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$10,000 Down!

P

Pyzik

New member
Just excited and wanted to share.
We have been following our own little modified version of Dave Ramsey's advice on debt. (Can't talk the wife into fully committing to the plan, Lord I've tried!)
We set up our emergency fund and just over the weekend payed off $10k in credit card debt. We've got around $5,000 left but now that the largest part is gone the rest should be easier. Then we'll move to killing our car payments.

Just getting rid of the credit cards will free up $400 a mo.

:dancer:
 
Congrats! I hope you knock the rest of that debt out quickly! We have also been reevaluating our lifestyle. Directv ($120 mo.) GONE. Switching car insurance ($150 mo. savings). Smartphones, completely unnecessary, will be gone come September with $90 mo. saving on data charges. It's long past the time for us to start cutting some unnecessary spending. Good Luck!
 
LMS68 said:
Holy cow, well done! How are you doing it?
Click to expand...
We consolidated most into one payment using a third party and made it easier for us. They charged $16 a month as a fee though. That was the just over $10k we paid off. We were also making larger than the required payment.
While doing all this we were also setting aside $75 bi-weekly to build up a "emergency" fund of $1,000. This was important because if something were to happen (and it did) we would have cash on hand rather then needing to use credit for said emergency. (wife had to go to the hospital while on vacation with her mom).
 
Joba said:
Congrats! I hope you knock the rest of that debt out quickly! We have also been reevaluating our lifestyle. Directv ($120 mo.) GONE. Switching car insurance ($150 mo. savings). Smartphones, completely unnecessary, will be gone come September with $90 mo. saving on data charges. It's long past the time for us to start cutting some unnecessary spending. Good Luck!
Click to expand...
I would LOVE to do away with cable. I never even had cable when I was single then for a couple years with the wife but she finally bugged me enough to get it.

Phone plans are a tough one. She's the one that wants to cut them but I LOVE having the internet at my finger tips, lol.

Also, one thing that has helped is budgets and sticking to them.

Thanks again to all for the congrats. And congrats to Myca! That is awesome.
 
Congrats Pyzik, my wife and I both went through a Dave Ramsey FPU course about a year ago, we are now debt free, and have been working on our babysteps. We are saving up for a car for her, and a gunsafe/more guns for me...LOL

Just remember the debt snowball works miricals if you use it correctly. Pay off something, then take what you were paying to that and add it to the next thing to be paid off... rinse and repeat. After everything is paid off, build savings and investments...
 
Pyzik said:
While doing all this we were also setting aside $75 bi-weekly to build up a "emergency" fund of $1,000. This was important because if something were to happen we would have cash on hand rather then needing to use credit for said emergency.
Click to expand...

I used a good chunk of my emergency fund when my dog had an ear infection this winter. We had four appointments all together. I'm not done putting it all back, but I didn't have to pay any interest on a credit card!

Congrats on making good progress!
 
Outcast said:
Congrats Pyzik, my wife and I both went through a Dave Ramsey FPU course about a year ago, we are now debt free, and have been working on our babysteps. We are saving up for a car for her, and a gunsafe/more guns for me...LOL

Just remember the debt snowball works miricals if you use it correctly. Pay off something, then take what you were paying to that and add it to the next thing to be paid off... rinse and repeat. After everything is paid off, build savings and investments...
Click to expand...

That's what we're doing. What we were putting on the 10k is now going to other debt.
I can't wait to get to the saving part! LOL.

Tress, it's nice to not have to "borrow" from anyone but yourself. We refunded ourselves pretty quick.
 
We actually have the $1,000 dollar emergency fund that we keep trying to get up to 6 months worth of bills size... But with the weird pay issues that I have with the VA and my GI Bill from time to time, we have to borrow against it. but, we get it started over at 1,000 pretty often...LOL.
 
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