Debt Dumpers - 2018

[MamaBelleRN]

For 2017 taxes the rules have not changed....$1,000 child tax credit for each qualifying child under the age of 17; the credit is applied to reduce your tax liability. If your tax liability is less than the $1,000 then you can complete form 8812 within the same return to see if you qualify for the refundable "remaining" portion of the credit...otherwise known as "additional child tax credit". For 2018 taxes: the child tax credit was increased to $2,000 per qualifying child under 17 to be applied to your tax liability and the refundable portion is capped at $1,400.

So long as you have an SSN for the child and the child qualifies as a dependent on your return, it does not matter how long the child lived in your home...i.e...born on Dec. 31st, no problem, wait for the SSN to be issued and then file. (So many more rules come into play when considering children of divorced parents or those that were born outside of the US....then time in the home becomes important). New for 2018: the law was revised to say the SSN must have been issued before the due date of the return....it does not indicate if that is April 15th or if it extends if a valid extension form has been filed. The substantial physical presence test comes into play with children who only have an ITIN which are issued to persons born outside of the US.

There are Adjusted Gross Income (AGI) phase out limits for each filing status which cause the amount of the child tax credit and/or additional child tax credit to phase out....meaning you won't receive the full amount or possibly not qualify at all. For 2017 if filing Married Filing Joint the credit starts phasing out with an AGI of $110,000.

Hope this info. helps and your brain did not just fog over.....I deal with taxes on a daily basis at work and trust me, some days this makes my head hurt.

Very helpful! Thanks for the explanation

 

[cruiser21]

Thank you!

I'm torn between becoming debt free and taking our vacation. If we do cancel, my spouse has to inform the kids as to the why. That's non-negotiable. But I want to go as badly as they want to go. I've waited and planned for years.

I would leave the spouse at home that will save some money to put towards debt.

 

[ariel1025]

No regrets cancelling cable...so far. However, if our experience with DirecTV Now is even somewhat normal I would highly advise to avoid it at all cost. Couldn't get through even one 30 minute live broadcast without multiple instances of freezing and/or skipping . Thank goodness we had a free trial period so we didn't feel as though we wasted any money. Signed up for the free trial of Playstation Vue day before yesterday and so far we LOVE it!

 

[DisneyMandC]

Took DH's car in to the mechanic today for inspection and oil change... $450 later we have an oil change, inspection, new filters, and new front brakes. Oh well. Needs to be done and I know the mechanic is honest. I still need to get my oil changed and get my car aligned.

 

[DnA2010]

I'm soo excited...and I just can't hide it!!

So last year my mom took my family and my sister's family on an Alaskan cruise...she told me last night that she put money away again for a family vacation for this year..I suggested Disneyland as it should be an easier vacation with our babies who will be 20 months if we go in May...and both Sister and Mom agree that it would be a great idea!!! Looks like I'm going to get to plan us a DL trip!! Yayyy!!!

 

[belle032]

No regrets cancelling cable...so far. However, if our experience with DirecTV Now is even somewhat normal I would highly advise to avoid it at all cost. Couldn't get through even one 30 minute live broadcast without multiple instances of freezing and/or skipping . Thank goodness we had a free trial period so we didn't feel as though we wasted any money. Signed up for the free trial of Playstation Vue day before yesterday and so far we LOVE it!

Glad to hear you like Playstation Vue! When I called to cancelled our cable I got talked into downgrading to what they called a "Streamers package" where we get the 1st 20 channels (major networks/local news) for like $20 per month. It's been a complete waste. I've been researching different streaming/live TV services and I think I'm going to give Hulu Live a try. It's $40 per month for their entire streaming library and about 40 channels that we would actually use. If we like it, bye bye cable for good.

 

[mommy2mrb]

Went prom dress shopping today with DD and found a great dress and shoes she loves and looks beautiful in. $73 under budget I set for her!!

Two steps closer to graduation!

 

[EpiStitch]

Glad to hear you like Playstation Vue! When I called to cancelled our cable I got talked into downgrading to what they called a "Streamers package" where we get the 1st 20 channels (major networks/local news) for like $20 per month. It's been a complete waste. I've been researching different streaming/live TV services and I think I'm going to give Hulu Live a try. It's $40 per month for their entire streaming library and about 40 channels that we would actually use. If we like it, bye bye cable for good.

I switched to Hulu back in September when my cable package was up. I watch a lot of sports and it has most of the major channels, even more than I was getting with cable! Since it's technically in beta, there can be issues with buffering sometimes, which is annoying, but not a deal breaker for me. I also still have Netflix and Amazon Prime. My previous cable package wasn't even in HD, so this has higher quality and only costs like 1/3 of what I was paying before. Now if I could just get Internet elsewhere too...

 

[EpiStitch]

I was really looking forward to a 3 day weekend, but it ended up not as ideal as I planned. Aside from my teams losing (Ugh!) in multiple sports, my washer has decided to start leaking from the bottom. Because today was a holiday, I haven't even been able to get a quote on the fix and it looks like it's more complicated than the fixes I found online. I just had the dryer vent cleaned out Saturday, but the washer worked fine then so I don't know what happened in the last 2 days.

My boyfriend and I have been talking about all kinds of trips to take in the coming year or so, but I'm not sure we'll be able to do any of them until we actually sit down and price stuff out. I'm more of a planner than he is, and I won't book something until I know I can afford to pay for it when the time comes.

 

[Dentam]

Our 3% cost of living increase should start on this next paycheck. Every little bit helps!

 

[jen7233]

I'm soo excited...and I just can't hide it!!

So last year my mom took my family and my sister's family on an Alaskan cruise...she told me last night that she put money away again for a family vacation for this year..I suggested Disneyland as it should be an easier vacation with our babies who will be 20 months if we go in May...and both Sister and Mom agree that it would be a great idea!!! Looks like I'm going to get to plan us a DL trip!! Yayyy!!!

That's great! This is where I hope to take my grandbaby next year. As long as my DD is doing okay with work, as in she is paying her bills, that is the plan for me to buy the park tickets and hotel.

Our 3% cost of living increase should start on this next paycheck. Every little bit helps!

That's great. I got what equates to a $30 pay raise per pay period. I have to look at it as every little bit helps!

Because today was a holiday, I haven't even been able to get a quote on the fix and it looks like it's more complicated than the fixes I found online. I just had the dryer vent cleaned out Saturday, but the washer worked fine then so I don't know what happened in the last 2 days.

Hope they can fix your washer cheaper than it would be to replace.

Went prom dress shopping today with DD and found a great dress and shoes she loves and looks beautiful in. $73 under budget I set for her!!

That's an amazing price for a prom dress!

Took DH's car in to the mechanic today for inspection and oil change... $450 later we have an oil change, inspection, new filters, and new front brakes

I hear that, last year my car maintenance was unexpected and cost a bundle.

 

[imbatman]

I would leave the spouse at home that will save some money to put towards debt.

Ouch.

Thank you, but no. We're working on solving the situation. He's logged in 12 hours of OT (and some change) since the beginning of the year and is slated for the same for the next pay period. He offered flat-out what you suggested, but I'm glad I didn't answer when I was angry. Instead, I gave it a few days and worked on the snowball spread sheet and came up with the resolution, which was 10 hours per pay period. He's doing more than that, plus counselling now.

 

[cruiser21]

Ouch.

Thank you, but no. We're working on solving the situation. He's logged in 12 hours of OT (and some change) since the beginning of the year and is slated for the same for the next pay period. He offered flat-out what you suggested, but I'm glad I didn't answer when I was angry. Instead, I gave it a few days and worked on the snowball spread sheet and came up with the resolution, which was 10 hours per pay period. He's doing more than that, plus counselling now.

You're a much nicer person then me.

 

[MamaBelleRN]

Ouch.

Thank you, but no. We're working on solving the situation. He's logged in 12 hours of OT (and some change) since the beginning of the year and is slated for the same for the next pay period. He offered flat-out what you suggested, but I'm glad I didn't answer when I was angry. Instead, I gave it a few days and worked on the snowball spread sheet and came up with the resolution, which was 10 hours per pay period. He's doing more than that, plus counselling now.

That’s great he’s started counseling and he’s taking accountability by picking up overtime. From my experience, debt can cause intense strain on a marriage. When it’s possible, working through it together and staying on the same team certainly helps reduce that strain. Good for you for not answering out of anger. I wish you the best of luck knocking out that snowball and can’t wait to hear some pre-trip details! I have to live vicariously through those with trips planned until we get our own trip on the books!

 

[Jen and Ashwin]

I am now back to work for 3 days this week and then full time starting next week. Monday was the first day and shortly after I got into the office, I got a call from the daycare. DD was refusing the bottle and wouldn't eat. My heart dropped, but I stayed calm. I gave them some ideas to try to help her eat and stressed that they needed to feed her every two hours. In the end, she ate enough later in the day to make up for the bad feedings early on. I am hoping that today goes a bit better.

Budget wise, things seem to be going alright. I took my car in for scheduled service ($245), but the money for that was waiting in the auto maintenance fund. We have been spending a bit more on groceries this month, mostly because we restocked some bulk items. For the rest of the month, I am going to try to plan meals using things we mostly already have at home to keep the damage to a minimum.

I have overspent in the baby fund this month. We needed some items for daycare. And then I also went to Target this weekend to buy a second formula pitcher that I had seen on clearance. Well, when I was there, they had a ton more stuff on clearance. There was a toy that I had bought DD for Hanukkah which was almost $15 cheaper so I plan to return the other one. They also had a lightweight Chicco stroller marked down from $140 to $35. I had been watching Craigslist for this stroller because I thought it would be perfect for our Disney World trip in 2019. I never saw it for less than $80 on Craigslist and that wasn't even for one in very good condition. And they had a portable highchair caddy that attaches to the table for $20, so I bought that too, plus a few smaller items. I spent only $63 total and I should get another $15 back when I return that toy, so I feel like I got an amazing deal.

I was able to add quite a bit to my DVC contract fund so far this month. I had some big Swagbucks offers credit and redeemed for $75. I also sold an item on craigslist for $105 and got a class action lawsuit check for $25. We are now at $4,713 of our $10,000 goal.

And finally, I will be going to Disney World at the end of the month with my friend! We have our dining reservations and fast passes all booked! I snagged a breakfast reservation at Be Our Guest and I was able to get us spots at the DVC Moonlight Magic event at Magic Kingdom. I am super excited. Via Swagbucks, I should have enough money in Disney gift cards to cover my food and some souvenirs. I want to find something awesome to bring back for DD.

 

[imbatman]

That’s great he’s started counseling and he’s taking accountability by picking up overtime. From my experience, debt can cause intense strain on a marriage. When it’s possible, working through it together and staying on the same team certainly helps reduce that strain. Good for you for not answering out of anger. I wish you the best of luck knocking out that snowball and can’t wait to hear some pre-trip details! I have to live vicariously through those with trips planned until we get our own trip on the books!

Thanks, MamaBelleRN. It IS a strain on a marriage, even one that is 24 years strong. Every night or every other night, I update him on the pay off and bills, show him the spreadsheets (there are so many!), AND include him on the trip planning/payments. It's not that I'm a better person than anyone, but that I love him and he's my best friend. Should I ever make a facepalm mistake, I'd love a second chance.

In regards to the trip, and why some here were wondering about why I didn't cancel: we'd been planning this trip for years. We are going with a family member who owns DVC and had been contemplating buying more points. When he heard we were committing (last summer), he purchased that contract. He can afford to make the payments, but he'd bought it so soon solely based on having us stay in his DVC home. I felt an obligation to pay him for the points, since we'd committed. Yes, he could've rented them out. Yes, something catastrophic could've come up and we had to cancel...but it didn't. So this is me scraping by the spreadsheets to pay off the vacation. AND I know we will have an amazing time!

Spreadsheets...the new bane of my life. But, at least I have a running total now! (In case anyone wonders, I did try YNAB last year and didn't like it. Just wasn't my cup o' tea)

 

[Dentam]

I have overspent in the baby fund this month. We needed some items for daycare. And then I also went to Target this weekend to buy a second formula pitcher that I had seen on clearance. Well, when I was there, they had a ton more stuff on clearance. There was a toy that I had bought DD for Hanukkah which was almost $15 cheaper so I plan to return the other one. They also had a lightweight Chicco stroller marked down from $140 to $35. I had been watching Craigslist for this stroller because I thought it would be perfect for our Disney World trip in 2019. I never saw it for less than $80 on Craigslist and that wasn't even for one in very good condition. And they had a portable highchair caddy that attaches to the table for $20, so I bought that too, plus a few smaller items. I spent only $63 total and I should get another $15 back when I return that toy, so I feel like I got an amazing deal.

And finally, I will be going to Disney World at the end of the month with my friend! We have our dining reservations and fast passes all booked! I snagged a breakfast reservation at Be Our Guest and I was able to get us spots at the DVC Moonlight Magic event at Magic Kingdom. I am super excited. Via Swagbucks, I should have enough money in Disney gift cards to cover my food and some souvenirs. I want to find something awesome to bring back for DD.

I love Target so much - they always have great deals! You will love the DVC Moonlight Magic event - at least if it is anything like the one we attended last September at the AK! It is a great perk of owning DVC - such low crowds that almost everything was a walk on for us along with free food, drinks and ice cream bars. What a great getaway - especially in January when it's so bleak most everywhere else.

 

[Eureka]

Took DH's car in to the mechanic today for inspection and oil change... $450 later we have an oil change, inspection, new filters, and new front brakes. Oh well. Needs to be done and I know the mechanic is honest. I still need to get my oil changed and get my car aligned.

Isn’t that always how it works? Lol.

 

[pblack]

Small update, not necessarily a budget update though. We decided to try and buy a house before our lease renewal comes up, but we haven't had much luck. The few offers we've put in have either been rejected because they accepted another offer, or we haven't been able to hear anything back from the seller. We're going to try and put another offer in today, but if this one falls through I think we're just going to end up renewing our lease. *sigh* It's a bit of a double edged sword. If we don't buy now and wait a year, we won't be eligible for the first time home buyer benefits. If we wait a year and try and stack up more money for a down payment, house prices will probably go up exponentially and there's no guarantees we'd have enough money for a down payment anyway. *double sigh*

On a happier note, we leave for Disneyland tomorrow! This will probably be our last trip before our AP's expire (unless we decide to go one more weekend next month, i have a hotel reserved just in case.) I don't think we'll end up renewing our AP's. For us to make it worth it this year we'd need to upgrade to either the second highest or highest tier and I honestly just don't want to spend the money.

Still plugging away at our credit card debt. Since I need to put a few things on a no interest credit card (unavoidable dental and matron of honor dress), we've added about $400 total to our debt. We have just under $5400 now to pay off. I'm hoping to have the $400 I added paid off in a month or so.

Happy Wednesday!

 

[Jen and Ashwin]

I love Target so much - they always have great deals! You will love the DVC Moonlight Magic event - at least if it is anything like the one we attended last September at the AK! It is a great perk of owning DVC - such low crowds that almost everything was a walk on for us along with free food, drinks and ice cream bars. What a great getaway - especially in January when it's so bleak most everywhere else.

I love Target so very much. And DH and I went to the first Moonlight Magic event back in 2016. We loved it so I am so glad that my friend and I get to attend one too.