WOMEN IN RED RACERS

[forwardwego]

Hi Steph08 How are things in PA? I'm originally from Ohio, but in Florida since 1979.

Great progress sparks! $9K eliminated in 10 months 

Welcome aboard Ombud, glad you got consideration on the jury summons 

rr234  I love your avatar of your fur baby   Is it a boxer?
You will bounce back from your mistake. You told your DH and therapist, and did as much damage control as you could. And I'd imagine you've adopted some strategies and guidelines to avoid future regrettable purchases. And the WIRRs are here for moral support and accountability.


Hello dizzyintellectual nice update eliminating almost $100/day! I like your Jim Rohn quote signature.

Hi nikiz628 it's nice to meet you too. You and your DH have come a long way from where you started. Great that you got yourselves turned around and are united in your smarter money mgt.... your son will have a good example to learn from.


Nice update urdoingit ... on target to win this race in 2015...nice!
Thanks for your intro story. It's helpful to hear about successes and mistakes. It helps to see how others have recovered and come back stronger. 

It's great meeting everyone from the other parts of the country...sorry if I've overlooked anyone...



Here's my intro: I had read about the WIR Racers in a magazine, found them online and lurked. At 50 years old with over $10K in CC debt, I was embarrassed. Waited until I got our tax refund to pay it down under $10K, then joined. March 2010-April 2011 paid off $9559 in CC's. Race #2 is our vehicles $26K and $12K in dental repairs for the 2 of us. I'd like to finish this race off in 2015, but might be content to go a little slower while we build our savings. I recently joined the savers thread and recommend it. My DH and I had many years of bad habits to turn around, he's a spender and I'm an enabler. Now we are a recovering spender and a recovering enabler.  I am so happy for the help I've gotten here and hope I'm able to give back. Without a single penny changing hands WIRRS are propelling each other into a better place financially. 

ETA: My username is "forward" because I was done going backward financially, "we" because I found this group, and "go" for taking action instead of being passive.

[Ombud]

Ombud: $12,635.57 (11/23/14: $13,384 C2)

Put in as much as possible leaving me $83.07 after next UI check & monthly bills paid. New job starts 12/2/14

[megaptera]

Nov 23, 2014 16:58:00 GMT -5 forwardwego said:

forwardwego I'm about an hour from Mt. Vernon, which I've been through many times on the way to the San Juan Islands (which I highly recommend visiting if you've got time. ). But beware, once you visit beautiful WA, you may not want to leave.

Congrats, Ombud, on the job!

[forwardwego]

Wow nodebt42 it will be great 4 U to be in your "teens" 

amiteraus I'm glad you have found a livelihood and lifestyle that are good for your health and happiness. It sounds like you have a plan that works for you & you are building momentum ... 2015 looks brighter   Are you in Washington state or D.C.?

nice to meet you littlewhitetanktop nice update ... pretty soon race#2 will put you in the 5500 club 

Ombud Hearty congratulations on your new job 

gidgetc13 $80K/83% paid off is A-ma-zing! Steering clear of the CC usage has definitely worked to your benefit.

Cool username oweno! Congrats on being over 50% paid off!

Hi momofelliott4! Kudos on updating.

janie4 Yea for your next zero straight ahead. Good job planning ahead to use the tax refund to boost your savings. 

[movinonup]

nidena - I didn't mean to steal your suggestion.  It's a good one.

teachermom - I am all about the numbers.  I believe in addressing the highest interest balances first, whether that be by transferring the balance or paying it off for good.  I would put whatever will make you comfortable into your emergency fund.  Next I would pay off as much as possible on your existing debts, starting with whichever has the highest rate.  Next, I would look into transferring balances to get a lower rate.  IF (note that this is a big if) you can be disciplined and not spend beyond your means, I would even open a new credit card account to transfer balances for a lower rate.

-movinonup

[ses]

First of all I want to thank you all for being my inspiration.

My background is that of a retired teacher in NE.  I had a rather expensive surgery early last summer, luckily I was able to use my EF to pay for most of it.  Over the summer I paid all of my medical bills and started to "repay" my emergency fund.  I should be back to "normal" in January.  It is a little frightening to not have a healthy EF while living on a fixed income.  I usually hang out at the Controlled Spend/No Spend thread but needed a little extra motivation so I have been lurking here. I have been inspired by the progress you all have been making.  So, once again thank you all.

Teachermom: I have been thinking about your situation over the weekend and these are my ideas for what they are worth.

Pay off the Macy's, Home Depot, Target and Best Buy cards. Put the remaining $960 in an EF.  And cut up the physical cards.  This will give you an additional $100/mo to snowball on your last two store cards.
Now this next part may sound a little strange,  go to one of those NON-PROFIT credit counseling places.  Check about getting the last two store cards to reduce your rates (they know how to talk to the store credit people and the correct buzz words to use.  Also they might know about medical foundations that might help with your son's medical needs.)
If that doesn't work see what changes to your CapOne rates would be if you were to do a transfer of your Old Navy and Sears balances.  Then you would be totally free of store cards.  Then I would pay off the bank cards by the largest rate first.

By my rough calculations you would be debt free in about 2.5 to 3 years. Hope this helps.

[nidena]

Nov 23, 2014 21:08:35 GMT -5 movinonup said:

nidena - I didn't mean to steal your suggestion.  It's a good one.

teachermom - I am all about the numbers.  I believe in addressing the highest interest balances first, whether that be by transferring the balance or paying it off for good.  I would put whatever will make you comfortable into your emergency fund.  Next I would pay off as much as possible on your existing debts, starting with whichever has the highest rate.  Next, I would look into transferring balances to get a lower rate.  IF (note that this is a big if) you can be disciplined and not spend beyond your means, I would even open a new credit card account to transfer balances for a lower rate.

-movinonup

Ruh roh.  You didn't steal it.  I was just showing that we were echoing each other.  

I hate store cards.  It almost hurts for me to promote the VS card at my part-time because of its interest rate.  I think it's 28% or some nonsense.  Plus, I don't even have one so that almost makes me a hypocrite to suggest a customer get one BUT they're grownups.  They can make their own decisions to get one or not.  I have one CC and it's at 8.9%.  Thank you, USAA.

[Rocky Mtn Saver]

Thanks, redracerris for posting a pic of your DIY envelope wallet!  I've used basic dollar-store small envelopes in my purse for years, and it works so well!  I really don't know why more people don't do it if they're serious about controlling spending. 

[snapdragon]

Nov 23, 2014 19:19:35 GMT -5 megaptera said:

Nov 23, 2014 16:58:00 GMT -5 forwardwego said:

forwardwego I'm about an hour from Mt. Vernon, which I've been through many times on the way to the San Juan Islands (which I highly recommend visiting if you've got time. ). But beware, once you visit beautiful WA, you may not want to leave.

Congrats, Ombud, on the job!

I'm not as close as mega. I live right by Seattle so it's closer to a 3 or 4 hour drive for me. Have a wonderful visit with family.

[wudnit]

So, I haven't signed on in awhile (not since my last update).  Is this where we post from  now on?  Is this the consolidated thread? 

Thanks.

[snapdragon]

Nov 24, 2014 10:51:33 GMT -5 wudnit said:

So, I haven't signed on in awhile (not since my last update).  Is this where we post from  now on?  Is this the consolidated thread? 

Thanks.

Yes, it sure is. Both for posting and better "chatter".  

[teachermom]

Snapdragon and Forwardwego.....we seem to have several people from Washington State....who else? I guess I am the only one on the eastside.

Teachermom

[wudnit]

Thanks Snapdragon!! 

Since this is the first time I've posted to the new thread, I guess I will do a brief intro. I've been with the NE racers since January 2010.  I started with $172,915 in debt and am now below $30,000. That debt consisted of 3 different mortgages and a Home Equity line of credit.  It has been a long road, but I am now seeing the light at the end of the tunnel.  My plan is to have the HELOC paid off by August 2015.  That is the last of the debt. The three mortgages have all been paid in full.  I do have a car loan, but have the money aside to pay it, however, I am holding off as I have a low rate and feel more comfortable knowing that the cash is available when I'm ready.  I've been asked why I don't apply the cash I have aside to the HELOC, I'm not sure why I don't.  I guess I just want to finish this race the way I started.  At first, I was paying all the mortgages and interest only on the HELOC.  I would always pay as much extra as I could for the month.  However, once the 1st mortgage was paid off, then I snowballed that payment into the next mortgage.  I now am paying $3,125 per month toward the HELOC with about $75 of that going toward interest.  I can't even begin to imagine what I will do with the $$ once it does not have to go to debt.  I find that very exciting.  I am looking forward to my 5 year WIRR anniversary in January at which point I should hit $150K paid!

I will be posting my December update the first week of December.

I look forward to getting to know you all!!

[snapdragon]

wudnit -

I now am paying $3,125 per month toward the HELOC with about $75 of that going toward interest. I can't even begin to imagine what I will do with the $$ once it does not have to go to debt.

I'm sure we can help you think up some ways to save and have some fun. What's life without a little fun?

[murphath]

teachermom:
Firstly, congrats on the weight loss!  As someone who lost 34 lbs. in 1978 and has kept it off, I know how tough that can be.  And, honestly, I think budgeting is a lot like weight loss.  It takes some discipline and habit changes.  Just like eating the wrong foods, you've probably been spending the wrong way.  So, as with refining an eating plan, you first need to write down what you are spending and where.  Do you take your lunch to work?  Do you make lunches for your children?  Brew your own coffee?  Too much fast food/take out for dinner because you're tired?  These don't sound like much but can be real budget busters.  But you'll never know unless you write it down and then begin to formulate realistic figures for your monthly budget.  I do think the envelope system will work for you and hope you will cut up your cc's and give it a try.

As for your son's condition, is there a Shriner's Hospital in your area?  They offer free medical care to any child.  Maybe they would pay for your son's injections or atleast help you out.  Might even be worth driving to Seattle if there is one there.

If you want to free up some money for a short time, I would stop the 403b contribution rather than the ROTH.  Mostly because the Roth is more valuable at retirement since you will not pay taxes on what you withdraw.  Once your cc's are all paid, I would take the 403b contributions you were making and put them into the Roth (unless you're maxing the Roth, which I don't think you are).

Does your school district offer a Health Savings Account (HSA)?  This would be a good way for you to save for your son's medical needs (if you can't get some other kind of assistance).  The money would be taken directly from your check.

I do think you are beginning to be on the right track but still a bit scattered in your approach.  (Sorry-hope that's not taken badly).  You really do need to figure out where your $$ is going and the only way to do that is to stop using those credit cards and write everything down.  The idea to use a cc to pay gas/food is a really, really bad one BTW because you won't be as diligent in watching your spending in the grocery store. 

Good luck!

[wudnit]

Isn't that the truth!!  I've been on this debt journey for so long, I haven't had any FUN money!!!  I am looking forward to when I do!!  Although we have a camp and that is my "FUN".  Lots of family times.  It is only a seasonal place, but we love it!!!!  So, I can't really say we haven't had any fun!!  (One of the three mortgages we obliterated).

[forwardwego]

teachermom I'm in Florida, and flying out today to visit my daughter in Washington. It will be my first time there...the pictures are beautiful. Right now it's 80 degrees here and climbing to a high of 85 today, wonder what the temperature will be when I land in Seattle 10 PM Pacific time??  I'll wave as I get to Seattle snapdragon , thanks for the tip on the San Juan Islands megaptera.

Hi wudnit, that's a wonderful story with a happy ending on the horizon, & it's also a happy beginning 

IF (note that this is a big if) you can be disciplined and not spend beyond your means, I would even open a new credit card account to transfer balances for a lower rate.

-movinonup

Nice visual movinonup  


ETA: technical question Why/How do the usernames show up in blue in your posts?

[megaptera]

Nov 24, 2014 11:06:37 GMT -5 teachermom said:

Snapdragon and Forwardwego.....we seem to have several people from Washington State....who else? I guess I am the only one on the eastside.

Teachermom

teachermom, I'm WAY on the Eastside. I'm in the Snoqualmie Valley.

I love that there are so many WA folks here.

[Rocky Mtn Saver]

Nov 24, 2014 11:37:59 GMT -5 forwardwego said:

teachermom I'm in Florida, and flying out today to visit my daughter in Washington. It will be my first time there...the pictures are beautiful. Right now it's 80 degrees here and climbing to a high of 85 today, wonder what the temperature will be when I land in Seattle 10 PM Pacific time??  I'll wave as I get to Seattle snapdragon , thanks for the tip on the San Juan Islands megaptera.

Hi wudnit, that's a wonderful story with a happy ending on the horizon, & it's also a happy beginning 

IF (note that this is a big if) you can be disciplined and not spend beyond your means, I would even open a new credit card account to transfer balances for a lower rate.

-movinonup

Nice visual movinonup  


ETA: technical question Why/How do the usernames show up in blue in your posts?

There's a tagging feature in the buttons when you're replying to the thread.  It's a little person with an "@" sign.

[teachermom]

megapetera.....that may be the eastside of Seattle but still the westside of Washington........I am 8 miles from OR and 50 from ID......that is way on the eastside!!

Teachermom

[Deleted]

Nov 23, 2014 19:29:19 GMT -5 forwardwego said:

amiteraus I'm glad you have found a livelihood and lifestyle that are good for your health and happiness. It sounds like you have a plan that works for you & you are building momentum ... 2015 looks brighter   Are you in Washington state or D.C.?

Washington state... live in Seattle.

[megaptera]

Nov 24, 2014 16:43:52 GMT -5 teachermom said:

megapetera.....that may be the eastside of Seattle but still the westside of Washington........I am 8 miles from OR and 50 from ID......that is way on the eastside!!

Teachermom

LOL! You really are on the Eastside!  Apologies for misunderstanding. I'm so used to people here referring to Eastside (King County).

I should know better than to assume; a friend of mine lives in eastern WA.

[teachermom]

Megaptera....I remember how it was...used to live in Kirkland.....and they always called that the Eastside too. LOL When you live in Seattle....most forget about the rest of the state....they control everything that happens from over there.

Amiteraus....another Washingtonian!

Teachermom

[redracerris]

I am originally from Washington. Born and raised. Sometimes I miss it there...most of my family is there. But the economy is why we decided to move to Alaska after DH was medically discharged. I sure don't miss the really high sales tax.  But Alaska is gorgeous and I am glad we moved here. It always bugs me when I have to say I'm from Washington State. If I was from D.C. I would say D.C. for goodness sake. More people live in the state versus D.C.

[steph08]

UPDATE: steph08 11/25/2014 $13,100.22 (4/8/2014 $19,863.94 NE116)

Card (Interest Rate)	Start	Previous	Current	Difference
Lowe's (0%)	2,136.35	-	0.00	-
Furniture (0%)	4,239.04	2,351.51	2,291.51	60.00
Car (2.9%)	13,488.55	11,145.63	10,808.71	336.92
TOTAL	19,863.94	13,497.14	13,100.22	396.92

Paid this update: $396.92
Total Paid: $6,763.72
Percent Paid: 34.05%

Hoping to make a big payment on the car loan after the holidays!

[janie4]

No update per se, but since we're all reintroducing ourselves, I thought I would join in.  

I'm a 36 (soon to be 37) year old single woman living in Washington DC.  I'm a federal employee who makes a decent living, but who is over-extended on the house (my mortgage, taxes and insurance payment is about 43% of my take home).  I am still funding my retirement at 10% of salary, and I have an ok emergency fund. I have a cycle, unfortunately - I do well paying debt off, but then end up adding more debt due to small impulse buys on clothes or other goods.  I'd say most of my debt I've paid off racing is consumer goods such as clothes.  My damage is totally self-inflicted.  

Last year I was diagnosed with OCD, which has led to two nasty outcomes for my wallet:  One, my roommate moved out because he couldn't cope - I was insanely bad to live with back then; and two, I had to give up my part time dog walking job, which allowed me to pay for clothes and extras.  I've responded by cutting my budget significantly (downgraded cable, eating in more and cheaper food, driving less), but I still have to work on stopping some impulse shopping, and downgrading my lifestyle again.  The good news is I have a temporary roommate for the next three months, and I'm going to be putting a basement apartment in next year.  I will probably be more stressed and crazy during that project, because I will by tying up most of my cash in that.  In that case, I'll be headed over to the savers folder for more support in rebuilding my cash reserves.

Because I'm a fed, payments are predictable - unfortunately, my agency is out of cash for cash bonuses, so it's a paycheck to paycheck payoff.  But I have only a couple of more payments on the CC to go, and then I can start throwing more money at my student loan. So the slow tortoise approach for me - it's all about not going backwards.  

[teachermom]

Murphath - My son is too old to be treated at Shriner's. He is now 21 but due to health issues, not able to handle working and going to school and we chose attending college and he will graduate from CC this year and then we will reevaluate. I support him as far as food, housing and basics go but if he wants to buy other things besides necessities, he saves his money for it. He gets enough financial aid to cover tuition but that is about it.

My work does have an HSA but unfortunately with my budget in the negative, I can't afford to have anything else taken out of my check. When I get my budget more inline, then I will sign up for the HSA again. Yes, I understand the tax breaks I am not getting right now.

I am on the right track and just looking at all options to put a plan in place. Right now, even with what I am going to pay off, minimums is all I will be able to do on the rest and not be in the positive on my budget.

Not going to open any new cards. Also, don't have big enough credit limits on my Cap One (lowest interest rate) to be able to do balance transfers. Thanks for the input though.

So I have scheduled so far to pay off Macy's, Home Depot and Target....all of those are on all options I am exploring. I have also set up an auto-withdrawal for $500 to go to savings for EF....as this is the minimum I will be sending to my EF...along with other "found" money and money from selling things....at $100 for selling clothes. Still exploring options on the rest.

I am working with my kids to look at the rest of the budget. We don't have cable, netflix, etc. We don't have a home phone. We only have Internet (cheapest in our area) and our cell phones. Looking to see if there are options to lower the cell bill. My oldest (27) living at home so he can student teach....has been doing some subbing and will have some money so is going to pitch in what he can. He is also great at cooking dinner which makes us eat at home instead of eating out. My 3rd son is in TN going to college and does have a job and gets financial aid or pays for his own stuff with his job.

The kids have agreed to only necessities for Christmas....stocking stuffers of new toothbrushes, shower gel, shave cream, etc....type things. Presents of new socks (we buy every year at a great after Thanksgiving sale and don't buy the rest of the year), boxers, undershirts, one son needs a pair of jeans, things like that. They are ok with $20 jeans, not something expensive and we only buy stuff on sale. We are being very frugal with the things we are getting and they are necessities only. All will be paid in cash, but I also have some gift cards I got from rewards points on my Sears card ($140). Anything else they receive they will get either from a grandparent or their dad (he usually does some $$ as he wouldn't have to think about what to buy. Also, this is the only time of the year he gives them anything. He hasn't helped with anything for years but that is a whole other story.)

We are also doing an "eat from the pantry" challenge at home right now....so we have to figure out meals with what we have and only buying things like milk and bread, fresh veges, and some meat.

Really need to get my budget in line but after running numbers last night....not sure any option I have will free up enough to do that yet. Still looking for a 2nd job to add additional income. My son who is student teaching is also looking for a job for weekends (about all the time he has right now).

That's where we are right now.

Teachermom

[janie4]

Teachermom, there's a company called Republic wireless - they offer the cheapest cell phone rates - $50 per line for unlimited talk and text over cell towers, as opposed to wi-fi.  I'd check them out.  Bad news is they are a sprint network, but if sprint isn't available, they're supposed to roll over to AT&T.  Check them out.

[Rocky Mtn Saver]

teachermom, I suggest you should have a sit-down with your 27-year-old son and come up with a set amount monthly he needs to contribute to the household, rather than 'pitch in what he can'.  If you put it in those terms, odds are he'll 'not be able' to do what he otherwise can do because there's no motivation.  He's 27, and he should be doing more to support his own room/board rather than mom supporting her adult child when she's in such dire straits and has another child who doesn't have the income options the older one enjoys.   

[teachermom]

Rocky Mtn Saver....I get what you are saying but he isn't just trying to take advantage and do nothing. He is student teaching for 1 year....he has been on his own for the last 9. Also, as I said before, he is subbing (you can only sub for the teacher you student teach for) but that isn't all the time as he is student teaching full time....then has lesson planning and grading at night. He is looking for a job on the weekends. When I am saying he is contributing what he can, he buys groceries, cooks, does the lawn mowing, shovels snow, helps clean house, etc....so he contributes. When he has money (like when he gets the check from subbing), he plans on helping with bills. He isn't free loading. He is very generous. He also plans to help me pay off my student loans when he gets his teaching job next year and he will....math/science....dire need.