Author Topic: Case Study - Digging out of the Debt Grave  (Read 11350 times)

TassieFI

  • 5 O'Clock Shadow
  • *
  • Posts: 21
Re: Case Study - Digging out of the Debt Grave
« Reply #50 on: July 16, 2018, 04:49:30 AM »
PTF

diapasoun

  • Handlebar Stache
  • *****
  • Posts: 1766
  • Location: California
Re: Case Study - Digging out of the Debt Grave
« Reply #51 on: July 16, 2018, 10:45:14 AM »
Setbacks happen. It sounds like you're persevering on, though, and continuing to make changes and keep improving your finances -- and that's the important part. What you want is the overall upward trajectory; a few bobbles along the way are expected, and really, what a boring journey it'd be without them. ;)

That being said, I'm sorry to hear about your father. I hope you and your family are doing okay.

Levi421

  • 5 O'Clock Shadow
  • *
  • Posts: 35
Re: Case Study - Digging out of the Debt Grave
« Reply #52 on: July 26, 2018, 03:25:29 PM »
Quote
That being said, I'm sorry to hear about your father. I hope you and your family are doing okay.

Thank you, I am doing alright. However, my mother is in a much different situation both mentally, emotionally, and financially.

Posting another update because something amazing happened!

My wife got a part-time job! Not as much as mine, but it will give us another $200 to $400 per month (still unknown exactly how much she just accepted it 2 days ago.) I know, it is crazy but I think this whole "making better moves with money" has spoken to her a bit. She has voiced some opinions that differ from mine, but I am slowly converting her.

I have looked and compared current spending budget with the prior attached spreadsheet. We are spending about ~$130.00/mo less than where we started. This is less than I expected and want to be at. However, we have made a pretty big overhaul to it where include more things on it than before. (I pay more attention to cost I never really tracked). I guess we are just being more organized? Like we included annual expenses like Dr's visits, professional development memberships, and such. I expect our "Grocery" category to decrease because this was including personal hygiene products, Toilet paper, and whatnot. I will attach the updated version as soon as I can. Gotta keep on keeping on!

diapasoun

  • Handlebar Stache
  • *****
  • Posts: 1766
  • Location: California
Re: Case Study - Digging out of the Debt Grave
« Reply #53 on: July 26, 2018, 04:51:45 PM »
I hope your mother can find her equilibrium soon. I can't imagine the trauma of losing a life-long partner.

Congrats to your wife, and it sounds like you're making real progress. Even if you're not cutting spending as much as you had hoped, the fact that you are moving to a more accurate tracking of your finances is BIG. That means that you're getting a much truer picture of your finances, and seeing their full breadth, not just everyday expenses. It's amazing how much those once-or-twice yearly expenses can add up -- think of a car insurance payment every six months! -- and seeing all of that can be very illuminating.

Hirondelle

  • Handlebar Stache
  • *****
  • Posts: 1017
Re: Case Study - Digging out of the Debt Grave
« Reply #54 on: July 26, 2018, 11:18:26 PM »
Sounds like you're on the right track. $130 may not sound like much but it's a great start and as you said part of it might've been expenses you hadn't accounted for before. A decreased spending of $130 (with potential for more) AND an increased income of at least $200/month are both great steps.

Take you time and I'm sure you'll improve further soon.


I'm very sorry to hear about your dad. Glad you were able to spend some time with family. Those are the real important things.

Levi421

  • 5 O'Clock Shadow
  • *
  • Posts: 35
Re: Case Study - Digging out of the Debt Grave
« Reply #55 on: August 12, 2018, 07:33:21 AM »
Attaching updated spreadsheets.

According to the updated spreadsheet, we have found $367.00/mo. (this is still without the updated grocery spending, still trying to find the average)

I also wanted to start notating where I began and how far I have come in the past year. When I started the debt BURN last year in August, my debt credit card load looked something like the list below. This does not include my wife's fed student loans, as it should be forgiven in 10 years (not super accurate 2017 list, but as close as I can get it):

Aug 2017
Levi Chase            6,500.00
Wife's Chase    10,500.00
Wife's SM 1    6,870.00
Levi Fed Loan    5,860.00
Wife's SM 2    10,725.00
Wife's Car    17,160.00
Debt load w/o Wife's fed loans $-57,615.00

Aug 2018
Levi Chase                0.00
Wife's Chase    9,800.00
Wife's SM 1    6,600.00
Wife's SM 2      10,500.00
My Fed Loan    5,700.00
Wife's Car    15,656.00
Debt load w/o wife's fed loans $-48,256.00

Onward we go!
« Last Edit: August 12, 2018, 08:11:19 AM by Levi421 »

CrustyBadger

  • Pencil Stache
  • ****
  • Posts: 587
Re: Case Study - Digging out of the Debt Grave
« Reply #56 on: August 12, 2018, 08:02:17 AM »
You are heading in the right direction Levi!  Good job, and keep on going!

Levi421

  • 5 O'Clock Shadow
  • *
  • Posts: 35
Re: Case Study - Digging out of the Debt Grave
« Reply #57 on: September 29, 2018, 03:21:58 PM »
Sept 2018
Levi Chase             0.00
Wife's Chase    8,300.00
Wife's SM 1     6,171.00
Wife's SM 2    10,144.00
My Fed Loan    5,700.00
Wife's Car      14,919.00
Debt load w/o wife's fed loans $-44,822.00
« Last Edit: October 01, 2018, 07:52:57 PM by Levi421 »

diapasoun

  • Handlebar Stache
  • *****
  • Posts: 1766
  • Location: California
Re: Case Study - Digging out of the Debt Grave
« Reply #58 on: September 29, 2018, 07:51:32 PM »
That's great! A 4k reduction in a month and a half - be proud of that! That's some real debt crushing.

CrustyBadger

  • Pencil Stache
  • ****
  • Posts: 587
Re: Case Study - Digging out of the Debt Grave
« Reply #59 on: September 30, 2018, 06:53:01 AM »
That's amazing Levi!  How did you do it?  Did you sell your car or something?

Levi421

  • 5 O'Clock Shadow
  • *
  • Posts: 35
Re: Case Study - Digging out of the Debt Grave
« Reply #60 on: September 30, 2018, 08:33:29 AM »
Thanks guys!

@CrustyBadger - No, It was basically luck this month. We got a random $1200 check from the Toyota between my last post and this one. They said we overpaid on one of the fees and that they tried to apply it to the loan, but the entity we financed through would not let the dealership make a payment. So Toyota said it is ours to do what we want with it. So, I applied it to the Credit card since it has a higher interest rate than the car loan. I have also been taking tons of extra shifts at my part time job since football season started. The one guy is going to all the LSU games and I am taking all of his shifts, lol.

(Please note that this huge decrease could have been a bookkeeping error, since I have only recently been doing this listing thing I started doing in my last 2 post.)

With that being said though, literally ALL excess money is going to our debt load. For instance, we have close to $2k in excess beyond normal bills in November all of which is planned to go toward debt.
« Last Edit: September 30, 2018, 08:48:46 AM by Levi421 »

Steeze

  • Stubble
  • **
  • Posts: 139
  • Age: 31
  • Location: The NYC Area of Earth
Re: Case Study - Digging out of the Debt Grave
« Reply #61 on: September 30, 2018, 11:54:09 AM »
Way to go Levi! Good to see you are making so much progress so quickly. Keep up the good work!!

ItsALongStory

  • 5 O'Clock Shadow
  • *
  • Posts: 45
  • Location: Western US
Re: Case Study - Digging out of the Debt Grave
« Reply #62 on: September 30, 2018, 06:14:03 PM »
Just read through this, super awesome that you've turned the corner and are making huge progress.

AMandM

  • Pencil Stache
  • ****
  • Posts: 603
Re: Case Study - Digging out of the Debt Grave
« Reply #63 on: October 17, 2018, 09:17:39 AM »
I have also been taking tons of extra shifts at my part time job since football season started. The one guy is going to all the LSU games and I am taking all of his shifts, lol.

I love this.

Congrats to both you and your wife on your progress!
And I hope your mother is beginning to recover. My mother died unexpectedly when I was about your age. It was hard on us kids, of course, but for my father it took several months just to come out of the fog. Hang in there.