In this New Year of hope, my wife, Jamie, and I are planning on doing some serious paying off of debts. Using principals set aside from the Bible, Dave Ramsey and other financial resources, we are creating and rolling out a debt snowball.
We only have 6 entities with whom we have debts with. We plan on starting with the lowest debt and paying a specific amount in addition to every monthly payment until this debt is paid off. Then we will add the "extra" money, along with the payment amount from the lowest debt to the monthly payment of the next lowest debt. By doing this, Jamie and I hope to be totally debt free within 10 years. This is provided no other debts are added.
How cool is that?; to have your home, vehicles, & student loans paid off! We can then save more money for retirement, vacations and other emergencies in large chunks.
God Bless us on our new endeavour!
About ME
- Mr. E
- Grand Prairie, Texas, United States
- Mr. E is a Christian, Husband, Father of 2, former Army Officer and Texas Rangers Baseball fan.
1 comment:
Good for you. We're doing the same, though at this point we are debt free except for the mortgage. It's a great feeling. Don't give up - keep the goal in mind.
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