Ditchin' Debt

If you have heard about Dave Ramsey you’ve heard him talk and praise about the debt snowball. The debt snowball is when you pay off debt from lowest monthly payment to highest and disregard the interest. There is another known way of paying off debt called the avalanche method. That is when you pay your highest interest rate debt and disregard monthly payment. But which one is more time efficient? Let’s find out! The following are random amounts and interest rates to give a good idea on the time it will take to pay off the most common kind of debt. The debt: Credit card: Amount: $8,000 monthly payment: $264 interest rate 15% Student loan Amount: $10,000 For 10 years Monthly amount: $88 Interest rate: 6% House loan Amount: $9,000 for 6 months Monthly amount: 125 Interest rate: 0% Car loan Amount: $15,000 for 5 years Monthly amount: $262 Interest rate: 5% Debt snowball method: If we were to do the debt snowball method, the order would be student loans, h

We are living in uncertain times. People are being laid off, we can’t leave our homes, it’s a real mess. But, with this time you can prepare yourself and your families for the foreseeable future by learning about personal finance. You don’t have to be a expert on personal finance you just need to know enough to get by. With this check everyone is getting from the government it’s a great place to start! I have no interest in politics, and I don’t know where the government made this money appear from, but I’m trying to get myself and my family out of debt not the United States! So free money is free money, as long as I don’t need to pay it back later with interest. So let’s pretend you’re a family of 3, you’ll be getting 3k from the government (woohoo). Instead of putting that towards a bill, save some of it. People have a lot of opinions on how much they should save for an emergency fund. My opinion is, it depends. When we receive the check, we’ll be putting at least 1k in our s