Getting out of debt -GOOD- feb thread - Page 4 - Mothering Forums

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#91 of 94 Old 02-24-2005, 03:05 PM - Thread Starter
 
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i'd pay off the little ones, the emotional high from paying off 2 cc is great. Plus interest wise, you're likely only talking a handful of dollars.

Plus...once you pay off the little ones, you can put those extra minimum payments (say 50 + 30) toward the higher interest card --- so 80 extra bucks a month. We've talked about this before -- snowballing your loans.

I also think when you pay off those smaller cards you are limiting your liability each month -- i.e. if you get laid off or whaever then you don't have to deal with three companies.

and finally
mentally it is so much easier for me to wrap my brain around the idea of paying 1 bill vs. several bills.


(i pay my cc via online banking so check fees and postage don't count into my decision making, but they might add up for you).

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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#92 of 94 Old 02-25-2005, 03:59 PM
 
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wooo hooo!
I'm thrilled tohave found this forum. I had no idea that it existed.

We didn't fully realize how much money we were spending until I stopped working FT and went to PT. We thought that decrease was tough (from $40,000 a year to $7000), and then I couldn't find a tutoring job, so the PT money was gone. We are struggling, and with the help of DH's small pay increase (and carefully using $2000 of our tax refund this year) we will have enough to get by with tons of frugality.
I could kick myself though. We spent so much more money back before DS was born. What I would do for that money back. not for going out to eat or buying clothes, but for paying off cc debt. The thing is, we were fairly careful back then, but now we have become insanely so.
It is worth it though. We all love having me SAHM.

With the help of our tax refund, we will be able to pay off approx 30% of our cc debt. IF we are careful, all extra funds made this year (geneological research, ebay, summer tutoring) will go towards cc pay off. It would mean so much to me to be below $1000 on cc before we get pregnant this early fall.

Children deserve the respect of puzzling it out.
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#93 of 94 Old 02-27-2005, 06:02 PM
 
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February is coming to an end....

Another month of G.O.O.D gone!

How did you do? What was a good thing that happened with your finances in February? What was a not so good thing, but maybe something that you can work on, or do different next time?


My good thing is, I completely paid off a bill that had been sent to collections and was on my credit report. I don't care so much about the credit report part, as I am hopefully not going to *need* or *want* to use credit again- but it felt good to pay off a debt that I did owe. My other good thing is DH and I are on the same page after our budget talk this month. Sidenote: at church last night, the pastor was talking about Getting out of debt, and becoming debt free. My whole inside was just grinning because here is a man that my DH respects reiterating everything that I have been talking about the last few months. It was just one of those perfect moments...

My not so good thing is, I didn't completely STICK to our budget. Once again I shuffled money around from one thing to another. Everything was paid, but if I had really STUCK to what was on the paper, we would have been able to add more money to our debt snowball. Next month...
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#94 of 94 Old 02-27-2005, 10:33 PM - Thread Starter
 
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good thing: we paid 100% of our tax refund to debt
bad thing: i spent a fortune on groceries!


western skies ---> I don't think it's a bad thing to shuffle from envelope to envelope so to speak. It is just a bad thing when all the envelopes are empty and you haven't a clue where it all went or you can't pay your bills. But the $$ shuffle is what budgeting is all about -- things like "I can wait another month before buying XYZ in order to pay CASH for the car repair."

Kristin -- mom of Erin (11/5/02) and Leah (9/29/05)
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