hi Mrs M, great bwm! love the planner in u w all the scenarios, def sounds like me lol. mr Ms balance isnt too bad, i think ull get there! when i was looking for a new job i couldnt find anything making what i make now which is y i stayed..feel like its just the state of things but its great u have flexibility w the nest egg uve saved and ur severance.
I had planned on dropping you both a Merry Christmas earlier this morning but, it is what it is. MERRY CHRISTMAS. May you not see this until later in the day or the next day and that your Christmas celebrations were memorable on the good side.
Well done on doing so much with what you have. This is an incredibly well thought out plan. So excellent work and like you said it is a realistic budget. Fingers crossed that your job goes as long as possible through to February if not to March at least to allow you to make the greatest impact on the remainder of the car payment. I just want to acknowledge just how psychologically hard it is to live with the continued uncertainty for that amount of time and to still show up and do your budgeting and to make such a difference in paying off all the the credit cards. So congratulations again.🎉
Ozzie you aren't kidding - the stress piece is kind of an unseen issue, I try not to dwell on it too much but it's hovering there every day. Thank you so much for the kind words and regular encouragement - I very much appreciate you!
Very very smart to work projections for each month up through June... i really hope things work out until March so that car debt can be gone... great video❤
This discussion about the work end date sounds so, so much like your discussion in May, June, and July! We learned to celebrate each and every paycheck plus each and every pay period you got to work. At the time, you were paying down Reflect with the hope you would retire that loan before being laid off. Since, you've been able to think in terms of one month at a time for while and get Discover vanquished. - We can go back to cheering on a paycheck by paycheck basis. Based upon a $400 per month minimum, just in simple numbers, youve already knocked 1.5 months off the back end of the loan!
Yes, as much of a pain as it is to constantly be under the threat of unemployment - the bottom line is we know what the end result is going to be anyway so it doesn't change things too terribly but we are excited to be back focusing on reducing a debt. It really does give us a boost when we see that progress, probably even more than when the debt is actually all paid off, funnily enough!
If you decide to side hustle, for goodness sake consider pooper-scoopering dog-doo over the assorted forms of Ubering. It takes a fireplace shovel or other, a pair of rubber boots, a plastic bag for shovel end, boots, and dog-doo; oversized rain gear makes it FAR more comfortable. The independents here leave the dog-doo bags with thier clients. Its often a cash gig in this area and there are significantly fewer hidden overhead costs in the form of vehicle insurrance, fuel, and vehicle maintenance. The gross pay per hour befire expenses is often pretty poor too.
I don't think I'll be doing any kind of food/person delivery side hustles. Right now, the money just doesn't seem to be worth the efforts and costs especially knowing we'd have to get a special rider for our insurance as it currently expressly forbids using the car for that kind of thing if we want to keep our coverage and I'm not interested in playing the odds of getting caught. If anything, I might try to push more on the Etsy instead of continuing to wind it down.
@MistakesWereMade-MWM ill collectively call them all Uber and, it seems like they benefit from a low(er) overhead business model whereas the drivers.... I did know someone who had a longer commute home from a bigger city into the suburbs. I dint know how bringing the down-town food into the burbs worked but they often did so for some additional cash to a select number of customers. They would also log onto an app when they got close enough to home to make good decisions. We dint get much snow and folks generally dont do well in the snow. They and their vehicle did ok within limits depending upon actual road conditions. If he had some extra hours home he LIKED snkwy days and power-out days. I never asked about how he finangled his food deliveries from down town, insurrance, or taxes.
I would suggest depositing the $2000 car loan payoff funds into your HYSA, and keep padding it with what you’ve earmarked for car loan payoff while you see what happens with your job. You can always make a lump sum pay down when you have more information, but since the current situation seems tenuous, that money could earn you more than 2.99% while you wait out your employer.
This is a suggestion a few folks have mentioned and we did think about whether the benefit of putting it in a HYSA vs going the debt reduction by month route was a better fit for us and at the end of the day we felt we needed to continue with that payoff process - not just from a financial side but the boost we get from seeing regular progress is not to be understated. We might be missing out on a few dollars from interest each month going this route but we're good with that path for the time being. We are still staying open to making changes though if things change along the way!
If his car loan interest rate is lower than what a bank account would give, it may make more sense to just save the extra money in your budget for emergencies? Obviously depending on your preference for debt or no debt but if your goal is to have as much cash saved up it may make more sense to not prioritize the car loan
That is definitely something we've considered, having additional flexibility because we're not pushing more debt reduction is tempting but we're pretty set on moving as close to debt free as possible as quickly as possible for right now. There's added benefits to having that loan paid off that will directly impact our money flow too but it was something we had a good talk about before deciding for sure to go this route.
With that interest rate, it is better mathematically to put the $2,000 in a savings account, then when you have more clarity on your work situation you can either make a big payment or have a larger job loss fund.
I can see the benefits from a $ and math standpoint but for now we're riding that debt reduction wave and the positives we get from seeing that debt reduce each pay period is a boost that we want to continue to enjoy. We did think about going the savings & large payment route like you suggested but ultimately this is our path - at least for now!
Our electric and water bill are due every other month BUT on opposite every other months. One or the other are due each month. I have created our very own averaged bill plan that entails paying each the same amount every mi th to each every month; it does result in extra being paid each month to each but we cannhandke that fir at least right nkw. EX) I pay $1 to power and $1 to water each and every month. As a result, have at least $2 accumulated on each when the funds are applied and the amounts for each are under $2. It makes all the budgeting math and payment pretty fuss free; imcheck the balances about once a year and glance more often. However ... The basic budget weve been pretty much using since Jun '22 is going to need to be reworked; betore Jan '25 is the plan. Costs have csught up with us and more. Were going to go back with a reserved unplanned expense line item and a pre-established reallocation for any leftovers. A good idea in general but all the more so as we adjust to the new numbers.
I think I do the same thing -- I call the out-month budget entry "Escrow" - so it's power bill and power bill (escrow) as a budget entry each month. And, I use historical actuals as my guide -- which allows me to go up and down with seasonal usage patterns.
@annj96 Since we've gone on to use mostly only wood heat and some other things like our rain water catchment system, we dont have near the seasonal swings we used to. Its been a while coming and we have made some ine time "investment purchases".
That sounds like a very good system - so far we're pretty on top of how our costs vary by season but this year because of the rate hikes (of which we are apparently going to have another for the electric.. yay..) we're going to have to see what these colder months mean on the usage side. We need to get the blower fixed on our bigger fireplace so we get better benefit from it. I do want to make sure we're using it more often than we have in the past.
I'm also a planner and I run numbers all the time. I love to see different scenarios, so I'm glad to hear that others do the same.
hi Mrs M, great bwm! love the planner in u w all the scenarios, def sounds like me lol. mr Ms balance isnt too bad, i think ull get there! when i was looking for a new job i couldnt find anything making what i make now which is y i stayed..feel like its just the state of things but its great u have flexibility w the nest egg uve saved and ur severance.
The job market is abysmal but I'm hoping we'll see things looking more positive soon!
I had planned on dropping you both a Merry Christmas earlier this morning but, it is what it is. MERRY CHRISTMAS. May you not see this until later in the day or the next day and that your Christmas celebrations were memorable on the good side.
Terry, I hope that you and your family have a stellar holiday as well! All the best wishes going into the new year!
Well done on doing so much with what you have. This is an incredibly well thought out plan. So excellent work and like you said it is a realistic budget. Fingers crossed that your job goes as long as possible through to February if not to March at least to allow you to make the greatest impact on the remainder of the car payment.
I just want to acknowledge just how psychologically hard it is to live with the continued uncertainty for that amount of time and to still show up and do your budgeting and to make such a difference in paying off all the the credit cards. So congratulations again.🎉
Ozzie you aren't kidding - the stress piece is kind of an unseen issue, I try not to dwell on it too much but it's hovering there every day. Thank you so much for the kind words and regular encouragement - I very much appreciate you!
Merry Christmas! Great plan for the future and the changes to 2025 sinking funds
Merry Christmas Sara and thank you! I hope your holidays are wonderful and full of as much peace and excitement (the good kind) as you would like!
Hello! here listening while wrapping
Hey Ang! I hope you're all caught up on your gift purchases and wrapping! We juuust finished up this weekend, right under the wire!
Very very smart to work projections for each month up through June... i really hope things work out until March so that car debt can be gone... great video❤
We're hoping! Thank you for watching!
❤😊 hey Love!
❤️❤️❤️
Merry Christmas!🎄🎄
Ann! Thank you so much, that is an incredibly kind gift - I hope you have a marvelous Christmas as well!
This discussion about the work end date sounds so, so much like your discussion in May, June, and July! We learned to celebrate each and every paycheck plus each and every pay period you got to work. At the time, you were paying down Reflect with the hope you would retire that loan before being laid off. Since, you've been able to think in terms of one month at a time for while and get Discover vanquished. - We can go back to cheering on a paycheck by paycheck basis. Based upon a $400 per month minimum, just in simple numbers, youve already knocked 1.5 months off the back end of the loan!
Yes, as much of a pain as it is to constantly be under the threat of unemployment - the bottom line is we know what the end result is going to be anyway so it doesn't change things too terribly but we are excited to be back focusing on reducing a debt. It really does give us a boost when we see that progress, probably even more than when the debt is actually all paid off, funnily enough!
If you decide to side hustle, for goodness sake consider pooper-scoopering dog-doo over the assorted forms of Ubering. It takes a fireplace shovel or other, a pair of rubber boots, a plastic bag for shovel end, boots, and dog-doo; oversized rain gear makes it FAR more comfortable. The independents here leave the dog-doo bags with thier clients. Its often a cash gig in this area and there are significantly fewer hidden overhead costs in the form of vehicle insurrance, fuel, and vehicle maintenance. The gross pay per hour befire expenses is often pretty poor too.
I don't think I'll be doing any kind of food/person delivery side hustles. Right now, the money just doesn't seem to be worth the efforts and costs especially knowing we'd have to get a special rider for our insurance as it currently expressly forbids using the car for that kind of thing if we want to keep our coverage and I'm not interested in playing the odds of getting caught. If anything, I might try to push more on the Etsy instead of continuing to wind it down.
@MistakesWereMade-MWM ill collectively call them all Uber and, it seems like they benefit from a low(er) overhead business model whereas the drivers.... I did know someone who had a longer commute home from a bigger city into the suburbs. I dint know how bringing the down-town food into the burbs worked but they often did so for some additional cash to a select number of customers. They would also log onto an app when they got close enough to home to make good decisions. We dint get much snow and folks generally dont do well in the snow. They and their vehicle did ok within limits depending upon actual road conditions. If he had some extra hours home he LIKED snkwy days and power-out days. I never asked about how he finangled his food deliveries from down town, insurrance, or taxes.
I would suggest depositing the $2000 car loan payoff funds into your HYSA, and keep padding it with what you’ve earmarked for car loan payoff while you see what happens with your job. You can always make a lump sum pay down when you have more information, but since the current situation seems tenuous, that money could earn you more than 2.99% while you wait out your employer.
This is a suggestion a few folks have mentioned and we did think about whether the benefit of putting it in a HYSA vs going the debt reduction by month route was a better fit for us and at the end of the day we felt we needed to continue with that payoff process - not just from a financial side but the boost we get from seeing regular progress is not to be understated. We might be missing out on a few dollars from interest each month going this route but we're good with that path for the time being. We are still staying open to making changes though if things change along the way!
@ At the end of the day you need to do what works best for you! I’m sure it will be fine either way.
If his car loan interest rate is lower than what a bank account would give, it may make more sense to just save the extra money in your budget for emergencies? Obviously depending on your preference for debt or no debt but if your goal is to have as much cash saved up it may make more sense to not prioritize the car loan
That is definitely something we've considered, having additional flexibility because we're not pushing more debt reduction is tempting but we're pretty set on moving as close to debt free as possible as quickly as possible for right now. There's added benefits to having that loan paid off that will directly impact our money flow too but it was something we had a good talk about before deciding for sure to go this route.
With that interest rate, it is better mathematically to put the $2,000 in a savings account, then when you have more clarity on your work situation you can either make a big payment or have a larger job loss fund.
I can see the benefits from a $ and math standpoint but for now we're riding that debt reduction wave and the positives we get from seeing that debt reduce each pay period is a boost that we want to continue to enjoy. We did think about going the savings & large payment route like you suggested but ultimately this is our path - at least for now!
😊😊
Our electric and water bill are due every other month BUT on opposite every other months. One or the other are due each month. I have created our very own averaged bill plan that entails paying each the same amount every mi th to each every month; it does result in extra being paid each month to each but we cannhandke that fir at least right nkw. EX) I pay $1 to power and $1 to water each and every month. As a result, have at least $2 accumulated on each when the funds are applied and the amounts for each are under $2. It makes all the budgeting math and payment pretty fuss free; imcheck the balances about once a year and glance more often.
However ... The basic budget weve been pretty much using since Jun '22 is going to need to be reworked; betore Jan '25 is the plan. Costs have csught up with us and more. Were going to go back with a reserved unplanned expense line item and a pre-established reallocation for any leftovers. A good idea in general but all the more so as we adjust to the new numbers.
I think I do the same thing -- I call the out-month budget entry "Escrow" - so it's power bill and power bill (escrow) as a budget entry each month. And, I use historical actuals as my guide -- which allows me to go up and down with seasonal usage patterns.
@annj96 Since we've gone on to use mostly only wood heat and some other things like our rain water catchment system, we dont have near the seasonal swings we used to. Its been a while coming and we have made some ine time "investment purchases".
That sounds like a very good system - so far we're pretty on top of how our costs vary by season but this year because of the rate hikes (of which we are apparently going to have another for the electric.. yay..) we're going to have to see what these colder months mean on the usage side. We need to get the blower fixed on our bigger fireplace so we get better benefit from it. I do want to make sure we're using it more often than we have in the past.
Yes that will be wonderful to not have the $400 payment !
We can't wait!
Hey Linda! I hope you are doing well!