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Put the pennies toward PAYING OFF DEBT GAME

post #1 of 15
Thread Starter 

I've been snow-balling our CC debt Dave Ramsey style for longer than I'd like to admit.  I go back and forth between feeling motivated and wanting to save for something fum like a vacation!  So much so that lately I've been dreaming about putting my extra pennies into a special account for a vacation fund!  I know, I know I committed to paying this off & that is what I will do, so  I decided it would be much wiser to put all my extra pennies into paying off the debt faster!  When it is paid for then I can start to save for a vacation!   We have about $5500 left to pay between 2 cards & are currently paying a total of about $60/mo in interest!  I usually pay about $500/mo on the smaller bill which has the higher interest, & I pay the minimum on the bigger bill with the smaller interest.  What better time to start really making a dent in this then now?  Please join me and put all your extra pennies to paying off our debt!  This can really motivate us to get these balances paid off!  Watch them disappear!!!

 

Smaller balance $1430

 

Just got Ebates check from purchasing DD's contact lenses $5.10

Shaved a bit off of groceries this week $8.76

Packed my lunch this week saved $10.00

 

total $23.86

 

   1430.00

  -    23.86

  $1406.14

 

post #2 of 15

Sounds like a great idea!

 

One thing that motivates me is to project how long it will take me to achieve my goal. It's easier to hold out for a certain specific amount of time than just "until we pay off the debt" which feels like forever. Do you know about how long it will take you?

post #3 of 15
Thread Starter 

I'm not certain how long it will take to pay it off.  If we are very diligent and no big, unexpected expenses come up then I think we might be able to reach our goal by the end this summer! I'm shooting for the end of Aug/Sept.  I really hope so, because I  want to be done with playing catch up!!!

post #4 of 15

I'm not doing Ramsey and there is no way I can pay my bills let alone debt right now but anything 'extra' that comes in goes to living expenses!

 

I am headed to coinstar this week for an Amazon certificate and I need to cash in Mypoints for a gift card.  (those will free up some $$ for the power bill).

 

Once you get your CC's paid off, maybe you can get that vacation in this year still??

post #5 of 15
Thread Starter 

We usually only do a few days camping, not too far from home and our biggest expense is boarding our dog.  It is fun, we all love it but it is work.  I look forward to something different! 

 

So far saved $ 23.86

Packed lunch today $5

 

total so far $28.86

 

 $1406.14

-    $ 5.00

 $1401.14

 

This thread is really helping me to stay focused & motivated!  I can't believe I found nearly $30 in the first few days of March! 

post #6 of 15

I've been literally putting all my pennies and extra change towards debt too. The only thing I hate is how hard it is to use change for payments.  I have a debt at my library for a book that was damaged, and it's literally just a few blocks down the street so every time we are there I gather up all the change and give it to them for that small debt.  I've gone from $25 to about $6 using change in the last 6 months or so.

 

Does coinstar charge a fee? The only other option I've found is rolling the change and taking it to the bank, it takes forever with little kids "helping" roll the pennies up.

 

We did an energy analysis thing and our hot water is the majority of our electric bill. The only laundry we do on hot is diapers, so I have been enjoying trying to time the load of diapers with the kid's bath- I take a bucket and scoop the water out and put it in the washer for the diapers. It seems to work just as well getting them clean and I was happy to see our electric bill was down $28 this month! So that's exciting.

post #7 of 15
Quote:
Originally Posted by SomethingAnonymous View Post

I've been literally putting all my pennies and extra change towards debt too. The only thing I hate is how hard it is to use change for payments.  I have a debt at my library for a book that was damaged, and it's literally just a few blocks down the street so every time we are there I gather up all the change and give it to them for that small debt.  I've gone from $25 to about $6 using change in the last 6 months or so.

 

Does coinstar charge a fee? The only other option I've found is rolling the change and taking it to the bank, it takes forever with little kids "helping" roll the pennies up.

 

We did an energy analysis thing and our hot water is the majority of our electric bill. The only laundry we do on hot is diapers, so I have been enjoying trying to time the load of diapers with the kid's bath- I take a bucket and scoop the water out and put it in the washer for the diapers. It seems to work just as well getting them clean and I was happy to see our electric bill was down $28 this month! So that's exciting.


Re:coinstar. They charge a fee if you want cash. I believe it's 8-9%. They do offer gift cards to certain retailers and don't charge a fee for those. I think the most useful would be Amazon, I'm not sure if they offer giftcards for the retailers they're typically located in (grocery stores). 

 

post #8 of 15

Coinstar does not charge a fee if you are getting a gift card. (which is all I do).  There is a substantial fee IMO for 'cash back'. 

 

http://coinstar.com/  can give you locations and what is offered at each machine.

 

I usually get an amazon gift card, sometimes I will treat us to starbucks or toys r us for the holidays.

post #9 of 15

not joining in the challenge- but why not just take your change to the bank and have them count it in their machine?  Ours does it for free.... Don't they all?

post #10 of 15
Thread Starter 

My credit union has a free machine for members.  I have been collecting all my change from cash purchases & using only bills.  I will be cashing it in next time I'm at the bank & putting it towards paying off the bills.  I agree that coin star is bet for GC's because who wants to pay a fee?  So the bank's machine is my favorite.  

post #11 of 15

My bank doesn't have the machines so we are stuck with CS. I am not joining but we are saving our change for a vacation in June. My oldest has been begging for years to go to the beach and see the ocean so we are going to do that before the new baby comes. Good luck to those who are doing the challenge! Hopefully, I can join in in a few months.

post #12 of 15
Thread Starter 

saved $28.86

 

Packed lunch yesterday $5

Returned B-Day gift $95.70

 

Total so far $129.56

                         

$1401.16

 -$100.70

$1300.46

 

 

post #13 of 15
Quote:
Originally Posted by SomethingAnonymous View Post

 

We did an energy analysis thing and our hot water is the majority of our electric bill. The only laundry we do on hot is diapers, so I have been enjoying trying to time the load of diapers with the kid's bath- I take a bucket and scoop the water out and put it in the washer for the diapers. It seems to work just as well getting them clean and I was happy to see our electric bill was down $28 this month! So that's exciting.


Oh my goodness!  $28 is a ton to save by using that water!  Well done!  Makes me wonder what I could trim up around here...

 

 

 

post #14 of 15
Quote:
Originally Posted by SomethingAnonymous View Post
We did an energy analysis thing and our hot water is the majority of our electric bill. The only laundry we do on hot is diapers, so I have been enjoying trying to time the load of diapers with the kid's bath- I take a bucket and scoop the water out and put it in the washer for the diapers. It seems to work just as well getting them clean and I was happy to see our electric bill was down $28 this month! So that's exciting.


I am SO stealing this idea.

 

post #15 of 15
Thread Starter 

I'm thinking instead of posting what I save on groceries each week, I'll wait until the end of the month.  I haven't spent much on groceries this month so far, but that might catch up with me as my supplies are dwindling.  This way I can have accurate numbers at the end of the month.  I made a big Turkey this week, I bought it for $10 at Thanksgiving.  It will feed us for days!  I've been creative with the leftovers and it makes planning dinner a cinch!

 

Bringing lunch today $5

 

Electric bill was less by $26

 

Reimbursement received by insurance $113

 

Total so far $273.56

 

$1300.46

- $144.00

$1156.46

 

I'm amazed that this is going so well!  I'm still super excited to see the number continue to shrink!  

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