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If you haven't already, then you must snowball....
rubydoiwannabee
Posts: 920 Forumite
I have just completed my first snowball and it tells me that I will be debt free in 5.916666 years!!! Now I know this is a long time, but WOW.... that is just brilliant. Obviously the mortgage will still be going but how fantastic to have a date to work to.
I keep reading about doing the snowballing on:
www.whatsthecost.com
but have only just got around to doing it. That is with min payments and £10 a month off the overdraft.
For the first time I can really see a way of doing this and feel motivated that every single penny will really make a difference.
If you haven't done it yet, get on there. By paying off the higher int rate first, in my case my next card and then when that is clear next year, moving that monthly payment on to the next debt as well as the normal monthly payment.... you can really see it going down.
:T :T :T :T :money:
p.s. Sorry if I am stating the obvious but boy... I can't recommend it enough for as a motivational exercise.
xxx
I keep reading about doing the snowballing on:
www.whatsthecost.com
but have only just got around to doing it. That is with min payments and £10 a month off the overdraft.
For the first time I can really see a way of doing this and feel motivated that every single penny will really make a difference.
If you haven't done it yet, get on there. By paying off the higher int rate first, in my case my next card and then when that is clear next year, moving that monthly payment on to the next debt as well as the normal monthly payment.... you can really see it going down.
:T :T :T :T :money:
p.s. Sorry if I am stating the obvious but boy... I can't recommend it enough for as a motivational exercise.
xxx
The good you do comes back to you.
DFW Long haul supporters No: 134
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Comments
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I warn you snowballing is addictiveMF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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LilacPixie wrote: »I warn you snowballing is addictive
I can imagine.... I keep looking at it and smiling.
I love this site.:D The good you do comes back to you.DFW Long haul supporters No: 1340 -
finally I can see the benefit of every single penny...I know it sounds silly but I would have previously thought what is the point of another say £5 off something now I can see that is exactly what I should do....
DRRRRRR.... always was a bit slow.
I honestly feel excited.The good you do comes back to you.DFW Long haul supporters No: 1340 -
hehe have you tried the hmm if i can just make XX amount extra a month to put to my debts and see what diffrence it makes?? I do that with the make £10 a day threads.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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I love playing around on the snowball thingy (I can't bring myself to say snowballing - just wikipedia to find out why - but not if you are easily offended)
I do the same as LP, I think about what I can cut down each month and then see what difference it makes. When it makes naff all difference it just seems to challenge me to make the amount bigger.£34,547 (Dec 07); Current debt: £zilch (Debt free December 2010)
Sealed Pot #389 (2010=£133)0 -
With basic payments my date is about 2012... So not going to happen I WILL bring it forward.
Great thing though and really makes you remember that it is all worth while!Current debt - £16,300
Debt at worst 17/03/2011 - £18,067.62:eek::eek::ANot going anywhere else, ever again :A0 -
Just done mine- with pretty much min payments will be debt free in 33 months (march 2011). I look forward to bring that date forward! Thanks for reposting! XDebts:Overdraft- £2220 :eek: - Aim to be overdraft free by June 2009RBS Credit Card: £300HSBC Loan: £4531.46MAD eBay challenge 0/20000
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Something else to bear in mind if you think the debt free date is a long way off - if you pay off a creditcard and haven't had too many late payments, they may offer you a 0% deal for about 6 months as an incentive for you to not close the account. This is almost always done without a credit check so can put a bit of a dent in that DFD. Something to hopefully look forward to.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
Well given my huge amount of debt I'm really chuffed that I will be debt free by July 2011! Wow!PROUD TO BE DEALING WITH MY DEBTS! DFW Nerd 1004
Debt at lightbulb moment (April 2004) - £62,000
Debt now - £27703.11 - UNDER 30k AT LAST!!!!!
Drop one thing in 2010 - no books / DVDs until I've read and watched the ones that are on the shelf!0
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