Any interest in a "pay down debt" weekly thread?

[Joanne]

I need to find motivation to keep up my schedule and I think "pay off debt" is going to be key.

 

I don't, however, want it to be an exclusively Dave Ramsey approach. I certainly expect his ideas to be part of the support and conversation, but I don't want this to be a Financial Peace thread.

 

(For example, I believe in student loan debt and I will likely borrow again for a quality used car)

 

So, what I envision is support, ideas, and encouragement for each other towards whatever debt reduction the poster has decided for her financial goals.

A LONG time ago at a now defunct forum community, there was a "snowflake" forum where posters supported each other in finding very small amounts of money to put towards debt reduction (snowflake as an extension of the snowball metaphor.) I liked that forum and wish it had lasted longer.

 

[Arcadia]

I still have a 6 figure mortgage to pay off so I can cheer you on.

[Prairie~Phlox]

We don't have a ton of debt, but still have a major credit card that I need to get paid off in a few months (it was from when DH was between jobs this past summer)  Then my goal is to start saving.  So I would be up for it.

[Ravin]

Oh, yeah, I need to work on this. Starting with my credit card.

[JustEm]

I'm in! We have 4000 left to pay off on our minivan and a low 6 figure mortgage(this is not a huge issue in my mind though since saving for retirement gets priority.) My financial goals for 2016 are to pay off the van and sock 5000 away in savings.

 

We bpought the van in august of 2014 and got the balance from 18800 to 4000 in that time. The 2 things that helped me the most was doing the envelope system and eating out significantly less.

 

I should add that we make a lower income of close to 40000 so we generally don't have tons of extra cash after all is said and done.

Edited January 5, 2016 by hjffkj

[Carol in Cal.]

Have you ever read "Your Money Or Your Life"?  It suggests totaling up all your debt, and then doing a new total monthly, and plotting it on a graph (just a paper graph on the wall of your closet or something.)  You can also do that with savings.  So over time hopefully you see savings go up and debt go down.

 

I have not done that exact thing, but I do keep track of our debt pretty closely, and it feels really good when it goes down, and if it goes up I make sure I know why and know that it's legit rather than careless spending.  I usually total everything up and really study it closely 1-2X per year.

[Prairie~Phlox]

We use Quicken & know exactly where our money goes. Our debt is our own fault, but could not be avoided at the time. The job change was a huge blessing & after we get padt taxes, we'll be in a much better position.

[StephanieZ]

I do find that a monthly tally or chart of debt is really inspirational. Seeing it going the right direction is such a motivator! Especially if you have a long way to travel with large student or similar debts, it can be disheartening to know you've got years and years to go . . . but seeing the numbers improve each month/quarter/year is a great motivator to me. And, of course, if your debts are small enough that you can pay them off in just months or short years, then surely it'd be so fun to watch them go down!!

 

FWIW, I, too, am not in agreement with Dave Ramsey's virulent anti-debt stance even on "good" debts. Although all debts stink, some are much stinkier than others, IMHO. It sure is nice to finally be getting some of those debts, even the good ones, paid off, though. But, I am grateful we were able to borrow for school, etc, when we needed to, and the debts have definitely paid off in the long run. 

 

My tip of the day: pull your credit from a free site. (I.e., http://www.consumer.ftc.gov/articles/0155-free-credit-reports)Check it for errors. Dispute any errors. Bad credit costs you much money and makes it harder to get out of debt!! 

 

 

 

[maize]

Could it be a savings support group as well? We don't have debt beyond our mortgage and I have decided that is not a high priority to pay off right now, what we need is to save up $$ for a new van because the 1996 model I am currently driving is slowly falling apart beneath my feet.

[Ravin]

Have you ever read "Your Money Or Your Life"? It suggests totaling up all your debt, and then doing a new total monthly, and plotting it on a graph (just a paper graph on the wall of your closet or something.) You can also do that with savings. So over time hopefully you see savings go up and debt go down.

 

I have not done that exact thing, but I do keep track of our debt pretty closely, and it feels really good when it goes down, and if it goes up I make sure I know why and know that it's legit rather than careless spending. I usually total everything up and really study it closely 1-2X per year.

If I included student loan debt, this would just be depressing.

[Arcadia]

what we need is to save up $$ for a new van because the 1996 model I am currently driving is slowly falling apart beneath my feet.

We just paid $1.2k for new tires, struts and oil change a few days ago for our 2005 Corolla. The struts were damaged and tires were overdue for replacement.

 

Good luck on saving and finding a van at a price you like.

[Murphy101]

We were debt free excepting mortgage for 18 years and I'm very very eager to return to that situation.

 

So I don't know how active I'll be, but I'll cheer everyone on.

 

My current plan of action is to basicly not spend anything unless I have to.

 

My husband is living in another state 5-6 days a week for the last 6 months and likely the next 8+ months to try to bring in more money than he previously was.

 

So I'm feeling every dollar of debt is literally separating me from my husband and my children form their father. That's seriously motivating.

 

I don't think we will be able to seriously delve into paying extra on anything until February. Right now we are just trying to get caught up on things. Some bills, but a lot of it is things we just have not been able to take care of financially. Like car repairs and dental appts, which will take priority over paying off debts.

 

Anyways.

 

Here is me giving loud boisterous cheering.

🎉

[BooksandBoys]

I will join you. I have credit card debt for the first time in my life. We're either going to make some progress on this in the next 6 months, or we're packing up and moving back across the country where we can actually afford to live. :-)

 

I'll be snowflaking away at the debt while simultaneously working hard to spend as little as possible. It sounds like you want to focus on getting out of debt as s motivation to keep working more hours. I'm similar: I'm using getting out of debt as a motivation to add work hours.

[StephanieZ]

Could it be a savings support group as well? We don't have debt beyond our mortgage and I have decided that is not a high priority to pay off right now, what we need is to save up $$ for a new van because the 1996 model I am currently driving is slowly falling apart beneath my feet.

 

 I like this, as savings is also really my motivation these days with our debt cleaned up recently, but I wonder if maybe we should do a different thread? (Our FIRST IRA deductions went through yesterday's payroll run, and I am beyond excited to have my very own SIMPLE IRA, lol. That's really my motivator . .. )

 

What say the debt-fighters, is it going to be annoying or discouraging if others are done with major debt problems but working on saving instead? I could see that  being depressing when I was behind the 8 ball with debt. 

 

Or, maybe, we can just focus on issues that are helpful for both camps? (Cost reductions, etc.?)