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Old 06-07-2013, 03:06 PM   #991
AuroraRora
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My extra student loan payment cleared today (finally - for some reason while most banks clear payments in a day or two, Discover Student Loans takes up to 7 days ugh). My balance this time last month was $6500 and now its $1400 I think that'll be the last time I'm able to make a big payment for a while though, it's back to the Snowball for me. But I keep opening my Account Info page just to see the balance and motivate myself
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Old 06-07-2013, 03:19 PM   #992
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My extra student loan payment cleared today (finally - for some reason while most banks clear payments in a day or two, Discover Student Loans takes up to 7 days ugh). My balance this time last month was $6500 and now its $1400 I think that'll be the last time I'm able to make a big payment for a while though, it's back to the Snowball for me. But I keep opening my Account Info page just to see the balance and motivate myself

Way to go!! I know you must feel incredible to look at the student loan amount and see $1400!! You should be proud of yourself!
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Old 06-07-2013, 03:21 PM   #993
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This is going to seem like an obvious question, but when was the last time you raised your grocery budget? I know we are trying to save money and reduce debt, but the cost of goods keeps rising. For the longest time, we were always over budget in the grocery department despite my best efforts. When I considered the fact that I way trying to buy groceries with my budget from 5 years ago it made sense. Groceries have gone up let's say 15% and taxes have gone up.

Wouldn't it be better to raise the budget to stop the overage? That overage has to come from someplace. Which means something else is getting shorted or raising debt in a different category.

I actually just budget it out in my head. I hate the fact that if I want healthy chips I have to pay $4 per bag, or if I want healthy snacks I have to pay $4-$5 for a box of something vs the unhealthy discount brands I could get! I guess if I consider what I bring in monthly, 15% of my pay goes to food. So I guess that's not bad. I never looked at it that way. And luckily I live in Delaware so I have no taxes. I love that!
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Old 06-07-2013, 03:21 PM   #994
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This is going to seem like an obvious question, but when was the last time you raised your grocery budget? I know we are trying to save money and reduce debt, but the cost of goods keeps rising. For the longest time, we were always over budget in the grocery department despite my best efforts. When I considered the fact that I way trying to buy groceries with my budget from 5 years ago it made sense. Groceries have gone up let's say 15% and taxes have gone up.

Wouldn't it be better to raise the budget to stop the overage? That overage has to come from someplace. Which means something else is getting shorted or raising debt in a different category.
Agreed. If you continually go over and have tried everything else to cut corners, you need to raise your grocery budget. It's not like you are spending more money by doing so since you are spending anyway. Instead you are planning for that overage and not going into debt or stealing from another category. Well, you'll have to lower something to make it work. You are just changing things on paper to match what you do in real life.

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I actually just budget it out in my head. I hate the fact that if I want healthy chips I have to pay $4 per bag, or if I want healthy snacks I have to pay $4-$5 for a box of something vs the unhealthy discount brands I could get! I guess if I consider what I bring in monthly, 15% of my pay goes to food. So I guess that's not bad. I never looked at it that way. And luckily I live in Delaware so I have no taxes. I love that!
I highly recommend doing a budget on paper or screen. It really helps to see a snapshot of your financial standing. It is hard the first time, and takes about three months to get it right, but it is so so so helpful to know exactly where you stand and to decide at the beginning of the month how much you will spend in each category. It helps to know when making choices. Hmm, if I buy this extra ____, how will it affect my bank account?

Also, don't feel bad about buying healthy food. If it is worth the value, do it. Just make sure they are actually healthy and worth the cost and not some gimmick playing on a current fad. Marketers are paid a lot to do what they do, so be sure to read the labels and shop around (how about raw, natural food from farmer's markets instead of healthy chips which are still processed?). Either way, know what you are sacrificing for it and if you think it's a good decision, then it is. There's no right or wrong answer, just personal preferences.
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Old 06-07-2013, 06:28 PM   #995
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I highly recommend doing a budget on paper or screen. It really helps to see a snapshot of your financial standing. It is hard the first time, and takes about three months to get it right, but it is so so so helpful to know exactly where you stand and to decide at the beginning of the month how much you will spend in each category. It helps to know when making choices. Hmm, if I buy this extra ____, how will it affect my bank account?

.
Ditto this. My husband and I started using budget software a few months ago and it has really revolutionized how we think - and talk to each other - about money. We use YNAB, I highly recommend it. It takes some getting used to, but I can't express how helpful it has been
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Old 06-07-2013, 07:04 PM   #996
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I actually have nothing else that I budget for, so I just buy the groceries that I need. There is a certain amount I set aside in my savings each month, and a certain amount I keep in my checking. So as long as I do not go over the amount in my checking, I feel pretty good about that.
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Old 06-09-2013, 06:59 PM   #997
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It has been awhile since I have posted we have had our ups and downs with dumping this debit or ours. This last Friday I was able to pay off 2 credit cards and next pay day which will be the 21st I will pay off 2 more. We are really cracking down which is nice. I can't wait to have them all paid off sad to say we have paid off 6 so far and have 9 to go! Trying to look at the good side. However, all I see is the money we could have used to go back to DISNEY
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Old 06-09-2013, 07:33 PM   #998
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Originally Posted by tgeorge0207
It has been awhile since I have posted we have had our ups and downs with dumping this debit or ours. This last Friday I was able to pay off 2 credit cards and next pay day which will be the 21st I will pay off 2 more. We are really cracking down which is nice. I can't wait to have them all paid off sad to say we have paid off 6 so far and have 9 to go! Trying to look at the good side. However, all I see is the money we could have used to go back to DISNEY
That's awesome progress, after the next two paid off on the 21st you'll be almost half way there!
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Old 06-09-2013, 09:02 PM   #999
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It has been awhile since I have posted we have had our ups and downs with dumping this debit or ours. This last Friday I was able to pay off 2 credit cards and next pay day which will be the 21st I will pay off 2 more. We are really cracking down which is nice. I can't wait to have them all paid off sad to say we have paid off 6 so far and have 9 to go! Trying to look at the good side. However, all I see is the money we could have used to go back to DISNEY
Way to go on getting 6 cards paid off! You should be very proud of yourself!
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Old 06-10-2013, 03:37 PM   #1000
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Originally Posted by tgeorge0207 View Post
It has been awhile since I have posted we have had our ups and downs with dumping this debit or ours. This last Friday I was able to pay off 2 credit cards and next pay day which will be the 21st I will pay off 2 more. We are really cracking down which is nice. I can't wait to have them all paid off sad to say we have paid off 6 so far and have 9 to go! Trying to look at the good side. However, all I see is the money we could have used to go back to DISNEY
It is good to hear that a fellow Diser is able to stay on target to reach their goals. I had a lot of success at the beginning of the year (smaller debts) so I got really motivated to continue. Recently I have been applying money each week to one bill to get it paid off. It has gottne pretty routine and boring with none of the rush.

So today I looked online to see what my balance is which is down to 1,011. I know most people dont talk specifics and I respect the boundaries. I know that this Friday I am paying another 150 so it felt pretty exciting to see the number would be under 1,000 after Friday. It gave me a little rush to be honest. And if everything goes right (I am determined to make it) then we should have it paid off by the end of July. That allows us to put $600 a month (what we have been applying to tackle the debt) to another bill. Now that is exciting.
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Old 06-10-2013, 03:42 PM   #1001
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Originally Posted by Doodlebug939
So today I looked online to see what my balance is which is down to 1,011. I know most people dont talk specifics and I respect the boundaries. I know that this Friday I am paying another 150 so it felt pretty exciting to see the number would be under 1,000 after Friday. It gave me a little rush to be honest. And if everything goes right (I am determined to make it) then we should have it paid off by the end of July. That allows us to put $600 a month (what we have been applying to tackle the debt) to another bill. Now that is exciting.
Awesome job!! That's so great that you'll have so much extra ton put towards your next debt too - that's really motivating to hear about you doing so well!
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Old 06-10-2013, 04:06 PM   #1002
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Snowballing it like that is a really effective method. The momentum is encouraging. Keep up the good work!
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Old 06-10-2013, 04:46 PM   #1003
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Snowballing it like that is a really effective method. The momentum is encouraging. Keep up the good work!
I can tell you from experience that snowballing does really help with the "emotional" side of paying down debt for me. It is that way because I feel that I have accomplished something. Sometimes it is those "dry" months that you are paying off debt but don't get the reward of the payoff just yet that gets a big discouraging. Just keep swimming
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Old 06-10-2013, 04:48 PM   #1004
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Hi. I just found this thread and want to Dump the Debt!

My question is once you do pay off the credit cards do you close them? I have heard various things about whether or not this hurts your credit score.

Thanks!
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Old 06-10-2013, 05:11 PM   #1005
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Hi. I just found this thread and want to Dump the Debt!

My question is once you do pay off the credit cards do you close them? I have heard various things about whether or not this hurts your credit score.

Thanks!
I use a site called creditkarma.com to help me decide. You can enter what if scenarios and it predicts how that will affect your score based on your specific circumstances. And it's free!
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