Getting out of debt in FEBRUARY, 2012!!! - Page 2

[esg]

Im so glad to read everyone's return is coming back quickly. I'm hoping to file by the end of the week. I'll use it to get out of step 1 and my BEF. 

[trekkingirl]

well it's been six days here and the where's my refund tracker still doesn't even register our filing. Could be a while.

[sarafi]

Is anyone else back at this, after getting their finances under control? I feel like a failure

We were totally debt free, then made a radical move to another country (my husband moved while I was still pregnant/recovering from last baby ever) and we just made so many mistakes. Fully financed a really expensive car, thinking we had the money to pay it off then promptly jumped into buying a new house. On top of that we owe our employer for a pay advance and a mistaken ginormous pay mistake, and at this point I am feeling very crunched.

I had really gotten used to saving tons and fully funding retirement, and now I need to digest the idea that I need to send that money to debt payments and be ok with that.

My problem is that our biggest debt with the largest interest is the house and we can make payments only once per year to pay down in addition to regular payments. So I have to watch that savings account grow and stress out about all the little bills I am still plugging away at. (By little I mean 20,000, so you can see why I am stressing).

When we moved the plan was to rent for a few years, pay off the car and buy--but we couldn't find anything to rent and just jumped when this house came up to buy. Yikes.

So here's to checking in, hope you are all doing well! I'll plug in numbers later this month hopefully to keep accountable, my eldest has been in the hospital and it's been a crazy few months!

[lavatea]

When do you think it's safe to assume no more tax forms are going to show up? I'm anxious to file, but I don't want to have to amend my return later if something else comes.

[trekkingirl]

January 31 is the deadline for your employer to send out w2's

[lavatea]

Originally Posted by trekkingirl 

January 31 is the deadline for your employer to send out w2's

Thanks! I know we have all of those. What about other form types? Like student loan interest and checking/savings interest?

[trekkingirl]

I don't have a student loan and didn't even realize that you could earn interest on money you owe? Also I have never had enough money in a bank account to earn any interest so I'm no help there.

AFM I got my state tax return today and was able to pay back a relative and put $300 towards the EF. I will add another $700 when I get my federal return.

[Igraine]

If you have not received your student loan interest form in the mail by now I would go or check on line. I had one not show and was able to pull the information off my dh's account on line.

Good luck!

[Narawen]

Originally Posted by trekkingirl 

I don't have a student loan and didn't even realize that you could earn interest on money you owe? Also I have never had enough money in a bank account to earn any interest so I'm no help there.

AFM I got my state tax return today and was able to pay back a relative and put $300 towards the EF. I will add another $700 when I get my federal return.

Not earning interest, but you get to deduct the interest you paid on student loans. 

PP who asked, my student loan form came in mid-January, but if you haven't received it, the info should be on your lender's website. 

[dziejen]

Still waiting for our tax refund here...trekkingirl did you get yours back yet?  Things are tight but we are getting by.  Our tax refund will pay off one of our debts (bank loan) and help us put some money into bills/savings.  Getting pretty anxious!

[trekkingirl]

I got state but not federal. That should arrive on monday. Put 300 in my emergency fund.i will add 700 on monday

[AnkaJones]

Just sent our last payment for DH's Sallie Mae loan!!!!  We still have a bunch of student loans, but that was a biggie!

Anka

[Igraine]

I just received my state yesterday. We have been doing some fun extras (dinner out with the family which we never do, my dd loves Valentine's Day so we are having a small party she has planned) and some needed extras (tires, a door for ds's room, and paying off all my remaining medical copays from 2011). 

We will pay off the car loan in March since I receive three pay checks that month. 

Is it just me or do any of your get giddy when you pay off debt? I really get excited!

[betsu63]

Congratulations. It is a great feeling to pay off debt!!

[lilacvioletiris]

lgraine, I got giddy this last week when I was reconciling my budget to the online banking information and saw that my school loan payment was smaller than I expected.  I went to the online loan information and saw that low and behold, I had paid off one of my school loans!  Now I will have $50 extra  month.  Still working on getting the EF fully funded so this $50 a month is going to ward that first but it feels so good to have one debt GONE!

[trekkingirl]

As of today I have completed baby step one and half of baby step two. I paid off sears for $1400 and visa $4000. All I have left is two $5000 lines of credit.

[lilacvioletiris]

Congratulations!  I bet it feels good to be done with Baby Step 1!

[Wolfcat]

OMG, we got an additional disbursement from DH's school, so an extra $1k!

We have about $9k coming back from taxes (and I didn't even PAY into federal taxes this year!). We are going to get an energy star fridge (I want French doors, but they are more expensive), and redo the kitchen - flooring, backsplash, some dry wall, restain the cabinets, cabinet pulls. It is very much needed. The flooring in the kitchen is CARPET from more than 20 years ago. The wall underneath the sink has a huge rotted hole in it. The wall next to the dishwasher has water damage. The linoleum backsplash is total crap and water gets behind it onto the wall. The cabinet pulls are so old (~15-20 years) that many of the screws have stripped threads and fall apart when you open the cabinets. That and a garbage disposal for the sink. We are hoping to keep it around $2500.

We are planning to spend at least another $2500 paying off bills. We've already sent off $800 in bills and I'm struggling to find more bills to pay (I know; what a tragedy!! :P). It would be SO awesome if, after 15 years of bills, I could finally catch up.

We are also putting $3k aside with the idea of traveling to DH's family (whom I and the kids have never met) in May.

I beginning to breathe easy. We are doing very well. We still have tight times, but nothing that will break us. I don't even know what to do with myself, I'm so relieved. Maybe we can put a little extra towards my student loans, then start saving for DH's loans. *plots and plans*

[dziejen]

Our taxes were deposited in our account last night, 21 days after we filed!     YAY!  Now to figure out what needs to be paid off first and start building some savings....

[lilacvioletiris]

Baby step one completed!  DH got a school tuition reimbursement for classes he has taken and passed!

Now onto what will be a long baby step for us - baby step 2 to get rid of debt.  Expected date of completion: January 2017!  It is really going to take some focus to keep our eyes on the prize!