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Re: AW Thursday

  • We started a thread at the same time!

    We are almost completely moved into the new place! I'm just tired of staying up till 1-2 am every night trying to finish setting up and unpacking.

  • image bsn1752:

    We started a thread at the same time!

    We are almost completely moved into the new place! I'm just tired of staying up till 1-2 am every night trying to finish setting up and unpacking.

     I would not survive with late nights like that. I still haven't fully unpacked all my things. DH gets a little upset when I talk about bringing something else from my parents house to our house.

  • We went through our finances last night and we officially have 6-9 months of living expenses saved up (this has been a very important goal of mine and we've just been throwing money at it), a good chunk for a car for me and another chunk we can put towards my student loan and decided we could start remodeling one of the bathrooms upstairs.  DH looked at our savings and said "Hey we could actually have a wedding this time.  But then we would be broke."  Oh and we also figured out a way to have my student loan paid off in 12-16 months.
  • image shortgirltx:
    We went through our finances last night and we officially have 6-9 months of living expenses saved up (this has been a very important goal of mine and we've just been throwing money at it), a good chunk for a car for me and another chunk we can put towards my student loan and decided we could start remodeling one of the bathrooms upstairs.  DH looked at our savings and said "Hey we could actually have a wedding this time.  But then we would be broke."  Oh and we also figured out a way to have my student loan paid off in 12-16 months.

    Congrats!!

  • My mom offered to buy the baby furniture last night.  It was so sweet of her.  DH and I have been putting money into a seperate account since we found out to pay for the furniture but this will help out so much.  I told her we wouldn't let her buy everything but it was so sweet to offer.  Now we get to start looking and making decisions!
    Baby Birthday Ticker Ticker
  • image shortgirltx:
    Oh and we also figured out a way to have my student loan paid off in 12-16 months.

    Do tell... I would love to knock out my student loan.  We are paying off 3 debts right now and by November they should all be paid off.

  • Jaymi - that is very awesome!!  :)

    Today is my Friday.  The end.

  • My AW is that I finished The Book Thief last night.  It turned out really good!

    Jaymi, that is awesome.

    Amanda,  I learned one debt-payoff tactic at a Building Wealth seminar I went to at a previous job.  I haven't used it, but it sounds like a good plan.  Let's say you have 3 debts - 500, 600, and 700, and we're going to ignore interest for my example, but we all know that adds up too - it's just too complex to explain on here.  The minimum payment on each is 25, 30, and 35, respectively.  You are able to pay a total of 110 a month.  So, you should obviously pay the minimum on all three, but the question is what to do with your extra. 

    One theory is to put all of the extra toward the smallest debt until you get it knocked out.  So, you're paying 45, 30, and 35.  You'll pay off the smallest debt considerably faster.  Not only do you still have 110 to go towards debts, but you only have two - and you have a sense of accomplishment of paying one off!  Continue paying the minimum payment on the larger one, and put the rest of the money - 75 - toward the new smallest debt (the 600 one).  Once it's paid off, you put the whole 110 toward the last debt, the biggest one.

    Another idea is the same kind of concept - minimum payments across the board, and throw all your extra at one debt - only instead of paying off the smallest first, you pay the one with the higher interest rate.  This one is more important if, say, you have a high credit card bill and a student loan with a low rate - pay the credit card first to keep from racking up those interest charges, and then tackle the student loan after that.

    Like I said, I haven't used these theories, but they seem pretty doable... if you disagree, or know a better way, then by all means share it.  I'm definitely not a financial advisor by any means!

  • image angieandjames:

    My AW is that I finished The Book Thief last night.  It turned out really good!

    Jaymi, that is awesome.

    Amanda,  I learned one debt-payoff tactic at a Building Wealth seminar I went to at a previous job.  I haven't used it, but it sounds like a good plan.  Let's say you have 3 debts - 500, 600, and 700, and we're going to ignore interest for my example, but we all know that adds up too - it's just too complex to explain on here.  The minimum payment on each is 25, 30, and 35, respectively.  You are able to pay a total of 110 a month.  So, you should obviously pay the minimum on all three, but the question is what to do with your extra. 

    One theory is to put all of the extra toward the smallest debt until you get it knocked out.  So, you're paying 45, 30, and 35.  You'll pay off the smallest debt considerably faster.  Not only do you still have 110 to go towards debts, but you only have two - and you have a sense of accomplishment of paying one off!  Continue paying the minimum payment on the larger one, and put the rest of the money - 75 - toward the new smallest debt (the 600 one).  Once it's paid off, you put the whole 110 toward the last debt, the biggest one.

    Another idea is the same kind of concept - minimum payments across the board, and throw all your extra at one debt - only instead of paying off the smallest first, you pay the one with the higher interest rate.  This one is more important if, say, you have a high credit card bill and a student loan with a low rate - pay the credit card first to keep from racking up those interest charges, and then tackle the student loan after that.

    Like I said, I haven't used these theories, but they seem pretty doable... if you disagree, or know a better way, then by all means share it.  I'm definitely not a financial advisor by any means!

    Yes  I 100% agree with this.  When I worked as a financial counselor, we told our clients this all the time.  We even set it up for them in a spreadsheet, so they could see how long it would take to pay off each debt and how much they were saving in interest.  If you feel like seeing a faster result would help you, pay off the smallest first.  If you want to save the most in interest, pay off the high interest debt first.  Also, another tip...  freeze your credit cards.  Literally.  Put them in a bowl of water and put them in the freezer.  Next time you want something, you won't get the instant gratification feeling.  You literally have to set the bowl out and wait for the ice to melt.  Once you can get to the card (could even take a day or two), you may not even want whatever it is you were going to buy anymore.

  • I've heard of snowballing and paying the higher interest one off first.  Personally, I would choose to pay the higher interest one off first.  I hate interest.

    You could take a look, and even post, at Money Matters...they are very helpful there.

  • Jaymi - That is awesome!
  • image serlace:
    image angieandjames:

    My AW is that I finished The Book Thief last night.  It turned out really good!

    Jaymi, that is awesome.

    Amanda,  I learned one debt-payoff tactic at a Building Wealth seminar I went to at a previous job.  I haven't used it, but it sounds like a good plan.  Let's say you have 3 debts - 500, 600, and 700, and we're going to ignore interest for my example, but we all know that adds up too - it's just too complex to explain on here.  The minimum payment on each is 25, 30, and 35, respectively.  You are able to pay a total of 110 a month.  So, you should obviously pay the minimum on all three, but the question is what to do with your extra. 

    One theory is to put all of the extra toward the smallest debt until you get it knocked out.  So, you're paying 45, 30, and 35.  You'll pay off the smallest debt considerably faster.  Not only do you still have 110 to go towards debts, but you only have two - and you have a sense of accomplishment of paying one off!  Continue paying the minimum payment on the larger one, and put the rest of the money - 75 - toward the new smallest debt (the 600 one).  Once it's paid off, you put the whole 110 toward the last debt, the biggest one.

    Another idea is the same kind of concept - minimum payments across the board, and throw all your extra at one debt - only instead of paying off the smallest first, you pay the one with the higher interest rate.  This one is more important if, say, you have a high credit card bill and a student loan with a low rate - pay the credit card first to keep from racking up those interest charges, and then tackle the student loan after that.

    Like I said, I haven't used these theories, but they seem pretty doable... if you disagree, or know a better way, then by all means share it.  I'm definitely not a financial advisor by any means!

    Yes  I 100% agree with this.  When I worked as a financial counselor, we told our clients this all the time.  We even set it up for them in a spreadsheet, so they could see how long it would take to pay off each debt and how much they were saving in interest.  If you feel like seeing a faster result would help you, pay off the smallest first.  If you want to save the most in interest, pay off the high interest debt first.  Also, another tip...  freeze your credit cards.  Literally.  Put them in a bowl of water and put them in the freezer.  Next time you want something, you won't get the instant gratification feeling.  You literally have to set the bowl out and wait for the ice to melt.  Once you can get to the card (could even take a day or two), you may not even want whatever it is you were going to buy anymore.

    Or get an ice pick, hammer and a blow dryer ;) 

  • image angieandjames:

    My AW is that I finished The Book Thief last night.  It turned out really good!

    Jaymi, that is awesome.

    Amanda,  I learned one debt-payoff tactic at a Building Wealth seminar I went to at a previous job.  I haven't used it, but it sounds like a good plan.  Let's say you have 3 debts - 500, 600, and 700, and we're going to ignore interest for my example, but we all know that adds up too - it's just too complex to explain on here.  The minimum payment on each is 25, 30, and 35, respectively.  You are able to pay a total of 110 a month.  So, you should obviously pay the minimum on all three, but the question is what to do with your extra. 

    One theory is to put all of the extra toward the smallest debt until you get it knocked out.  So, you're paying 45, 30, and 35.  You'll pay off the smallest debt considerably faster.  Not only do you still have 110 to go towards debts, but you only have two - and you have a sense of accomplishment of paying one off!  Continue paying the minimum payment on the larger one, and put the rest of the money - 75 - toward the new smallest debt (the 600 one).  Once it's paid off, you put the whole 110 toward the last debt, the biggest one.

    Another idea is the same kind of concept - minimum payments across the board, and throw all your extra at one debt - only instead of paying off the smallest first, you pay the one with the higher interest rate.  This one is more important if, say, you have a high credit card bill and a student loan with a low rate - pay the credit card first to keep from racking up those interest charges, and then tackle the student loan after that.

    Like I said, I haven't used these theories, but they seem pretty doable... if you disagree, or know a better way, then by all means share it.  I'm definitely not a financial advisor by any means!

    We are currently doing this! We've gotten most things out of the way and in a 12-16 months everything should be done and we'll be debt free unless we make another big purchase. We also did things like 0% interest for 12 months or so. This way we can transfer things with high interest rate to a no interest rate. As long as it's paid off in 12 months we will be good. (there shouldn't be a problem paying it off)

  • image shortgirltx:
    Or get an ice pick, hammer and a blow dryer ;) 
    Haha. Yes, or you could do that.
  • I 100% agree with you ladies also. We did this and a few others added in to pay off all our debt except the house and one car. We paid off the higher interest cards first that I had before I met DH. Then, we consolidated the remaining debt we had by taking out a loan at my work's credit union. It had super low interest, it gets taken out of my paycheck weekly, and it was one payment instead of several. We added the interest money we would have spent and paid off the loan faster. We paid off a car and several other debts this way until we only had the house and one car payment left. Now we take all that money we were spending out of my check every week and it is deposited into a savings account for my retirement with my credit union. He also raised his money that was going into his retirement. This really worked well for us and we never missed any money.  

    Anniversary
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