My first snowball is gone!

[minnie1928]

I had to post because I'm just sooo excited. We started the Dave Ramsey thing about 11 months ago and a few days ago I sent in the final payment on my car....2.5 years early!!! Next up....DH's car. I can't tell you how good it feels to have a car without a car payment !

I wanted to thank everyone here at the DIS for all their great money saving ideas...every penny counts!

 

[EthansMom]

Five years after starting the Snowball Method and we only have one year left to pay down DH's student loan. Then, we'll just have the mortgage! I can't describe the feeling I had when the financing person asked how we wanted to pay for our last car purchase and I asked, "Would a personal check be okay?"

 

[GoofItUp]

Congratulations! Isn't it a great feeling of accomplishment?! Imagine how good it will feel when you send the last payment on the last debt!!

 

[minnie1928]

Imagine how good it will feel when you send the last payment on the last debt!!

I can't wait! Being the anal accountant that I am, I have a spreadsheet that has it all planned out. I get excited just by looking at it!

Happy holidays everybody!

 

[Cindy B]

After paying two cars in cash, I know how it feels. I couldn't stant being encumbered with a car payment every month.

We also just did big purchases of mattress and a dryer all with cash as well.

It does get easier.

 

[luvthatdisney]

Congrats!

We just started Dave's Plan in July, but have already "killed" 2 credit cards and 1 medical debt. Each little win just increases my intensity. We are not quite gazelle intense, but we are getting there. DH was not on board at all, but since we started FPU last month - he is starting to come around!!!

Also this is our first Christmas without using any credit cards!!! What a feeling that is. Come January, we will owe less than we did in November - not more as it ususally is!

 

[Mellie2162]

Ok so im new to the budget board and playing a lot of catch up...what is the snowball method?

 

[disneysteve]

Ok so im new to the budget board and playing a lot of catch up...what is the snowball method?

Author Dave Ramsey promotes this as the way to pay down your debts. Take all of your debts - credit cards, student loans, etc. Each month, make just the minimum payment on all except the one with the smallest balance. Add any extra funds to the payment on that smallest balance debt. Once that debt is retired, do the same with the next smallest balance and so on until you are debt free.

This system is not the best financially, but it has a definite psychological advantage as you actually see yourself making progress quicker which gives a lot of folks the boost and motivation they need to stick with the program.

Congrats to the OP, and everyone else who is working on getting out of debt and learning to live within (and hopefully below) your means.

 

[kilee]

I am glad this is working for you. Congrats.

 

[Teacher03]

Congratulations! We also started the snowball method, and I am close to paying off my student loan. This is also the first Christmas we have not used credit cards. It is a great feeling.




Pop Century-December 2006
Cypress Point-July 2005
Boardwalk-May 1997
Fort Wilderness-May 1994
FortWilderness-1970's with parents

 

[Lyn5]

 

[disneynutt1225]

That's great news, minnie! I can only imagine how exciting that is!

Out of curiosity, what's the one Dave Ramsey book you should own? I'm new to his ideas, and what I've read on these boards seems interesting and doable for me.

 

[luvthatdisney]

The Total Money Makeover is the book you should own. But if you dont want to buy one, go to the library and see if they have it. The two copies my library had were "lost" - yeah right! I would not wait for them to order another so I went and bought myself one. I think I have read it 3 times now!

 

[Mellie2162]

Just curious if any of you have checked out www.crownfinancial.org and what you think of it. I did get a copy of their money map and am working on destination one still. any thoughts?

 

[disneynutt1225]

luvthatdisney, thanks for the tip!

 

[jeancbpugh]

Congratulations!