This week was huge for us! We FINALLY started our debt-free journey and let me tell you, I'm hooked! We paid off:
We wanted to pay off more but we also want to be cautious. We wanted to make sure we still had enough money left to pay for utilities and other bills later in the month.
As of January 1st, we have paid off $1,620.04! Pretty good for only 2 weeks into January!
The plan for next week is to pay off 2 dental bills, and another medical bill and next month we start chipping away at my credit card. My Credit card is the largest one we have.
About two years ago we purchased a new roof that went on both my wife’s credit card and my credit card. Then a few months ago we bought a new furnace for our home that I had to put the rebate amount on my credit card. It’s going to feel so good lifting that weight off our shoulders!
If I were to do it over again I would have took out a loan for the roof instead of putting it on my 20% interest credit card *facepalm* and I would of cash flowed the rebate. You live and you learn.
The reason we chose to pay off my wife’s credit card and the lowes credit card is that the amounts were the lowest and the interest rate was the highest. So it worked out in our favor! Coincidently all of our lower debts all have the higher interest rate which is technically what you’re supposed to do but Dave Ramsey says to do the lowest amount to highest because of the winning factor you get (which we felt after paying off our two credit cards).
Another exciting item we have now is a debt snowball! It’s small, but it’s ours. Next month we will have $63 to put towards my $250 Credit card payment for a total of $313! It’s going to start to get very satisfying when we finish my credit card and we’re throwing almost $500 at our furnace loan. But I’m trying not to get ahead of myself.
What was your biggest snowball while paying off consumer debt? Tweet me @ditchindebt or comment down below and let me know!
Wifes Credit Card ✓
Lowes Credit Card ✓
Old ER bill ✓
Electrical outlet job ✓
We wanted to pay off more but we also want to be cautious. We wanted to make sure we still had enough money left to pay for utilities and other bills later in the month.
As of January 1st, we have paid off $1,620.04! Pretty good for only 2 weeks into January!
The plan for next week is to pay off 2 dental bills, and another medical bill and next month we start chipping away at my credit card. My Credit card is the largest one we have.
About two years ago we purchased a new roof that went on both my wife’s credit card and my credit card. Then a few months ago we bought a new furnace for our home that I had to put the rebate amount on my credit card. It’s going to feel so good lifting that weight off our shoulders!If I were to do it over again I would have took out a loan for the roof instead of putting it on my 20% interest credit card *facepalm* and I would of cash flowed the rebate. You live and you learn.
The reason we chose to pay off my wife’s credit card and the lowes credit card is that the amounts were the lowest and the interest rate was the highest. So it worked out in our favor! Coincidently all of our lower debts all have the higher interest rate which is technically what you’re supposed to do but Dave Ramsey says to do the lowest amount to highest because of the winning factor you get (which we felt after paying off our two credit cards).
Another exciting item we have now is a debt snowball! It’s small, but it’s ours. Next month we will have $63 to put towards my $250 Credit card payment for a total of $313! It’s going to start to get very satisfying when we finish my credit card and we’re throwing almost $500 at our furnace loan. But I’m trying not to get ahead of myself.
What was your biggest snowball while paying off consumer debt? Tweet me @ditchindebt or comment down below and let me know!
Comments
Post a Comment