Comments on: A debt snowball for the winter months http://www.afinancialjourney.com/2008/11/a-debt-snowball-for-the-winter-months/ From the depths of debt to a cash based existence Sun, 07 Mar 2010 22:10:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Kate http://www.afinancialjourney.com/2008/11/a-debt-snowball-for-the-winter-months/comment-page-1/#comment-15 Kate Sun, 17 May 2009 14:14:10 +0000 http://www.afinancialjourney.com/?p=36#comment-15 The thing I've always thought was smart about the Dave Ramsey plan is that it allows you to build up lots of momentum. By the time you get to the larger debts, you've already built up a big snowball of money to throw at them and you get to see progress much more quickly than you would otherwise, keeping your motivation and determination high. (Dave Ramsey's plan is in his book <a href="http://www.amazon.com/gp/product/0785289089?ie=UTF8&tag=afinancialjourney-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0785289089" target="_blank" rel="nofollow">The Total Money Makeover: A Proven Plan for Financial Fitness</a><img src="http://www.assoc-amazon.com/e/ir?t=afinancialjourney-20&l=as2&o=1&a=0785289089" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" /> and others he's written. He also has some free resources on his <a href="http://www.daveramsey.com/etc/cms/index.cfm?intContentID=2926" target="_blank" rel="nofollow">website</a>. The thing I’ve always thought was smart about the Dave Ramsey plan is that it allows you to build up lots of momentum. By the time you get to the larger debts, you’ve already built up a big snowball of money to throw at them and you get to see progress much more quickly than you would otherwise, keeping your motivation and determination high. (Dave Ramsey’s plan is in his book The Total Money Makeover: A Proven Plan for Financial Fitness and others he’s written. He also has some free resources on his website.

]]> By: The Yellow Piggy Bank http://www.afinancialjourney.com/2008/11/a-debt-snowball-for-the-winter-months/comment-page-1/#comment-14 The Yellow Piggy Bank Sun, 17 May 2009 05:08:07 +0000 http://www.afinancialjourney.com/?p=36#comment-14 I developed my debt payoff schedule in 2007 and it is based on the teachings of Dave Ramsey. I have chosen to list my debts beginning with the smallest balance and ending with the highest balance. I know that this may or may not minimize the total amout of money I pay out, but it is a plan that has work so far. I agree with you that the most important thing is to have some type of plan regardless of how the schedule is determined. My debt schedule: 1. Discover: $ 1,086 (paid off 08/15/07) 2. HSBC: $ 3,380 (paid off 08/31/07) 3. Mastercard: $ 3,727 (paid off 10/31/07) 4. Mastercard: $ 9,574 (paid off 03/17/08) 5. Car Loan: $29,790 (down to $14,500) 6. Student Loans: $54,180 I developed my debt payoff schedule in 2007 and it is based on the teachings of Dave Ramsey. I have chosen to list my debts beginning with the smallest balance and ending with the highest balance.

I know that this may or may not minimize the total amout of money I pay out, but it is a plan that has work so far. I agree with you that the most important thing is to have some type of plan regardless of how the schedule is determined.

My debt schedule:
1. Discover: $ 1,086 (paid off 08/15/07)
2. HSBC: $ 3,380 (paid off 08/31/07)
3. Mastercard: $ 3,727 (paid off 10/31/07)
4. Mastercard: $ 9,574 (paid off 03/17/08)
5. Car Loan: $29,790 (down to $14,500)
6. Student Loans: $54,180

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