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Monday, August 19, 2013
The Beginning...
Tomorrow is Day #1. I'm nervous. Yep. Chitown is nervous. I'm facing a lot of challenges financially and personally and everything ties together. I need to come up with a challenge. I was doing the $200/week challenge but that's way too liberal. $100/week?!?! It's a start. If I keep my spending under $100/week only buying what I need, then that could mean $800+ per month extra towards debt. I'm nervous but that right there sounds awesome if I can do it!!! Wish me luck!!!
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4 comments:
Good luck! What is your plan for paying down your debt? Are you doing a snowball method with lowest balances first or highest interest rate first? The first time I finally saw one of my loans go under 1,000 it really gave me the push to pay down the smallest balances and feel some pride in what I was able to achieve. Glad to hear your car is doing better!
What she said. Why not post your goals - how much will you pay off a month? If you owe $150k (sorry didn't look at the exact #) you would have to pay $2,500/month to pay it off in 5 yrs. Is that about right? If you make $110k you bring home about $6k/month? Thar leaves $3, 000-3, 500 to live on. So how will you do it? I believe you have a budget so this is a good place to start. If you can update it and post it, your readers could help a little more. Good luck!
I will post my budget and debt reduction plan. @smart sorority girl, I have one credit card, seven private student loans that have virtually the same interest rate and three federal loans at different interest rates. I will focus on paying off the credit card first because I keep having to transfer the balance each year to take advantage of a promotional rate but the transfer fee last year added $800 to the balance and though I've made payments, the balance barely drops. So I'm hoping to knock that off first and snowball to the private loans. The private loans I will attack lowest balance first since they have the same interest rate. I will continue to snowball and then attack my federal loans by the highest rate first since they're fixed rate.
Thanks for reading and for commenting.
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