Women in Red Savers 2017

[seriousthistime]

2017 Savings

	2017 Goal	Added	2/28/2017	% Saved	Roses
Gifts	$  2,600	$200	$400	15.4%
Travel	$  2,000	$120	$420	21.0%
EF increase	$  2,600	$200	$400	15.4%
Weekly Savings	$  2,078	$156	$312	15.0%
Moving	$  2,000	$78	$305	15.3%
Sweep Fund	$  2,600	$404	$610	23.5%
Total	$13,878	$1,158	$2,447	17.6%

Seriousthistime, $2,447, 2/28/2017 (Goal $13,878)

[chiver78]

so um, I just got some unexpected very good news. there was some realignment done in the HR systems with this year's review cycle, as far as people's titles, pay grades and the like. basically, lining up our site's details with the new parent company's. my info was fine, but some of the middle managers got moved around some, etc. but the bonuses that are getting paid next Friday? well now.....my pay grade earns an 8% bonus off base salary (I now work a shift, there's a pay differential that doesn't factor into bonus math) and our site was awarded a 127% figure to plug into the equation. the paperwork shows the target # and then the higher amount that reflects the 127% and it looked a little off. my boss told me that a number of people at my level all got what looked to be 10% off last year's base salary instead of 8.  


so as I thought about plans and what to do with all of this since I posted earlier this week, I'm definitely doing this now.     this weekend, I am going to treat myself a little by going out to dinner. don't know where yet, or which night, but I will be going out to a new-to-me restaurant where I will pay someone else a good amount of money to cook dinner for me. I will likely also treat my roommate, since he's had a pretty shitty week himself (10-12h days all week, in awful conditions - he's a plumber, do the math) and he can drive for his share. ha! oh, and I am going to put $50 into a gofundme site for a music acquaintance whose son is currently undergoing chemo 3 states away from home, instead of the $25 I'd planned. 

after that, I will put the $1k into savings like I said before. next up, I will pay off the balance of the promotional offer that's resetting in 90 days - I got a notification earlier this week that it was coming up. that's $1400 to be able to keep the rest of the balance on that card at 0% through other promotional offers. after that, I may look at all of my varied cards and their balances. this may make sense to wait til I have the number back for my tax return, but I might be better served by paying off completely some of the lingering small balances in order to have multiple empty shells to move higher interest rate balances to. idk.... I may need some help figuring out the scenarios. I'll gather details and post in the next week or so. thanks in advance.  

but yes, a bonus of almost 13% makes for a much bigger smile than a bonus of 8%. 

[debthaven]

I freely admit that there's no savings going on here at this time, but I still read this thread.

Serious, have you ever considered using your "sweep fund" or "weekly savings" to pay off your CC faster? You are SO CLOSE!!!

I hope Serious (or anybody else) doesn't mind me "butting in".

[chiver78]

I will wholeheartedly welcome any advice you might have when I put my godawful ugly numbers up in the next week or so. debthaven. thanks in advance. 

[debthaven]

I can already tell you that you shouldn't be taking your roommate out to dinner Chiver LOL. But that's not just because of money, it's because you've gotten yourself into a rough situation with him, and you need to distance yourself from it.

If you still mean that, I'd be happy to give you my advice, for whatever it's worth.

Both of us have been around here for a LONG LONG time. And my own situation is far from glorious these days, so I'm going to update my numbers too (in my signature).

ETA: Our kitchen debt (credit line) has gone up again. Things are so tight that we had to re-borrow the amount we paid off.

ETA: Done, numbers in signature updated.

ETA2: There's more, but I can't bear to add it. I also owe my sister 2500 for property taxes on our rentals last year. She doesn't need it (her words, not mine) so she has told me to pay it back to her two DDs "one day".

[Saving4Norway]

Fund	2017 Goals	Last Month	This Month	% Met	Roses
Summer School?	3000	2000	3000	100%	March
Denmark 2018	7000	0	0	0%
Vehicles	1000	1000	1000	100%	Jan
Gifts&Donations	2000	500	500	25%
Palm Springs 2017	500	500	500	100%	Jan
Motorcycle Trips	1000	500	1000	100%	March
Santiago de Campolo	1500	0	0	0%
Home Improvement	2000	0	0	0%
Cultural	2000	0	0	0%
Vacay Prop	1000	0	0	0%
Sisu	500	500	500	100%	Jan
Christmas	500	0	0	0%
Quilting/Crafting	1000	0	0	0%
TOTAL	23000	5000	6500	28%

Saving4Norway 3/3/17 $6,500 (Goal $23,000)

[seriousthistime]

Mar 3, 2017 19:32:22 GMT -5 debthaven said:

I freely admit that there's no savings going on here at this time, but I still read this thread.

Serious, have you ever considered using your "sweep fund" or "weekly savings" to pay off your CC faster? You are SO CLOSE!!!

I hope Serious (or anybody else) doesn't mind me "butting in".

I don't mind at all!

I have not considered using the "sweep fund" or "weekly savings" to pay off my CC debt because the debt is at 0% until the end of this year.  I'm making a payment of $100 every two weeks, plus the minimum monthly payment, so it's paid off by the time the rate expires.  The payment of this debt signals the end of the balance transfer cycle that has caught me for many years.  That sound you'll hear toward the end of this year is the sound of a giant cork being sprung from a giant bottle of champagne! Oddly, I'm in no rush to pay it off and be done with it. 

[seriousthistime]

Updates!

	Stars	Name	Amt. Saved	Goal	% Saved	Roses	Smilies
1		azucena	$4,865	$15,000	32.4%
2		chiver78	$45	$1,378	3.3%
3		finnime	$137	$2,997	4.6%
4		forwardwego	$14,700	$32,000	45.0%
5		Jaguar	$800	$5,780	13.8%
6		minnesotapaintlady	$9,955	$24,400	40.8%
7		movinonup	$912	$25,325	3.6%
8		nikiz628	$3,869	$7,900	49.0%
9		regecko	$9,873	$12,000	84.5%
10		Saving4Norway	$6,500	$23,000	28%
11		sealy	$10,000	$15,000	66.7%
12		seriousthistime	$2,447	$13,878	17.6%
13		shanendoah	$80	$480	17.6%
14		shopaholic814	$7,354	$20,700	35.5%
15		snapdragon	$7,929	$10,000	79.3%
16		teachermom	$3,058	$72,000	4.3%
17		TheHaitian	$11,667	$42,500	27.5%
18		tobinikui	$3,905	$25,000	15.6%
19		trimatty471	$6,181	$13,615	45.4%

[seriousthistime]

Many thanks to Jaguar for explaining to me how to add lines to a chart.  As a result, I didn't have to spend time this month recreating the whole thing. The downside is that errors from last month, if any, may be repeated this month.  Let me know if your numbers, stars, roses, and smilies are not correct, please.

Another change I made this month was to tag the posters in the chart.  I hope that this tagging function will serve to jog the memories of those who forget to post.  If you didn't post in February, please post now while you are thinking of it.

Also, to help me out when I do the smilies, would any of you who are NOT in the habit of adding a tag line PLEASE add one?  I don't need to know how far you are from your goal but I DO need to know how much you have saved/achieved.  (Because we are of course focused on success and encouragement, rather than the long road ahead.) I can of course calculate that amount if you give the amount you have yet to achieve, but for the sake of expediency, please help me out here.  Thank you in advance.  I am usually doing the smilies after a long day at work, and anything you can do to help me post complete and accurate numbers is greatly appreciated.  For guidance, if you need it, please see page 1 of this thread. 

Save on, Savers!  Happy March, which comes in like a lion and goes out like a lamb.  Hoping the reverse is true for your saving -- let us save like LIONS this month!

[forwardwego]

Good Saturday morning fellow Savers 
February flew, will work on shoutouts this weekend, keep on saving 

[debthaven]

I can't wait to hear that champagne cork pop!

[lund]

chiver78 , Congratulations on the bonus!
But please consider not spending more than previously intended before your bonus is in your account.

And, I second Debthaven. Don't invite your housemate for dinner, nor celebrate the increase other than by doing something that costs virtually nothing. It gives a very mixed message, both as to what is or is not between your housemate and you (which sounds as if it is not a good relationship for you), and as to the handling of money (a more spend-happy person may interpret it as if it is OK to spend just because there is extra money in the account even if it actually would or should be spoken for).

(And these hours the housemate works, don't they translate into more money coming in? Carrying debt, he should like that and pay off or at least down some....)

I think that if you without penalties can wait with the promotional pay-off until you know how much money you have and have a fresh overview of your financial situation, it might be good, even if it absolutely sounds like a premium candidate to get rid of!

[finnime]

Finnime - 3/4/2017            $162.29  [ $2,996.50 ]

	Saved	Goal	% Saved	Periods Completed
Weekly Challenge	$75.00	$1,378	5.44	09/52
Daily Dime Challenge	52.10	$954.20	5.46	63/365
Penny Challenge	35.19	$664.30	5.3	63/365
Total    EF	$162.29	$2,996.50	5.42%

Still going.

[forwardwego]

Mar 2, 2017 9:56:38 GMT -5 nikiz628 said:

Jan 29, 2017 15:14:13 GMT -5 nikiz628 said:

Like I said before, I think I got a little too "save all the money" when setting my goals for this year. With the continuing expenses of the addition/renovations on our house, the goals just were not realistic. I've made some adjustments that I believe are more attainable, some of the balances have gone up and some have gone down. I just keep telling myself that even one dollar saved is progress.

Adjustments are wonderful...keeping it real, keeping it challenging!!

[chiver78]

so I haven't done the snazzy meal yet. I do like the idea of not altering my spending until I actually have the bonus in my checking account. yesterday, we both had the great idea to go out to a sports bar to support a friend of ours at his gig. we split a plate of nachos, had a few drinks, and I was passed out back here by 10. this morning, I tried out a crepe recipe to break in the pan I bought the other night with a gift card. right now, we're both trying valiantly to not doze off in food comas, watching the Kids Baking Championship on Food Network. 

to answer the other question lund brought up, he is earning money. he's also got a huge truck and comparable payments. so much of his earnings go to that. I don't know how much I've gotten into about all of that, definitely not much on this particular thread. I guess the big thing I'm looking at right now is that he's no longer carrying a credit card of mine (for anything that would have come up while I was at work for the pups) and that turned into more than just that. I'm home days, so he doesn't need it for them anymore. and I don't think I want to get into any more detail on this out here on the open boards. 

[bankergurl]

Hello!!!!  Long time no chat!  I am excited to get back into the flow with the Savers!!

Savings goals for the year are pretty simple this year:

-Save for trip to Laughlin in April

-Save for trip to Vegas in July

-Payoff Mom Loan, balance is $24,107.25 as of 1/1/17

Basically every penny saved will eventually go to paying off Mom Loan #2 (which will free up $600 a month for us!).  This will be our last year of basically just saving it up to payoff debt, then we will be down to just the houses and can iron out some actual detailed savings goals.

The two trip goals should be easy and I will count them as "met" once we go on the trips.  Both trips have free flights, free hotels, free drinks and some free food.  To subsidize the rest of the food costs I use my Discover Rewards to get giftcards to places we like to eat while on vaca.  So the only costs to us is gambling, which we like to do a lot of, but we are very smart with our gambling budget, and always take home any amount we win (Banker Gurl has been known to cash out even $5 ahead and stick that in the winner pocket to go home! ).

We plan to (hope to) payoff the Mom Loan by the end of the year, the earliest would be August as I don't want to pay it off till after the vacas are done with.  I also want to make sure we still have a decent cushion in savings when we do pay her off.

[bankergurl]

I know I've said before that the best way to get your savings up is to "nickel and dime it".......if you didn't know what I meant, or weren't sure that it worked....here you go!

January 1, 2017 = $8,315.00

+$400.00 January Roommate Rent
+$600.00 January Tenant Rent
+$45.00 FB Sales
+.09 GC Interest
+$4.91 Even Out Amount
+$1.51 Cap360 Interest
+$8.49 Even Out Amount
+$2.93 Local Savings Interest
+$2.07 Even Out Amount
+$50.00 My Payday to Our Savings (12/30)
+$50.00 My Payday to Mom Loan Savings (12/30)
+$50.00 MO Payday to Our Savings (1/6)

+$100.00 FB Sales
+$200.00 FB High Limit Pull Winnings
+$50.00 My Payday to Our Savings (1/13)
+$75.00 My Payday to Mom Loan Savings (1/13)
+$45.00 To get to $10,000!!!!

+$190.00 FB Sales
+$10.00 Even Out Amount
+$50.00 MO Payday to Our Savings (1/20)

+$110.00 FB Sales
+$40.00 Extra Cash at home

+$45.00 FB Sales
+$50.00 My Payday to Our Savings (1/27)
+$75.00 My Payday to Mom Loan Savings (1/27)

+$80.00 Property Management Work
+$50.00 MO Payday to Our Savings (2/3)

+$80.00 FB Sales
+$60.00 Super Bowl Squares

+$50.00 My Payday to Our Savings (2/10)
+$75.00 My Payday to Mom Loan Savings (2/10)
+$1.74 Cap360 Interest
+$8.26 Cap360 Even Out
+$25.00 To get to $11K!!!

+$50.00 Armwrestling Bracketing
+$50.00 FB Sales

+$5.00 Basketball Reimbursement
+$50.00 MO Payday to Our Savings (2/17)
+$50.00 FB Sales

+$240.00 Property Management Pay
+$50.00 My Payday to Our Savings (2/24)
+$75.00 My Payday to Mom Loan Savings (2/24)
+$25.00 Missed Deposit
+$5.00 Even Out Amount

+$100.00 FB Sales
+$400.00 Rent from basement dweller

+$50.00 MO Payday to Our Savings (3/3)
+$2400.00 Bball Coaching Pay

+$25.00 FB Sales
+$1.79 Cap360 Interest
+$8.21 Even Out Amount

March 6, 2017 = $14,585.00

So far this year we made 51 separate savings deposits in 65 days, totaling $6270.00.  That's an average of $96.46 saved each and every day!   And that doesn't include the $507 we already saved in the 52 week challenge!!

We aren't rich, we don't bring home giant salaries (I only make about $40K and MO is slightly higher), but we know how to work hard, hustle and live within our means!

Get those auto deposits set up if you haven't already and attack those savings goals!!

Accounts	1/1/17	2/1/17	3/1/17
Local Savings	$2,510	$3,455	$7,025
GC Savings	$2,025	$2,875	$2,900
Cap360 - Us	$1,620	$1,875	$2,135
Cap360 - Mom Loan	$900	$1,105	$1,265
Cap360 - Rental Deposit	$1,260	$1,260	$1,260
Totals	$8,315	$10,570	$14,585

Banker Gurl 1/1/17 $14,585 (Start=$8,315/Saved $6,270/Goal $22,000/Remaining to Goal $15,730)

This is my best estimate goal on how much we would need to save to go on both trips, payoff the Mom Loan, and still have at least $5K in savings at the end of the year.

[tobinikui]

Account Name	Goal	Saved	Remaining	% Complete
Taxes	$7,200.00	$1,800.00	$5,400.00	25.0%
Insurances	$4,560.00	$1,140.00	$3,420.00	25.0%
Christmas	$2,000.00	$200.00	$1,800.00	10.0%
Random	$1,000.00	$100.00	$900.00	10.0%
ER Fund	$6,790.00	$1,776.90	$5,013.10	26.2%
DD	$2,200.00	$2,200.00	0	100.0%
DS	$750.00	$750.00	0	100.0%
DSD	$500.00	$500	0	100.0%
Total	$25,000.00	$8,466.90	$16,533.10	33.9%

Tobinikui: $8,466.90 on 3/7/2017 (Goal: $25,000.00)

2017 has had a lot of ups & downs for us already. Life is certainly doing its best to keep us on our toes, for sure! That being said, we got our federal tax refund back less than one week after we filed, and I immediately topped off the kids' accounts, and put some extra into our ER fund. Hurrah! We also took some of that and  (finally) started a college savings fund for our youngest. We should have done that when she was born, however, we were too busy using that cash to stay afloat! Hopefully, that time is behind us now. 

I created a new automatic transfer that should help us more than max out our ER fund goal for this year. Things continue to be a little tight, but I upped my retirement savings through my job, and plan to automate biweekly savings to the kids' college accounts. I worry that I am a bit too much like  "save ALL the money" like the other poster, but I don't really feel like we have enough of a buffer to allow ourselves too much play money yet. We'll get there soon though.

I'm sorry I missed the March updates, but I'll do my best to post earlier next month!

[snapdragon]

Snapdragon 03/08/17 --- $ 8013.09 / $ 10,000 -- update

Car/House $ 1543.39 / $1500

Savings $ 2735.75 / $4000

Travel $ 3733.95 / $4500

New Totals $ 8013.09 / $10,000


I bought theatre tickets for a comedy musical that looked really good so my travel account has dipped. But I am really excited to see this play it's called A Proper Place.

"Downton Abbey meets Gilligan’s Island in this hysterical new musical based on J.M. Barrie’s play, The Admirable Crichton. It’s 1902, and Lord Loam’s family outing has gone horribly awry, landing the family on a deserted island. Stranded alone, their trusty system of societal hierarchy begins to slip away as their only hope for survival turns out to be allowing the lowly butler to take the lead. With a score of lively and tuneful music, this romantic comedy will sweep you away in an adventure of family drama and forbidden love. "

Everyone one else keep up the good work!

[bankergurl]

Jan 2, 2017 21:35:57 GMT -5 movinonup said:

Jan 2, 2017 15:44:49 GMT -5 seriousthistime said:

movingonup, will you explain your monthly and daily challenges and the logic behind them?  They seem interesting, and a good way for people to start if the weekly challenge seems too daunting. 

seriousthistime I just modeled the monthly and daily challenges on the weekly challenge, which someone else started.  For the monthly challenge, I save $10 for January, $20 for February, ... $120 for December.  The daily challenge starts at $0.01 on January 1 and increases by $0.01 each day until saving $3.65 ($3.66 in Leap Years) on December 31.  The challenges provide a way for me to have a savings goal without setting specific purpose for the savings.  I don't actually save in order.  If I have $120 on January 14, I may put that into my WIRS account and check of December on my monthly challenge spreadsheet.

-movinonup 

I just started on getting caught up on the reading and I am only on page 1! 

Just wanted to say this is very cool!  MO and I have done the weekly challenge for the last 3 years, but I have never seen the other two before.  I really like the monthly one!

[bankergurl]

Jan 9, 2017 21:41:42 GMT -5 teachermom said:

Well.....a new year is here and I am excited to get back on the savings wagon. Paid off my car loan on 12/31 which was my goal. Frees up some cash now to have a more regular saving plan. On to paying off student loans but that will be YEARS so.....for now, focus on savings.

I didn't get very far on my goals last year after withdrawing everything to pay off cc debt.....so starting over at $0.00. I have some huge goals for long term and some short term goals for this year. So....my goal is huge but I know I will make some of them this year and some in the future.

Savings 2017
Fund	Goals	Previous Bal	Jan 2016	YTD	Spent	End Bal	% Met
Emergency Fund - Minor	$1,000.00	$0.00	$700.00	$700.00	$0.00	$700.00	70.00%
Emergency Fund - Major	$20,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Insurance - Deductible	$1,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Roof	$4,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Plumbing Updates	$3,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Appliances	$3,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Hardwood Floors	$3,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Tires	$800.00	$0.00	$100.00	$100.00	$0.00	$100.00	12.50%
Car Maintenace	$1,000.00	$0.00	$100.00	$100.00	$0.00	$100.00	10.00%
Car Replacement	$30,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Gifts	$1,200.00	$0.00	$100.00	$100.00	$0.00	$100.00	8.33%
Spring Break Trip 2017	$500.00	$0.00	$200.00	$200.00	$0.00	$200.00	40.00%
Summer Trip 2017	$500.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
MN trip 2017	$1,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Hawaii trip	$2,000.00	$0.00	$0.00	$0.00	$0.00	$0.00	0.00%
Total Savings	$72,000.00	$0.00	$1,200.00	$1,200.00	$0.00	$1,200.00	1.67%

Teachermom $1200.00 1/9/2017 ($0.00, 1/1/2017, Goal $72,000)

Just misc. ramblings as I am catching up on reading......I MISS THIS!  I miss having a list of goals with set amounts and then knocking them out one by one.  Just like the paying off of debt, there is something so satisfying about getting one line item completed!  I used to have a very similar list to Teachermom back before I got divorced in 2014.  When I got divorced obviously things had to be divided and accounts closed etc., so I closed all of my accounts except for one and put all of my savings in there.  I found that to be soooooooo much easier and saved me a ton of time with tracking etc.  So here we are in 2017 and I am still doing (basically) a one pot savings which is easier....but not as fun! Hmmmmmm.....

[teachermom]

bankergurl I don't really spend too much time tracking, but for me.....it helps me be accountable to myself for my saving and spending. If I don't have it, can't spend it yet....so I stay very focused. My boyfriend on the other hand, has 1 pool for money and as long as he has "enough" in there he doesn't worry too much. Not sure what "enough" is but it works for him. I think the important thing is to find what works for you and do it. We don't all have to do the same thing.

[Deleted]

I use YNAB to keep track, so it's really not any extra time.  The problem with the "one pot" thing for me for tracking is that it's so easy to double count money and come up short.   Plus, I need permission to spend and I have to know A, B, an C are covered before I'll let myself get D. 

[forwardwego]

Update 3/10/2017 $14923 (Start $12165, Goal $32000)

2017 FUND	Present	Goal	% Met	$$ Needed
EF Bridge	5310	10000	53	4690
Veh XF	800	1500	53	700
Med XF	600	1500	40	900
Rental Margin	1655	10000	16	8345
DD invest/gift	4000	5000	80	1000
Rusty J Boxer Pt2	2000	2000	100
Weekly Challenge*	558	2000	27	1442
TOTALS	14923	32000	46	17077

*$50 base + (sum of $12 thru $63) = $2000

12	13	14	15	16	17	18	19	20	21
22	23	24	25	26	27	28	29	30	31
32	33	34	35	36	37	38	39	40	41
42	43	44	45	46	47	48	49	50	51
52	53	54	55	56	57	58	59	60	61
62	63

 Happy Friday Savers, sorry for the delay in shouts, should begin today 

[azucena]

Feb 24, 2017 13:21:31 GMT -5 azucena said:

Feb 10, 2017 9:03:25 GMT -5 azucena said:

    

I've been traveling for work, so missed some updates.

2/28 WITHDRAWAL of $145 for a total of $53,672 (too spend happy this week)
3/2 daycare reimbursement of $354 for a total of $54,026
3/6 daycare reimbursement of $125 for a total of $54,151
3/8 loan reimbursement of $550 for a total of $54,701
3/10 fed tax refund of $227 for a total of $54,928
3/10 paycheck transfer of $325 for a total of $55,253

On Weds we found out our raises, I received the best review of my life and a merit increase of 3.5%.  On top of that, I also received a promotion with a 10% raise.  I expected this promotion to be in 2018 because I was just promoted last yr.  This will be about $350 net per two week pay period.  Plus puts me in a higher bonus target.  I've been walking around with the biggest grin on my face.  Then, she went to tell me my bonus but it didn't look quite right.  So I met with her again yesterday and holy flying money (this has become my catchphrase with DH because my pay really seems surreal).  I expect to net $12,500 next check which will all go into our down payment fund and blow my 3/31 goal out of the water.  Again can't stop grinning.  Besides all that she alluded to me being with 1-3 years of the next promotion to VP which has to be at least a 10% raise plus yet another higher bonus target.  Holy.Flying.Money.  And yes, promotions are not guaranteed...but I'm really already doing VP level work and have been for the last 18 months.  There's been a bit of disconnect between my pay and titles because I took longer to get through the actuarial exams (sick husband and babies will do that).  I finished 3/9/16 and all along the way, my company has been absolutely superb about re-aligning my salary.

Hopefully I'll get time today to start a thread on YM about my internal debate on raising our house budget.  I think the money is totally there to do that, but I've been so, so careful of lifestyle creep.  Part of me just wants to leave it at $275-300k and get into a bigger house and forgo the "luxury" house at $300-350k to have more disposable income for vacations etc.  I don't want to derail this thread so keep your eye out for my other post and give me your feedback there.  If I'm really brave, I may open up my whole budget.  Yikes LOL.

Again, I hope I don't come across as bragging.  You can see from my posts that I've become pretty good about directing any extra from each paycheck out of our spending path and straight into savings and clearly that's paying off.  That's something I'm very proud of and can happen at most income levels.

$6,301 of $15,000 goal by 3/31

[chiver78]

woot woot! bonus hit my checking account today!! I will get my balances/interest rates a little later today when I fire up the laptop. I forgot the actual number, it was lumped in with a regular paycheck so I have to calculate it. after taxes, I have about $8k to play with.

[chiver78]

yuck.....I know what my balances are, but to see them clear as day on the screen......gross.   but, that's why I'm here, to dig out. I think I said somewhere else, I've already stopped using my credit cards. I've removed all but one from my wallet (to be used in the case of an actual emergency, like AAA towing or something). if I can't pay for it in cash/with debit, it doesn't get purchased.   

so I input the bonus/paycheck into my spreadsheet, and added a $500 ATM withdrawal I'm going to make tomorrow to go pay my Home Depot card in person (I bought some exterior security lighting last month and paid the minimum last week). allowing for the normal highs and lows (like my mortgage pmt being due the day before I get paid next month), I have a low balance of $5757 for the rest of 2017 if I leave the bonus untouched. I'm comfortable using $5500 right now to pay stuff down. please help me figure out where to throw it.

I mentioned possibly paying off a smaller lingering balance in order to get an empty shell quicker. here are my moving pieces: 

	current balance	card limit	interest rate	current offers
#1	13495.48	15000	11.49%
#2	14022.51	14600	11.99%
#3	10154.56	12500	14.49%
#4	2951.93	7500	12.49% (post-promo 0.99%)	0.99% til 4/1/18, 5% fee
#5	3435.00	5000	0% promo

I get BT offers multiple times a week for #4 and 5, I actually didn't shred the one that I listed above when I was filtering the mail this morning. I know that the simple YM snowball says to throw all of the available $ at #3 because it's the highest interest rate, but what if I paid off #4 completely and threw the rest at #3, then transfer what I can back to #4 for the 0.99% promotional rate? that would let me focus on #1 and 2 while the promotional rate is still valid. 

does that make sense? 


ETA: I'll keep editing to include detail from later questions. here's the first: 

re: minimum payments - I round up to the next $25 for the ones I'm paying minimum on and I'm paying way more than minimum on #3 b/c of that ugly interest rate. so #3 gets $500 (minimum is low $200s), #4 gets $100, and #5 gets $75/month. #4's balance is currently at the non-promotional 12.49%, the 0.99 would be for future BTs. whatever lingering balance I couldn't transfer to #4 would stay on #3 and just get paid off from there. it would be way less than what's currently there, though, so that's a plus.

[teachermom]

chiver78 Question.....what is the minimum payment amount for each? Sometimes that matters if you have one that the minimum payment amount is a larger percentage, then you free up more cash paying that off. Sometimes makes a difference. Also, is the current balance on card #4 at the .99%? Or just future balance transfers?

If you take your $5500 and pay off #4, that leaves $2548.07 (assuming no additional interest). Then apply that to card #3, leaving $7606.49. With a 5% fee, you can only balance transfer $7125.00 (95% of $7500), which leaves $481.49 (again assuming no interest). Will you then transfer the rest to card #5? Is there a fee there at well?

Teachermom

[chiver78]

um, I actually am not exactly sure, I round up to the next $25 for the ones I'm paying minimum on and I'm paying way more than minimum on #3 b/c of that ugly interest rate. so #3 gets $500 (minimum is low $200s), #4 gets $100, and #5 gets $75/month. #4's balance is currently at the non-promotional 12.49%, the 0.99 would be for future BTs. whatever lingering balance I couldn't transfer to #4 would stay on #3 and just get paid off from there. it would be way less than what's currently there, though, so that's a plus. 

great questions. I'm going to go insert that info in the previous post so it's all in one place. 

[Deleted]

How long is the 0% on #5?  What is your monthly snowball amount?

I think Dave Ramsey nailed it with his debt paydown advice.  It's not about the numbers, it's behavior and momentum.  I would try to knock out the smaller balances first.  If you want to transfer more onto #4 after, it's not a bad idea, but I don't think it's really saving you as much as you think when you factor in the fee and having to continue to make minimums on it while also trying to pay on 4 other cards.  There's a lot to be said for the feeling of accomplishment of wiping one out completely and being able to focus all your energy on the next in line.