Back on Board

**Amanda2008** · 07-02-2009, 03:01 PM

Hi Gang, I am back on the debt reduction wagon. Here are my balances... and my plans.

CitiBank #1 $2,131.34 (have paid $1,000 on this month alone)19%
CitiBank #2 $1,476.44 16%
Capital One $484.49 14.8%
US Bank $5,816.24 13%

I am planning on doing Financial Peace University, but until I get the materials I am working on what I know. I have one thousand in savings for my baby emergency fund. My debt snowball is starting now, with citibank #1 being my first victim.

I have a pretty good stockpile, so the only thing I am planning on buying for the month of July is baby formula. (I have a good supply of diapers too).

I also have about 600.00 on a bill from Tire Kingdom coming in for tires that I hadn't planned for, but it is no interest for 6 months so I am going to work on it after I get Citibank #1 paid off.

With all of that said, what are some ways that you cut corners when you are doing your financial snowball? I have 3 banks full of coins that I am going to cash in and put towards it.

Thanks for your help

**AmyBoz** · 07-02-2009, 05:01 PM

Sounds like you are on the right track!

Great idea about cashing in your change and putting it toward the snowball. There's a new challenge here at the village to try to find a certain amount of money by the end of the week, and then add it to your debt payoff. People are selling things, turning in recycleables, scrounging for loose change, doing odd jobs, etc. Every little bit counts! I remember going with my Grandma to the bank to pay $5 on her Carlisle's (local department store in Ashtabula, Ohio) credit card. No amount is too small to make a difference

I look forward to hearing how you do!

**strezzed** · 07-02-2009, 07:07 PM

Welcome back! It sounds like you have a great plan in place so far.

**FrugalMomof3** · 07-02-2009, 08:02 PM

Sounds like your back on track, the only thing I can think of to make it seem like your NOT cutting back so much is no eating out or driving places that you dont need to go. I haven't driven my car in about 2 weeks but to the grocery store and I've saved already $40, not much but every little bit helps.

**Debbie-cat** · 07-02-2009, 08:55 PM

Sounds like you have a great plan! Way to go!

**a.nonymous** · 07-03-2009, 08:31 AM

Good luck with your plans!

Also, I'd add the 600 balance for tires to the balances list. Debt is debt, and it needs to get paid after all. And rather pay it a month earlier than giving them the chance to "lose" payments and slapping a nice fee onto that.

**MomToTwoBoys** · 07-03-2009, 11:23 AM

We try not to cut too many corners and only make the snowball amount as much as we're comfortable with having it be at. I found that by cutting corners, it was making us feel deprived. Comfort is a big stickler with me when it comes to anything, especially debt elimination.

Even an extra $20/mo on your debt helps a ton!

**danimarie0820** · 07-03-2009, 11:25 AM

I would carefully read the terms for the Tire Kingdom bill. Even though it says no interest for 6 months. Many places say no interest for 6 months but if the balance isn't paid off by those 6 months they will add on the interest for those 6 months at one time. I used to work for Citibank and this happened to many people who opened these type of accounts.