Snowball - My weekly accountability

iVillage Member
Registered: 02-11-2008
Snowball - My weekly accountability
7
Wed, 01-09-2013 - 7:55pm

I hope it's ok I use this to keep myself on track. My goal is to be debt free eventually.

I've used the envelope budgeting system for large bills for 20 years. A couple years ago I decided to use envelopes for everything. I pay cash for everything except for bills and gas for the cars (I hate going in gas stations). This way of budgeting works great for us! I can't imagine ever changing this way of budgeting.

Debts:
2011 Kia Soul, $320/mo, 2.9%, $11,500 balance
2010 Camper, $183/mo, 4.9%, $16,000 balance
Mortgage/Insurance/Taxes, $1112/mo, 3.5%, $116,000 balance (Refinanced spring 2012 at 15 years)

I've been putting money back for our snowball. I've been undecided whether I wanted to pay off the car or the camper first, so I've been keeping the money in a seperate bank account. With lots of playing with numbers and talking, my husband and I decided to pay off the car first. It will be paid off by June this year! :)

Goals:
2013 - Pay off car by June; Begin snowball towards camper; Save $100/monthly in personal savings; Save $100/monthly in car replacement account
2014 -  Continue snowball towards camper; Save $100/monthly in personal savings; Save $100/monthly in car replacement account
2015 - Payoff camper by April; Save $100/monthly in personal savings; Save $100/monthly in car replacement account 
2016 - Begin snowball towards house; Save $100/monthly in personal savings; Save $100/monthly in car replacement account 

I look forward to getting to know everyone here.

 

      

iVillage Member
Registered: 07-24-2001
Thu, 01-10-2013 - 2:22pm

Of course it's all right to track things here!  That's what this section is for.

Good for you for tackling your debt!  

What made you decide to pay the auto off first (since it's at a lower interest)?  Just curious.

iVillage Member
Registered: 02-11-2008
Thu, 01-10-2013 - 2:39pm

We decided on the car because it is the lowest payoff (will come up with that amount first), plus it is the larger payment. I feel like I will SEE a difference sooner. Especially once we add our $300 snowball amount + $320 car payment towards the camper. I'm ready to start watching numbers fall like flies! :)

 

      

iVillage Member
Registered: 11-14-2008
Thu, 01-10-2013 - 2:49pm

Hey, have been wondering how you have been. What are the plans for the new year? Daughter's SL, savings? So happy for you that you got your debt  paid off. Good luck in the new year!

iVillage Member
Registered: 07-24-2001
Sat, 01-12-2013 - 1:01pm

Yeah paying off the smaller debt first makes sense.  Sounds like you have a good plan.  Keep us posted on your progress.

Yeah Karen, I'm still around . . . lurking mainly. And yep, my dd's student loan payoff is my goal this year.  Just made my first snowball payment the other day ($575.00) toward it.

iVillage Member
Registered: 07-24-2001
Thu, 01-24-2013 - 3:43pm

Excellent progress!  Keep it up!

iVillage Member
Registered: 02-11-2008
Fri, 02-01-2013 - 7:24am
Thanks so much! It would be wonderful if I could continue like that on a weekly basis!!!

 

      

iVillage Member
Registered: 02-11-2008
Fri, 02-01-2013 - 7:25am

1/15/13 Snowball Payment: $211.00

1/24/13 Snowball Payment: $250.00

2/1/13 Snowball Payment: $200.00