I cancelled the ING transfer for the bonus. Instead, I sat down today and made a payment plan for paying off all debt besides our mortgage. I will confess that I have never calculated this, because I was afraid the payoff date would be so far away that I would get too discouraged. (Kind of like my fear when I step on the scale....some folks might understand this, others wont.)
Anyway...I did it. And I was PLEASANTLY surprised. By using a snowball method and not calculating any future windfalls or pay increases, we will be debt free by mid Summer 2015. That is completely doable!! And very exciting. Expecially since my budget doesnt account for any OT for the hub- which during the winter months, there is a lot of. So if I stick to this basic plan, that is the date. However, if I put extra at every chance, it could be even sooner.
What an awesome feeling. And this allows us to continue to add to savings, 401k, and enjoy vacations.
Why did I wait so long to do this???
So, my bonus money and what DD2 pays us will go towards the smalles of the debts and pay them in full. Then, the payment $$ from those bills will be allocated towards the next bill...and at the end of that fairly long (for now) tunnel..is the debt free life I want.
YAY!!!
The other half of the plan means taking care of our vehicles, so that those dont have to be replaced and not adding any debt along the way.
Tonight I am baking chicken. I was really disappointed when I went to cook, to realize that I left my nice big bottle of olive oil at the rental house last weekend. I use olive oil almost every time I cook, so I will need to pick some up tomorrow. I used butter tonight...because I didnt know what was the next best thing besides that.
Am so happy to share my plan. Now, to start watching the debt disappear for GOOD.
My head is out of the sand-
February 4th, 2013 at 03:10 am
February 4th, 2013 at 03:30 am 1359948601
February 4th, 2013 at 04:38 am 1359952705
Happy Snowballing, Ray.
February 4th, 2013 at 04:50 am 1359953430
February 4th, 2013 at 01:25 pm 1359984305
February 4th, 2013 at 01:47 pm 1359985634
February 4th, 2013 at 02:41 pm 1359988865
February 5th, 2013 at 03:48 am 1360036115