Well I got my monthly loan statement for this siding loan I have been working at paying off so hard. Only a month ago the balance was 7000 dollars. We had a massive garage sale, sold everything that was worth anything on ebay, worked overtime and penny pinched like crazy. It seemed like we were making headway, sending extra payments almost every week to help as much as we could. Then the economic stimulus payment came in and we put that towards it too.
I felt like I was making all this effort but the last couple days my depression has relapsed and I have spend some money on frivilous items again. Today I had a good day and my depression was better and then I got my statement and it kicked my endorphines into high gear.
My new balance is just over 2600 dollars with another 375 payment set to come out on the 1st, so my balance will be below 2300 within the next day or two.
Man I tell ya, that was just the kick in the @ss I needed.
I knew the debt snowball method was awesome because we planned out our repayment of all this debt over the next 5 years, but adding to the snowball method with snowflaking just accelerated this method 100 fold.
Unfortunately we don’t have much more we can sell on ebay and we probably won’t have enough junk to have another garage sale for a few more months, but we can try to accelerate our earnings through overtime and extra work. Hopefully that combined with controlling our spending and penny pinching can keep this momentum going.