I will say one thing… blogging has helped so far to keep me focused from spending money and more so on saving money and making money.
Last week we were able to send a check for 410.00 extra towards our vinyl siding loan, bringing the total down from 7000 to about 6590, then yesterday the monthly payment came out at 375.00 , which knocked like another 325 or so off, leaving 6240. Last night we looked at some of the extra income we had over the last two weeks since sending the last extra and we have managed to come up with an extra 300 or so from our efforts of selling things we don’t need on ebay and getting 25 each from revolution money exchange (that was 50 bucks for doing nothing special). If you don’t know what I am talking about it, I posted on this previously and have a link on my sidebar).
So I will send a check today for at least 300 extra, bringing us down to about 5940 or so.
Our payments are only about 99 a month, but from using the debt snowball method, we have paid off some other bills and are able to put 375 a month towards it.
So since I have busted my arse trying to cut back, selling things we don’t need or use any more and not spending if at all possible, we have managed to knock out over 1000 dollars of this debt in about a months time.
As previously mentioned… WOOT !
I have some advice for you on getting and satying Debt Free.
These topics are directly from Dave Ramsey.
1. Get an Emergency Fund of at least $1000.
2. List your debts smallest to largest, pay minimums on all except the smallest. Use all available cash to pay the smallest. Once that one is paid, attack the next one with the (now) bigger hammer.
That’s where you’re at.
The Debt Snowball works!
My wife and I retired 171,000 in debt in 2 and a half years. In the same interval, my income doubled, due to taking on extra work in my field of expertise. In doing the extra work I discovered that working for myself actually paid better than being an employee.
The hammer got bigger and the debt evaporated.
You can do this, my man. Do not be afraid of a side job. Engineers are in huge demand. That will employ your body and mind. Applying your spirit, by visualizing freedom – and getting the feeling – will motivate you to stay the course and avoid paying Stupid Tax.
visit http://www.daveramsey.com
This did wonders for our family.
Thanks for the advice, but even more so for the inspiration. The first year or so I didn’t get focused and didn’t really see the huge impact of the debt snowball. We are truckin’ now, hopefully in the next 3-5 years we can have everything paid in full.
Thanks for visiting!