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The debt snowball is beginning to roll

January 3rd, 2007 at 05:34 pm

The last two weeks I have:

Paid off my school loan - $630
Paid off the little bit of christmas I charged from internet shopping - $200
Paid off my medical bill - $368

Now I should be able to concentrate on my car loan. I have about $6,000 left to pay. I am hoping to have it paid off by September by paying an extra $300 a month. This will pay off the loan a year early. I did a spreadsheet on how much I will save by paying off early and unfortunately it is only about $100 (I should have started this 3 years ago...), but I guess just having the debt gone is the most important at this point.

On another note - I have not spent any money (other than bills, debt payments...) in 2007! Yea!

6 Responses to “The debt snowball is beginning to roll”

  1. tinapbeana Says:

    way to go on getting the debts paid off!!!

  2. nance Says:

    Way to go! That snowball will just keep on rollin'!

  3. Aleta Says:

    Listen, $100 is $100. If you don't have an emergency fund, look at that as part of it. Good job!

  4. mbkonef Says:

    Even if you only save $100 dollars by paying it off early, think of how much you will be able to save if you continue to bank the amount you had been paying once the debt is gone!

  5. janH Says:

    In the forums, they had a thing on paying car payments early. Seems the extra I was paying doesn't go on principal at all. Just prepays the loan. I read the fine print and my extra principal payments go to another address. All these years and I thought I was paying on the principal. Sheesh. At least I don't think there are any penalties for paying extra. I'm changing the way I'm doing mine. Good luck! Sounds like you are doing great!

  6. boomeyers Says:

    I love #6 of your goals! That is the HARDEST one of all! :-)

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