*SNOWBALL FIGHT!!!*

[Gingerly]

Well I've found that tracking my weight loss in the General Discussion forum has been motivating, I'm sorta held accountable to something, so I think tracking my debt snowball progress in this thread will be motivating too. And motivating for the other CBers that are snowballing this year. This will do wonders for our FICO scores!

 

For those that don't know, here's the Debt Snowball explained. You don't need to buy any books, or follow anyone's particular plan. You customize it to your own needs.

 

Much to my dismay, I started this year with far more CC debt than I had this same time last year.

 

So, I've set out a plan to destroy this debt. I'm using two free tools to help me, this one from Quicken, and this spreadsheet.

 

There are a few things I really like about the spreadsheet: You decide which cards get paid off first; it doesn't constantly lower your minimum payments; it makes calculations for teaser rate cards; and it has places to add a consistent monthly extra amount towards debt and also occasional extra funds.

 

I'm starting off with four cards. I've already got one below 50% utilization, with a second one getting there fast. I'm paying a little more than the minimum on all cards, and throwing every extra dollar towards the one over 50% until it goes under (it has the highest interest), then towards one I have a 0.99% rate for 6 months. When that one's paid off, then all that money will go to the next, etc.

 

I have my emergency savings fund already in place, which I am adding to at the same time.

 

I am starting with over $20,000 in CC debt.

 

I'm going to try my best to pay it all off by the end of this year. I will eat Ramen if I have to.

 

 

So, anyone out there who is already snowballing or wants to start and track progress with me???

[RealtorKen]

I will eat Ramen if I have to.

 

<{POST_SNAPBACK}>

 

 

Don't do that!

 

Ramen Noodles is only healthy for college kids! Once you get older the amount of Sodium will kill ya!

[Gingerly]

I will eat Ramen if I have to.

 

<{POST_SNAPBACK}>

 

 

Don't do that!

 

Ramen Noodles is only healthy for college kids! Once you get older the amount of Sodium will kill ya!

<{POST_SNAPBACK}>

 

LOL

 

...but it's only 12 cents. Now that's a cheap lunch!

[ulli]

Gingerly,

Thank you sooooo much for thse great links. I was looking for a spreadsheet like this for a long time

 

And don't worry about Ramen noodles. As long as you take your Antihypertensives, you should be fine

[mainewmn]

Doing the Ramen noodles diet right now to pay off the CCs. So far I lost 3lb.

[aescutie]

Great idea!!!! Thanks for the links and the info...much appreciated...been looking for a spreadsheet like that for a while now!!!!

[Momof5]

Yeah! And then we all can go on TV commercials showing how Ramen Soup improves your Credit Score! LOL

[800SomeDay]

If you add lots of pepper doesn't that counteract the salt?

[RealtorKen]

<Commercial>

 

 

When I had a salty taste from the Credit Bureaus, I turned to Ramen!

 

Now my FICO is a 847!

[Neen]

Ginger, you racked up $20k in debt last year?

 

[thatsnotmine]

I watched a teenage girl make Ramen noodles over at a friends house. Toward the end of the cooking cycle she dropped an egg in and mixed it up with a fork, kind of like egg drop soup. It looked pretty good. I had never seen that before.

[Gingerly]

Ginger, you racked up $20k in debt last year?

 

<{POST_SNAPBACK}>

 

No, not exactly. I'm not very good at math obviously, but I started last year with $11K, got down to $10K, now back up to $20K.

 

So basically, all those payments I made last year, down the tubes? Plus all the charges?

 

What the hell did I buy? I dunno, I don't have much to show for it.

 

I'm just a financial salamander who can't be trusted with credit cards. But no one can control me lol, so I'm just gonna have to learn how to control myself.

[GEORGE]

If you add lots of pepper doesn't that counteract the salt?

<{POST_SNAPBACK}>

I don't eat PEPPER

[GEORGE]

I will eat Ramen if I have to.

 

<{POST_SNAPBACK}>

 

 

Don't do that!

 

Ramen Noodles is only healthy for college kids! Once you get older the amount of Sodium will kill ya!

<{POST_SNAPBACK}>

NO SODIUM = NO TASTE

[Kona]

Ginger, according to my little spreadsheet I've been keeping for a year, I have paid down debt to the tune of $4000+ since November.

 

Just put a charge of $423 on my credit card for my share of a chemical stress test after insurance. Those "little" things can really get in the way of the pay down plan....and you have nothing to wear or enjoy as a result of the money spent.

 

Oh, and it is about time for me to get three months worth of prescriptions filled. My co-pay for that will be around $200. Two of the prescriptions are sky high, so thanks for insurance.

Edited February 5, 2005 by Kona

[Gingerly]

Ginger, according to my little spreadsheet I've been keeping for a year, I have paid down debt to the tune of $4000+ since November.

 

<{POST_SNAPBACK}>

 

Well good, I hope you'll keep track with me!

 

I don't know if you have the same problem as me, which is too much unnecessary spending.

 

I have made a great big snowball this month, so I'm excited about posting an update here when all my new balances post on PG.

[Kona]

Ginger, according to my little spreadsheet I've been keeping for a year, I have paid down debt to the tune of $4000+ since November.

 

<{POST_SNAPBACK}>

 

Well good, I hope you'll keep track with me!

 

I don't know if you have the same problem as me, which is too much unnecessary spending.

 

I have made a great big snowball this month, so I'm excited about posting an update here when all my new balances post on PG.

<{POST_SNAPBACK}>

 

Part of what I accumulated was the result of "depression spending." Bought things to improve my life or improve doing things around the house that could have been forgotten. I am making a big effort in monitoring this. I know that I will backslide at times. I should quit traveling but it is my outlet for living in a rural, isolated area. I budget for that travel and I travel economically. Dennys, etc. is fine with me. I don't need $50 a day meals when traveling.

 

I've done things this year such as setting the thermostat lower. My utility bills are lower. I've also only bought one new complete outfit this year. I slipped up over Christmas because that is a bad time for me.

 

It isn't the major expenses that cause the problem. We notice those easily. It is the small change stuff or lower amount stuff that by itself seems o.k., but add it together, and you find a major "ouch." Just four separate $25 purchases equals $100.

 

I have learned that in many cases it is cheaper to buy prepackaged meals as I don't waste ingredients or put things in the refrigerator that get forgotten. I'm the world's worst at not getting fruit eaten in time. I've about given up on the veggies unless it is in form of V8 Juice or canned or frozen in small packages.

Edited February 5, 2005 by Kona

[SassyinAz]

I think this is a great thread for the new money management forum, moving it there too, hoping you don't disagree and looking forward to reading the updates.

 

Sassy

[Gingerly]

I think this is a great thread for the new money management forum, moving it there too, hoping you don't disagree and looking forward to reading the updates.

 

Sassy

<{POST_SNAPBACK}>

 

I agree, it's the right place.

 

Thanks, Sassy.

[flygirrll]

I started snowballing my debts over a year ago. I paid one CC off completely, and last Feb. I BT'ed the rest to Chase for their 0% apr for 1 yr deal. I've been able to get about half of my total debt paid off so far. But my plans have been delayed because DH and I decided to treat ourselves to a week in Hawaii this September. We haven't had a real vacation in years, and he's never been to Hawaii. So we are socking money away for our vacation but I am still paying over the minimum payment. By May or June we will have enough for Hawaii and I will start paying my balance down with a vengeance again and should have it completely paid off within 9-12 months.

 

My e-fund has dwindled down to near nothing, but thats okay b/c I just got a small raise at work and I'm pretending like its not there and I'm putting the extra 80 bucks a month into it.

 

Boy it sure is gonna feel good when I get it all paid off!

[Gingerly]

If you don't mind me asking, how much was your total debt at the beginning and how much is left now?

[flygirrll]

Lets see, I started with about $7000 in debt around Aug or Sept of '03...I am now down to $3500 after I send off my CC payment today

 

My min. payment is $64 on my Bank One (I just BT'ed to them for 0% for 16 months b/c the Chase 0% deal was ready to expire) My balance with them is $3000 and I pay $100/month right now. By June that will increase significantly. I have a small B of A balance of $500 with min. payment of $15 but I pay at least $50/month but that balance fluctuates up and down because I also put some monthly expenses on it.

[Gingerly]

Thanks, and congrats on your progress!

[robb]

The snowball is the best!

 

And mmmmmm, ramen!

[Gingerly]

lol

 

I actually had it for dinner last night. I'd forgotten, that stuff is pretty good.

 

Can you imaginne how much money a person could save if they substituted Ramen for expensive lunches on a regular basis?