Get out of debt brehs

[phcitywarrior]

Having Auto-pay is really the way to go. If only I could consolidate all my payments to certain days.

I hate when I have payments split apart through the month

 

[Silkk]

Having Auto-pay is really the way to go. If only I could consolidate all my payments to certain days.

I hate when I have payments split apart through the month

Change your bill date. Thats what I had to do, now I have all mine set to be paid on the 24th of each month.

 

[phcitywarrior]

Change your bill date. Thats what I had to do, now I have all mine set to be paid on the 24th of each month.

Yea, for me to do that I'd need to essentially unsubscribe from most of my monthly bills (Spotify, Gym, Phone, etc) and then resubscribe at the same time. Definitely possible but a bit of a hassle. Now I just pay my bills based on when the fall (1-15th vs 16-31st).

 

[Silkk]

Yea, for me to do that I'd need to essentially unsubscribe from most of my monthly bills (Spotify, Gym, Phone, etc) and then resubscribe at the same time. Definitely possible but a bit of a hassle. Now I just pay my bills based on when the fall (1-15th vs 16-31st).

You could just contact them to do it.

 

[winb83]

Having Auto-pay is really the way to go. If only I could consolidate all my payments to certain days.

I hate when I have payments split apart through the month

All my bills are set to either auto pay of with Spotify when gift cards go on sale I buy those cause I can usually get a few months free that way. Or with others I pay for a full year if possible like the gym.

I just pay on all my cards either on my first or second check of the month depending on what's due.

 

[dterpsss]

All my bills are set to either auto pay of with Spotify when gift cards go on sale I buy those cause I can usually get a few months free that way. Or with others I pay for a full year if possible like the gym.

I just pay on all my cards either on my first or second check of the month depending on what's due.

spotify???

 

[Sad Bunny]

I just learned about Dave Ramsey about 2 months ago...how I miss this thread

I've been paying my debt down fast as fukk.

However...I have a 5k emergency fund.

I feel safer with more bread stacked.

 

[winb83]

spotify???

Just a few days ago PayPal was selling $60 Spotify gift cards for $50. That on a premium plan gets you 6 months for the price of 5. I bought 2 so I got 12 months for the price of 10.

If you're a member of Costco or know somebody that is you can buy this
Costco Wholesale
Gets you 12 months for $99. If you pay every month 12 months is $120.

 

[phcitywarrior]

I'm debt free!!

I was waiting on my next paycheck to come in but I came up on some old electronics (TVs, laptops) in our family house that I quickly flipped for $500.

This feeling is surreal. I got the monkey off my back

My tax returns haven't even checked in and my very likely promotion should be adding another 15k minimum to my salary.

I'll throw my returns into my emergency fund and the money I've been using to pay off debt I'll use towards a nice little holiday/24th birthday treat (South Africa probably).

Next step is getting serious on these 401ks, IRAs, stocks, getting a new car and my Nigeria investment fund.

Brehs/brehettes being financially at ease is the GOAT feeling. I looked at my debt excel spreadsheet and saw a $0 balance and just felt the shackles of debt dissipate.

And Sunday is tomorrow. Praises to the Lord

 

[winb83]

I'm debt free!!

I was waiting on my next paycheck to come in but I came up on some old electronics (TVs, laptops) in our family house that I quickly flipped for $500.

This feeling is surreal. I got the monkey off my back

My tax returns haven't even checked in and my very likely promotion should be adding another 15k minimum to my salary.

I'll throw my returns into my emergency fund and the money I've been using to pay off debt I'll use towards a nice little holiday/24th birthday treat (South Africa probably).

Next step is getting serious on these 401ks, IRAs, stocks, getting a new car and my Nigeria investment fund.

Brehs/brehettes being financially at ease is the GOAT feeling. I looked at my debt excel spreadsheet and saw a $0 balance and just felt the shackles of debt dissipate.

And Sunday is tomorrow. Praises to the most high

Next move should be 6 months living expenses in a liquid savings account and leave it there. That's the fully funded emergency fund. It kinda sucks to leave that much money in something that at the most is probably gonna get 2.5% interest in something like Ally Bank but it's important.

 

[dterpsss]

I'm debt free!!

I was waiting on my next paycheck to come in but I came up on some old electronics (TVs, laptops) in our family house that I quickly flipped for $500.

This feeling is surreal. I got the monkey off my back

My tax returns haven't even checked in and my very likely promotion should be adding another 15k minimum to my salary.

I'll throw my returns into my emergency fund and the money I've been using to pay off debt I'll use towards a nice little holiday/24th birthday treat (South Africa probably).

Next step is getting serious on these 401ks, IRAs, stocks, getting a new car and my Nigeria investment fund.

Brehs/brehettes being financially at ease is the GOAT feeling. I looked at my debt excel spreadsheet and saw a $0 balance and just felt the shackles of debt dissipate.

And Sunday is tomorrow. Praises to the Lord

Congrats!

 

[phcitywarrior]

Next move should be 6 months living expenses in a liquid savings account and leave it there. That's the fully funded emergency fund. It kinda sucks to leave that much money in something that at the most is probably gonna get 2.5% interest in something like Ally Bank but it's important.

So I have ~3 month expenses saved up (I was saving while paying off my minimum debt obligations). I read a book by Dave Ramsey, revised my strategy and went "in order". I stopped saving and then diverted those would be savings to paying off debt. Once my refund hits I'm tossing that straight into my savings. That (the returns) plus this study I'm doing and a few other side gigs I have should have me at ~4.5 - 5 months. My current living situation is quite inexpensive so I was able to stash away about 40% of my take home income every paycheck.

Getting the emergency fund fully stocked will probably happen in one fell swoop. I don't know if I'll get it to 6 months fully, I may just get it to ~5 for the time being only because no lie, I really need a holiday. Past couple months been rough at work. Post holiday I'll close it out (I got a cash bonus from work that I left in my 2nd doormat checking out just so I could go on a vacation)

I'm already hip to the Ally Bank game

The bolded doesn't actually suck at all. Having a large emergency fund or "war chest" is like self-insurance for when things get gravy. It also empowers you if people at work get funny and you might need to up and out.

 

[phcitywarrior]

Congrats!

Thanks man. It was a long road but the shackles are off. I have control over all my income now

 

[winb83]

So I have ~3 month expenses saved up (I was saving while paying off my minimum debt obligations). I read a book by Dave Ramsey, revised my strategy and went "in order". I stopped saving and then diverted those would be savings to paying off debt. Once my refund hits I'm tossing that straight into my savings. That (the returns) plus this study I'm doing and a few other side gigs I have should have me at ~4.5 - 5 months. My current living situation is quite inexpensive so I was able to stash away about 40% of my take home income every paycheck.

Getting the emergency fund fully stocked will probably happen in one fell swoop. I don't know if I'll get it to 6 months fully, I may just get it to ~5 for the time being only because no lie, I really need a holiday. Past couple months been rough at work. Post holiday I'll close it out (I got a cash bonus from work that I left in my 2nd doormat checking out just so I could go on a vacation)

I'm already hip to the Ally Bank game

The bolded doesn't actually suck at all. Having a large emergency fund or "war chest" is like self-insurance for when things get gravy. It also empowers you if people at work get funny and you might need to up and out.

I have 6 months pay (not just living expenses but actual after taxes take home pay) sitting in a Discover Bank savings account getting 2.10% interest.

I'm now investing in stocks and I'm seeing my investments already at 6% return. I keep looking at that emergency fund like I wanna buy a few stocks with it but I haven't touched it.

I live off my credit cards and keep $1500-$2000 in my checking as a buffer to pay them that I replace with pay checks. I guess I can't say I'm debt free but I pay my credit card balances every month and I only have an inconsequential amount on them at any given time. I don't pay any finance charges.

Congrats on getting that debt paid off. It's a wonderful level of freedom to have no real debt.

 

[phcitywarrior]

I have 6 months pay (not just living expenses but actual after taxes take home pay) sitting in a Discover Bank savings account getting 2.10% interest.

I'm now investing in stocks and I'm seeing my investments already at 6% return. I keep looking at that emergency fund like I wanna buy a few stocks with it but I haven't touched it.

I live off my credit cards and keep $1500-$2000 in my checking as a buffer to pay them that I replace with pay checks. I guess I can't say I'm debt free but I pay my credit card balances every month and I only have an inconsequential amount on them at any given time. I don't pay any finance charges.

Congrats on getting that debt paid off. It's a wonderful level of freedom to have no real debt.

Good work breh.

6 months income gonna be a bit tough for no lie. You got a family? I’m single hence why I’m targeting 6 months of expenses. I just want to ensure worst comes to worse I can go 6 months if I didnt have a job.

I pay pretty much everything cash now but I am looking to switch over to paying with cc and but having the cash on hand to pay off the balance in full so as to not incur charges and rack up the points.

Baby steps though.