SL#3	8,549.91	-	-	-	8,549.91
Car#2	10,198.69	-	-	-	10,198.69
SL#4	26,789.01	16,101.16	15,925.14	176.02	10,863.87
SL#5	37,446.43	-	-	-	37,446.43
Total	96,421.29	16,101.16	15,925.14	176.02	80,496.15

Gidgetc13 11/17/14 $15,925.14 (6/28/09 $96,421.29, M1001)

My first update on the new consolidated thread!  It will be fun to get to know those of you from other regions.  I'm in Michigan.  My story is that DH and I have a LOT of student loans.  Thankfully neither of us were ever big credit card users and we have no credit card debt.  We started working on paying off our debts soon after we got married.  I joined WIRR a couple of months before our first child was born.  In the last 5.5 years we have paid off everything except the last of my student loans, and we've had 3 children!  I hoped that we would have been rid of this debt by now, but the addition of each child has naturally slowed things down.  That's ok though, they are worth it .  I get frustrated sometimes with our progress, but then I look at where we have come so far.  We just keep plugging away!    

[Minnesotagirl7]

Shoutouts!

KCLadyJane- Nice update!
Trojen3- Welcome back for race #2
speechchick71- Good for you for having a plan for grad school
Banker Gurl- Good update! Glad things are going well with your new BF.
nidena- Down since last month is a plus. Hopefully your next update is another good one!
Sparks- Yup, you’re going to finish up your race in no time. You’re flying!
Ombud- Sorry! Your screen name sounded so familiar, I was sure it was because you’d raced before. Welcome again!
rr234- Like everyone said, learn from it and move on. You’ll do better next time!
Dizzy- Another great update! You’ve paid off over $36k in less than two years!
Nikiz628- Nice numbers!urdoingit- Good update!
amiteraus- You’re making really good progress, and you sound like you really know where you’re going. Great job!
lttlwhitetanktop- Two nice updates!
Teachermom- Welcome back! We’re happy to have you racing with us again.
sealy- I disagree! Having been in similar situation, you’re in a great position to give advice.
Janie4- Thanks!
Snapdragon- Woo hoo for being under $16,000!!
Gidgetc13- You’ve done such a great job! You have come a really long way, and I hope you’re as proud of yourself as we are!

[teachermom]

Snapdragon.....My oldest could...he is student teaching and sometimes subbing so that helps.

Ombud....I don't know. How do I find out more info about them?

Teachermom

[nikiz628]

Nov 17, 2014 9:37:14 GMT -5 teachermom said:

Hi Sealy....right now....no. Not enough at the end of the month to not have to use credit cards for necessities. I am still behind on my student loan payments as well. I need to pay of some debt to free up more income. $600 per month for the meds is 1/6th of my take home....so a significant amount.

Also, in the process of adding a second job. Just struggling with that because of a knee injury and have to go to physical therapy 3 times a week for 12 visits before the insurance will do an MRI so we can figure out what is wrong with my knee. I know....seems like that should be first if the therapist is to truly treat the injury. Oh yeah....that's $25 a visit or another $300 I owe. I have to go through the end of the month.

It really has been a bad few months.....on top of all this....someone hit and ran my Honda Pilot on Halloween. It is in the shop.....about $4k in damage. Thankfully, my part is only $200 and they are covering my rental car. Getting hit right now from all directions.....too many hands want money.

Teachermom

Have you contacted your student loan company to discuss deferment? Its not the most amazing solution, as you still build interest, but if it can free up some money to help you get caught back up...its not a horrible idea. H and I had to defer our student loans for 12 months when I was laid off. It really helped us in the long run.

[Ombud]

teachermom, google it. I used to help patients' get assistance but your MD / Pharmacist / case manager / or nurse could help you complete forms. Process used to be:
Get forms from pharmaceutical company
Take to provider
They complete & submit
You get 3 months worth
Repeat

It has to be a significant portion of your income. Not sure what current criteria is but worth a shot

[teachermom]

NIkia628.....Unfortunately, can't defer anymore....done so much because it is hard to survive raising 3 boys on beginning teacher's salary so ran out.

Ombud...I will look into it.

Teachermom

[oweno]

Oh hey, look at that! A new thread! Good thing I check in once a month to share my numbers. It keeps me honest and accountable. I'm not chatty like I was when I started (two kids + full time job = very little free time, as many of you know!). We recently relocated to Lawrence, KS, and I feel like I actually see a tiny pinprick of light at the end of the tunnel now. We used to be in Chicagoland, barely making it paycheck to paycheck.

At any rate, I could blab on forever, but I'll settle for posting my monthly update and keep chugging along. Kinda excited about being on a consolidated board! Will be cool to see some new and familiar faces.

UPDATE as of 11/15/2014
(as usual, I'm a couple days late from posting on the 15th of every month, which is my monthly goal!)

OweNo: 11/15/2014 $24,026.07 (03/17/08 $48,581.63, M190, M298, 190, 324)

[sealy]

Teachermom what state are you in? Check to see if you may qualify for SL forgiveness. In CA if you work in a lower economic school they forgive a certain amount per year.

Hang in there.

[Rocky Mtn Saver]

Nov 17, 2014 21:44:15 GMT -5 teachermom said:

NIkia628.....Unfortunately, can't defer anymore....done so much because it is hard to survive raising 3 boys on beginning teacher's salary so ran out.

Ombud...I will look into it.

Teachermom

What about income-based repayment, since you're a teacher? 

[teachermom]

Hi Rocky Mtn Saver......I have income-based repayment....they won't reduce it further. Going to call today and explore options again....so we will see. Just not enough $$$ every month with the debt I have.

Sealy.....every time I have checked I am not eligible for forgiveness even though I teach in a very poor, alternative high school. Has to do with my first loans and consolidation with my masters....although they were the ones who told me I could consolidate and still take the forgiveness.

Teachermom

[Rocky Mtn Saver]

Nov 18, 2014 9:20:45 GMT -5 teachermom said:

Hi Rocky Mtn Saver......I have income-based repayment....they won't reduce it further. Going to call today and explore options again....so we will see. Just not enough $$$ every month with the debt I have.

Sealy.....every time I have checked I am not eligible for forgiveness even though I teach in a very poor, alternative high school. Has to do with my first loans and consolidation with my masters....although they were the ones who told me I could consolidate and still take the forgiveness.

Teachermom

[dizzyintellectual]

Hey All! For those that don't know me, I'm a 34 year old, married mother of one DD, indigent defense attorney. My family's biggest crutch is eating out. We're working on it, we've set a budget, etc. Now we just need to stick to it! I have a very high-stress job (don't we all?) and a husband who often has to work until 8PM. So there are days where I'm thinking: I can't do all of this! So, what usually gives? Keeping the house as clean as I'd like it. My daughter, husband and work come first. DH will do a load of dishes every so often and then feel like he cleaned the house I'm sure many can relate; here's an illustration of how we differ on our view of housework:

A load of laundry:

DH: put the laundry in the wash (mostly his stuff); usually get it to the dryer; pick out what he wants and leave the rest in a ball in the dryer; which means most of those clothes will need to be re-washed or re-dried.

Me: grab all the laundry from the bedrooms, bring it to the laundry room and separate based on casual, delicate, towels, and DD's stuff. Put a load in the washer. When done, put that load in the dryer. When that's done, bring everything to my room where I fold and hang up every item of clothing and try to match whatever socks are in the basket to my box of unmatched socks

So, even though this feels like a major luxury, I'm putting a call in to my friend's cleaning lady to see what she would charge to just do the floors and clean the two bathrooms every other week or something. I can handle everything else, but those areas are really the ones that get neglected. Don't get me wrong, everything is straightened up; but that just lets me lie to myself that everything is clean.

[forwardwego]

dizzyintellectual My DH and I also have that housework difference:

DH: "I did the dishes for you" He loaded as much as would fit, added detergent, started cycle.

Me: loaded dishwasher til full, add deterg, start cycle, put away clean dishes, load any that didn't fit in that load, or wash those by hand, dry, and put away. No particular announcement that I did the dishes for anyone.

If you have someone do only those select tasks hopefully it won't be too much $$

[teachermom]

Ah.....so jealous! Would love to have a maid come in and help out! Guess I put it on my wish list for when I am debt free!!

Teachermom

[teachermom]

Woohoo! They just posted what our check amount will be for next Friday.....time to make plans and figure out what I can pay off to free up money in my budget!!! Too bad it is all going to be gone so quickly! The joy of being paid 1x per month.

Teachermom

[Ombud]

Nov 19, 2014 18:34:55 GMT -5 teachermom said:

Woohoo! They just posted what our check amount will be for next Friday.....time to make plans and figure out what I can pay off to free up money in my budget!!! Too bad it is all going to be gone so quickly! The joy of being paid 1x per month.

Teachermom

Whoo Hoo!!!

But your check differs each month? Thought teachers were paid an annual amount split over 10 months instead of 12

[teachermom]

Ombud....Normally check are the same every month because yes, salary divided by 12 and that way we are paid monthly. However, we get 12 extra days for duties outside the normal day, like grading papers, attending IEP meetings and evening events, etc. We get paid for half of them on our November paycheck and the other half on our May paycheck. Also, I coached volleyball and they messed up my contract for it....so I got a lump of the whole contract on this paycheck since the season is over. That is why this one is different and so high.

Teachermom

[momofelliott4]

Update: 11-20-14 35928.59 (5-13-09  53883.21  P. 331)

Sorry I am a few days late in posting update..
Glad to see new board open, hoping there is more to read as I miss reading the pages.

Question?  I have not started reading new board and will probably get my answer when I do, but do we need to change our starting pages numbers in our tagline?

May everyone have a Happy Holiday Season!

[teachermom]

Ok....opinions please....what would you do?

I will have $3k to put towards my bills and/or EF. How would  you do it?

1. Would you put $1k aside for a small EF and then apply $2000 to pay off the smallest debts?
2. Would you put $1k aside for a small EF and then apply $2000 to the debts with the highest interest rate?
3. Would you put $1k aside for a small EF and then apply $2000 to the debts by payment amount to try and free up most $$ monthly?
4. Apply all $3k to debt and none to an EF....using a credit card as the EF while you work to build one?
5. Would you maybe do a smaller EF like $500 and apply to debt some way?
6. Other options?

Here is the info:

Debt
Account	Balance	Interest Rate	Mthly Pmt
Macy's	$112.21	24.50%	$20.00
Home Depot	$386.50	25.99%	$25.00
Target	$535.67	22.99%	$25.00
Cap One 1651	$650.00	13.15%	$25.00
Cap One 0013	$973.33	17.90%	$30.00
Best Buy	$1,005.00	21.74%	$30.00
Old Navy	$1,527.78	29.99%	$70.00
Barclay Card	$2,096.73	19.99%	$55.00
Sears	$2,600.00	25.24%	$105.00
BofA	$2,910.00	14.74%	$70.00
Total Savings	$12,797.22		$455.00

Any suggestions will be appreciated.

Teachermom

[Deleted]

Nov 14, 2014 15:24:57 GMT -5 snapdragon said:

Quick question - is there a specific reason you are working on the 0% medical debt instead of possibly working on your CC#3 that is 0% until Jan? Do they have min's that you could just pay? I can understand on trying to get the motivation going but what will your interest rate be when your 3rd CC resets?

It's wonderful that you want to be unburdened before your wedding. I just want you to be sure you are doing it in the most helpful to you way. 

snapdragon – Yes, I have minimum payments on Medical Bill #2 and #3 and I am paying those - they're pretty hefty, combined $225 a month. I had a bunch of money in my HSA (from employer contributions), so I put that toward paying off my Medical Bill #1 (which had interest) since I can only use the HSA for medical expenses and not consumer debt.  Also, my fiance has agreed to pay my balance on CC #3 by the end of the year and I'll just make payments to him at 0% interest instead of the CC company with interest.

[snapdragon]

Nov 20, 2014 13:37:34 GMT -5 @amiteraus said:

Nov 14, 2014 15:24:57 GMT -5 snapdragon said:

Quick question - is there a specific reason you are working on the 0% medical debt instead of possibly working on your CC#3 that is 0% until Jan? Do they have min's that you could just pay? I can understand on trying to get the motivation going but what will your interest rate be when your 3rd CC resets?

It's wonderful that you want to be unburdened before your wedding. I just want you to be sure you are doing it in the most helpful to you way. 

snapdragon – Yes, I have minimum payments on Medical Bill #2 and #3 and I am paying those - they're pretty hefty, combined $225 a month. I had a bunch of money in my HSA (from employer contributions), so I put that toward paying off my Medical Bill #1 (which had interest) since I can only use the HSA for medical expenses and not consumer debt.  Also, my fiance has agreed to pay my balance on CC #3 by the end of the year and I'll just make payments to him at 0% interest instead of the CC company with interest.

That's great to know. Hopefully you can get those two bills paid off in a few months. 

Also don't forget that on a HSA the money can be saved up and used as a "Medical Emergency Fund". Or, that's how it is at my work. I can just keep putting money in and let it save up.

[snapdragon]

Nov 20, 2014 12:17:11 GMT -5 teachermom said:

Ok....opinions please....what would you do?

I will have $3k to put towards my bills and/or EF. How would  you do it?

1. Would you put $1k aside for a small EF and then apply $2000 to pay off the smallest debts?
2. Would you put $1k aside for a small EF and then apply $2000 to the debts with the highest interest rate?
3. Would you put $1k aside for a small EF and then apply $2000 to the debts by payment amount to try and free up most $$ monthly?
4. Apply all $3k to debt and none to an EF....using a credit card as the EF while you work to build one?
5. Would you maybe do a smaller EF like $500 and apply to debt some way?
6. Other options?

Here is the info:

Debt
Account	Balance	Interest Rate	Mthly Pmt
Macy's	$112.21	24.50%	$20.00
Home Depot	$386.50	25.99%	$25.00
Target	$535.67	22.99%	$25.00
Cap One 1651	$650.00	13.15%	$25.00
Cap One 0013	$973.33	17.90%	$30.00
Best Buy	$1,005.00	21.74%	$30.00
Old Navy	$1,527.78	29.99%	$70.00
Barclay Card	$2,096.73	19.99%	$55.00
Sears	$2,600.00	25.24%	$105.00
BofA	$2,910.00	14.74%	$70.00
Total Savings	$12,797.22		$455.00

 

Any suggestions will be appreciated.

Teachermom

Teachermom - Here is what "I" think is the best bang for your paycheck. 

#1 Pay off the Old navy card of $ 1527.78 - frees up $70/mo    29.99%
#2 Pay off Home Depot $ 386.50 - frees up $25/mo                 25.99%            
#3 Pay off Macy's $ 112.21 - frees up $20/mo                        24.50%    
Total paid off is $ 2026.49 giving you $115/mo to apply towards other bills

From the remaining $973.51 I would put $750 aside for a small EF

Than I would put the remaining $223.51 on the Target card dropping that total to $312.16 which you could than pay off in 3 months adding another $25 to your monthly snowball for a extra $140/mo.

This is a combination of highest interest and smallest amount paid off. You might want to do something different but for me having the Old Navy card done and dead would be a huge relief. That alone is $70/mo. I am ignoring the Sears card for now. Maybe after having the ON, HD, M & T paid off you could split the $140/mo between the next 2 cards that bug you.

[forwardwego]

teachermom Hi, You are absolutely in the right place for getting the support you need while you dig yourself out. You've already received some great suggestions. Here are my thoughts on your latest post. Start with the $1000 EF, and figure out a way to have a little something automatically going to that account, it needs to be growing because it eventually will be tapped. (The $1000 basic EF saved me a bunch of times when I was paying off the CC's.) If you were a single person with no kids, you could maybe squeak by with no EF or $500, but I think your instincts are telling you to get that $1000 EF.


Macy's, Home Depot, and Old Navy add up to @ $2000. Those are your 1st, 2nd, and 4th highest rates. Eliminating them improves your monthly picture $115  . I would call the others & ask for a temporary reduction in %, or any sort of consideration they can give. Start off by going through the phone maze until you get a live person, then be sweet and sad. When they give their name, mark it down, double check with them to be sure you have it right. "Jenny Smith? Hi Jenny, I'm really hoping you can help me, I'm a teacher working very hard to get my debts paid off..."   You get the picture right? Keep notes, maybe a separate little notebook. Every couple weeks go through the list again. Those rates are pretty high. The companies have room to give you a little help and still make plenty of $$

[janie4]

Janie4: 11/20/2014 $7,113 (07/21/14, $8,620)

Debt Name	Initial Balance	Min Payment	Last Update	New Payment	Current Balance	% paid off
CC 15%	$210	$25	$0	$0	$0	100%
CC 2.99%	$531	$25	$186	$102	$84	84.2%
CC 0% until 11/14	$216	$25	$0	$0	$0	100%
Student Loan	$7,663	$158	$7,189	$170	$7,029	8.3%
Total	$8,620	$223	$7,375	$272	$7,113	17.5%

So, not a bad month.  I could have paid off more, but I needed some new work clothes, and it's the holiday season.  I've paid for Christmas gifts for my mom, my sister, the office grab bag, so that's good.  Unfortunately, my basement renovation project is going to be delayed until spring, but I have a temporary roommate for three months, and her rent will pay for the equity loan for those three months, which means I won't be out of pocket more than a month.  And I'm getting my reimbursements from my FSA, so I should be good.  I now have to figure out open season again (ugg.)  I have been able to put all my extra money towards the 2.99% card, which means once that's paid off, I can start throwing money at the SL.    

While checking my math, I just realized that I just hit the 10 year mark on my SL.  Before consolidation, the payment would have been structured so I would be paid off by now.  But, with the help of my dad, and a student loan repayment program at work, I've reduced my student loan from $32,000 to $7,029 in ten years, or 78%.  I'm on track to pay it off in three more years, or twelve years early.  So not bad.  However, looking forward to my tax return this year.  Should help me boost my savings.  

[Rocky Mtn Saver]

I'm with forwardwego, and would pay off with $2k enough to eliminate $115 of monthly payments.  But I wouldn't put less than $1k towards your emergency fund, given your tricky situation right now.  If you haven't already, I also strongly suggest destroying the physical cards.  There must be better options in the future than those store cards with high interest.