WOMEN IN RED RACERS

[seriousthistime]

When the end is in sight, it's pretty exciting. 

I like how you explained it all, @chiver.  It's always good to hear how different people weigh the pros and cons of debt vs. saving. When I was in my big debt paydown days, I really appreciated hearing how other people were approaching their struggles.  It made a huge difference in my motivation and caused me to rethink some things.  Debt is one of those things that you're fine with, until you aren't.  And if you have a significant amount of debt, as I did, you can't just bop along without paying attention to it all. It really does take a plan, or at least it did for me. 

[nidena]

I have one more trip to make this summer and then I can refocus on paying the debt down rather than adding to it.

I've added a small revenue stream to the mix in that I have two Bra Fit Education workshops coming up.  Attendance is $20/person.

Classes resume in August so that means my GI Bill stipends will, too.  

I'll update in a few days once all the payments have cleared the bank for the mortgage, PL, and vehicle.

[nidena]

Jun 27, 2022 17:27:39 GMT -5 nidena said:

I received my Escrow Analysis today.  It looks like my expectation of an increased mortgage payment isn't going to happen.  Instead, it's been reduced by $4.21.  However, I went ahead and increased the actual amount that I send out from my Web BillPay to a nice round $630 rather than the $621.41 that it was going to be.  So, in reality, come August, I'll be paying $4.38 more than I have been for the past year.  The mortgage company was also nice enough to send me a check for $63.99 which is my expected escrow overage for the year.

I should be able to update in July but may wait until August since that will be 15 years as a WIRR. 

Funny story about my current Escrow Analysis and the one quoted above.  I had called my mortgage company before ever receiving the Analysis in 2022 because my Escrow account was in the negative which is why I expected the increase then.  When I *didn't* receive the increase, I thought "this can't be good."  I knew nothing would happen to my mortgage or anything; just that that mortgage company seemed pretty terrible at forecasting since my Escrow was already negative and my homeowners insurance would hit in November for just over $1000.

Last year, I received the Escrow Analysis and, big surprise (not!) they were raising my mortgage payment by $80.  I don't know how they figured that raising it $80 would offset the continuing negative balance that came to be as a result of Insurance hitting in Nov followed by County Taxes that same month and in Apr 2023 for $650 each time.

Well, shortly after I received the analysis last summer, I received another letter stating that my mortgage had been bought by another company.  Nothing they could do about Village Capital's bad forecasting so Planet Home Lending just pressed on with things.  I was still in the negative when the next round of Insurance and County Taxes hit in 2023 and only just got in the positive with the mortgage payment made on June 1st i.e. last month.

Just got the current analysis.  They're raising my payment again but only $60.  Let's hope it's sufficient.  lol.  I'm not complaining though.  The mortgage payment is still less than $800/mo. 

[chiver78]

last call for questions I haven't thought of, the call is tomorrow at 11am. I've long joked that I'm fantastic with math, until you introduce a $ symbol to the equation. interest, compound interest, project management dollars, all of that sort of shit sailed over my head. but I can do complete mass and/or energy balances on a full power plant. just don't make any of it financial. 

[Minnesotagirl7]

No other comments or questions from me chiver, I agree with stashing some cash until things settle down, then paying off a chunk.

[chiver78]

alright, so the call went pretty well. Financial Planner (FP) had a bunch of questions about which $ amount meant what, between racing balance, non-racing balance, bonus(es) and the HYSA balance. I'll admit to ranting a lot about work and the RTO in the same message with a lead-in to the outstanding balances, so there was a LOT to process there. thankfully he was gracious about it with his questions. he was impressed by how detailed my notes are, that I could answer all of his questions in seconds from my cashflow spreadsheet, so thank y'all for helping me out there! 

anyway, FP is onboard with me turtling what's left (racing and not) and banking anything I'm not using for day to day living, while work is still so up in the air. he agreed that whatever interest I'm seeing on the last racing balance is peanuts, and not worth worrying about during this time. we are going to reconvene if I leave my current company, or after January when the first promo resets (and I pull out enough to pay it off) to discuss what my next steps are at that point. the other promo resets in April, so that's a bit more time. I'll obv be paying down both the racing and non balances at the same time, it's just a question of balancing the cash in hand vs paydown. the first balance to rate reset is ~12k right now. that's what I'm expecting to see with the 2nd bonus in a few weeks, so wiping that out prior to reset is painless there.

like I said the other night, the end is in sight. it's been a long damn road, and I can't wait to put all of it behind me. 

[nidena]

I'm gonna hold off updating.  All my loans went down and the CCs went up.  I'm gonna reassess a few things come the end of August and go from there.

Y'all have a good summer.  I don't know that I'll be posting anything else before the season ends.

[Rukh O'Rorke]

so frustrating! My student loan site says my loans are past due. payment suppose to be on the 5th, and I'm on autopay. 

The payment wasn't even initiated on the 5th - when previously they started pulling even 1-2 days earlier. It should up as pending in my checking account on saturday and I thought it would be resoved by today but I am still listed as past due on all my loans!

I contacted them in the chat on the 5th (friday) they said it was just the holiday. but the 5th wasn't a holiday. I did screen shots of the chats. I sent an email on st or sun, but have not heard back yet.

[Rukh O'Rorke]

Jun 7, 2024 6:26:19 GMT -5 Rukh O'Rorke said:

Update:

Student loan balance $94,381.20. The usually minimum monthly victory!

Still planning to break down all my debt for the races, have to work a bit this weekend, so not sure when I will get around to it......in the meantime, still have a bit of extra money in checking and making payments, so as ners would say - going in the right direction. At least for now!

update, payment finally went through.


student loan balance: $93,628.79

[ners]

Update

47,180.92 (1/3/2011 $97,382.42 MPT5)

[nidena]

Jul 9, 2024 9:15:48 GMT -5 Rukh O'Rorke said:

Jun 7, 2024 6:26:19 GMT -5 Rukh O'Rorke said:

Update:

Student loan balance $94,381.20. The usually minimum monthly victory!

Still planning to break down all my debt for the races, have to work a bit this weekend, so not sure when I will get around to it......in the meantime, still have a bit of extra money in checking and making payments, so as ners would say - going in the right direction. At least for now!

update, payment finally went through.


student loan balance: $93,628.79

That's always so frustrating when you do all that you're supposed to but the receiving entity doesn't.  And then they make it YOUR fault.  I'm glad yours is resolved.

[nikiz628]

I also miss the busier board traffic. I loved seeing everyone's different takes on how to tackle the debt. Or just how they do life. I especially miss coffeegrl and her updates. I am friends with her on FB so I get to see her motherhood updates (which I love seeing!). I just wish we could get this place back to its MSN days. 

[nidena]

If anyone is on reddit, recommend the board (where it would make the most sense obviously) in these sub's threads:

www.reddit.com/r/MiddleClassFinance/

www.reddit.com/r/povertyfinance/

[nidena]

Interest rates increase to nearly 35% on Macy's store credit cards

If you have any store-specific cards, double-check their rates.

[seriousthistime]

I don't know, it seems to me that the focus of this thread lately is more about managing debt as opposed to paying it off.  In my view, paying debt off to take on more debt isn't paying it off. 

I've done the balance transfer game, so I get that.  But from my perspective when you're dedicated to paying off debt you don't take on more debt unless it's pretty much an emergency or you're taking on lower interest debt while earning higher interest on savings.  Taking on more debt for wants vs. needs is managing rather than paying off, in my view. 

It could be that the thread has lost focus over the years. But I'm sure others will disagree. 

[nidena]

I've opted to not take the trip in August. I'll be reassessing things this weekend and likely telling my boss that I can work more hours this month.

[nidena]

Jul 12, 2024 17:41:58 GMT -5 seriousthistime said:

I don't know, it seems to me that the focus of this thread lately is more about managing debt as opposed to paying it off.  In my view, paying debt off to take on more debt isn't paying it off. 

I've done the balance transfer game, so I get that.  But from my perspective when you're dedicated to paying off debt you don't take on more debt unless it's pretty much an emergency or you're taking on lower interest debt while earning higher interest on savings.  Taking on more debt for wants vs. needs is managing rather than paying off, in my view. 

It could be that the thread has lost focus over the years. But I'm sure others will disagree. 

I don't think we've lost focus.  Everyone deals with debt differently.  Those who were "gazelle intense" as DR calls them, paid off their debt and no longer post (if they even visit the board).  Now, it's those who do the things that lead to your assessment.

For me, I've taken on additional debt over the past 17 years for various reasons.  In the past four, it's mainly because I'm having to make improvements to my third home not too long after having done much the same in the second home that I sold in 2020.  There have been some frivolous things in there, too, but the bulk of it has been for the house: plumbing issues in year 1 (paid off) ; rain gutters in year 2 (paid off) ; HVAC in year 3; fence in year 4.

Just like every TV show can't have extreme drama in every episode, we can't always be aggressive in debt pay down.  I know most of us WANT to be but we also have to balance our lives with that.  Sometimes, it's just about the character development and making better choices.

[Rukh O'Rorke]

Jul 12, 2024 17:41:58 GMT -5 seriousthistime said:

I don't know, it seems to me that the focus of this thread lately is more about managing debt as opposed to paying it off.  In my view, paying debt off to take on more debt isn't paying it off. 

I've done the balance transfer game, so I get that.  But from my perspective when you're dedicated to paying off debt you don't take on more debt unless it's pretty much an emergency or you're taking on lower interest debt while earning higher interest on savings.  Taking on more debt for wants vs. needs is managing rather than paying off, in my view. 

It could be that the thread has lost focus over the years. But I'm sure others will disagree. 

while I agree with nidena that we all have ebbs and flows about dealing with debt and how much effort and focus we can put into it at various times, I hope serious will appreciate that I am turning more attention to my debt and sharing this piece if others are looking for inspiration:


www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

[nidena]

Rukh O'Rorke , thanks for sharing that.

It's funny he compared money to losing weight.  I'd like to see him throw "while in peri-menopause" in the mix.  lol.

With me canceling the August trip, that will keep me from spending another $1000 or so on hotels, food, and tax-free shopping.  I think the biggest difference between me, my mindset, and that of others is that I'm NOT saving for retirement.  I'm already retired so I take that income in perpetuity for granted.  And, the truth is, I don't know how to do without.  I can not buy things but I've just never really flexed the muscle to deprive myself of anything that I do or use on a daily basis.  It's going to be a daily awareness because as with any habit, you don't think about it.  It just happens.  So...I'm starting with the drinks that I get at when I take my break at work.  They cost around $6-$8 but I work 3-4x/wk so I'll be able to reallocate those funds elsewhere.  I have bottles of gatorade at the house that I can take with me.  The whole multi-pack cost $6-$8 so I'm already ahead.  I got them for the USPS/FedEx/UPS drivers but there's no rule saying I can't drink them, too.  lol.

ETA: I thought I had to start getting ready for work but I was an hour early in my time.  So...adding to the above...

I'll also be skipping Starbucks.  They're really just another habit since I've been drinking their coffee since last century.  I make my own at home AND get their foo-foo drink.  Usually only once a week but that costs $10-$15 each time.  Lemme see.  What else?  I'm due for another haircut but that's only $20 + tip and happens every 3 months or so so that will happen soon.  I stopped eating Haagen Dasz back in January so that saved me $6 for each "pint."  I'll try to get fewer snacks when I get gas.  I already use the payment method that saves me .10/gal but not getting snacks will further add to what stays in the account.

We'll see how all the little things add up in the next month.

[seriousthistime]

That's all very good, nidena.  Awareness is key, and small steps can add up to big savings.  

[debthaven]

Kudos to both nidena and Rukh O'Rorke for taking stock of your respective situations. 

[Maryland Monroe]

Hello everyone! Just checking in after a long absence. My race win is posted on page 222 of this thread. Still not charging anything I can't pay when the bill comes. Some months it's hard, but I don't ever want to be in debt again. I see some familiar names and hope you're all doing well. 

[nidena]

Well, I successfully remembered to take gatorade the two days that I worked since I last posted.  Avoided spending that $7/drink during my breaks.  I also took back some MAC makeup that I had bought two weeks ago and hadn't yet opened.  Obviously, it wasn't a "need" if it didn't get used in the 14 days since I bought it.  That'll be a $100 refund.  Like any change in habit, one day at a time. 

[nidena]

Did another cost savings thing, of sorts, today.

I've had VOIP since I set up my internet at the house shortly after purchasing it.  It started out at $32.99/mo + fees and taxes and slowly morphed into $40.99 + fees and taxes that equaled $56/mo.  So, today, I went and ported the VOIP line into a prepaid smartphone.  I would have done away with it but I have the phone # set up with too many people and businesses.  And I choose not to replace my old cell because it has 8 years worth of contacts on it.  

So, where I used to two bills: internet/VOIP and cell; I now have three: internet, prepaid DE phone #, and prepaid IN phone #.

It's going to take until month five for the breakeven between having to buy the actual smartphone, case, and screen protector today plus pay the first month of prepaid but, after that, there's a decent amount of savings.

From $126 & $27 each month to $70, $33, and $27 each month.  Granted, it's only $20 month but that's an indefinite time frame.  I should also see some sort of credit on the former bill for the change in service today.

I'm still looking for additional ways to add some cash and cash flow that don't already exist.

ETA: the new cell also has data--my current one is wi-fi only--and because it's not reliant on the computer internet connection, I'll have a second phone should the power go out here.

2nd ETA: With the VOIP gone, I no longer have handsets plugged in and drawing electricity all the time.  Pennies, I know, but still a savings.

[grammytam]

Good Morning Everyone,

I have been reading these boards since the days of MSN money. This is my first time posting. I would like to retire in 5 years. I have to be debt free before that happens. I would like to be debt free in four years and save for one year after being debt free. I need to get motivated to get my debt paid off. I will post my starting numbers soon.

[Minnesotagirl7]

Great to hear from you Maryland Monroe! 

Welcome grammytam! Let the group know if there's anything we can help with or advice needed. 

[nidena]

Welcome grammytam!  Looking forward to cheering you on!!

[nidena]

Another trim.

I cancelled my Patreon membership.  It's only $5/mo but added to the other "onlys", it makes an impact.

[Rukh O'Rorke]

Jul 18, 2024 9:10:16 GMT -5 grammytam said:

Good Morning Everyone,

I have been reading these boards since the days of MSN money. This is my first time posting. I would like to retire in 5 years. I have to be debt free before that happens. I would like to be debt free in four years and save for one year after being debt free. I need to get motivated to get my debt paid off. I will post my starting numbers soon.

Awesome plan!

Welcome!

[grammytam]

Here are my starting numbers.

Debt	Balance
Medical	1,132.52
Car Loan	8,522.98
HELOC	11,923.69
Mortgage	35,519.09
Total	57,098.28

grammytam $57,098.28 WIRR 310