A re-evaluation

Cricketlegs · 08-21-2007, 12:46 PM

So I took another look at the debt.

I am still on track on my credit card to have it paid off in April 2008 at the latest.(I hope as it gets smaller to add extra or have the ability to make a lump payment before then but we shall see.)

That means I can't Snowball until then onto my car payment. I am only paying about $25 extra a month but next month will have it in the $9000's so it is nice to LOSE a didget lol. Once the snowball hits it will take about a year to pay off the car and that is causing me so much frustration. Perhaps I figured it incorrectly but I would rather plan on too many payments than not enough. Who can handle the disappointment! LOL!

The plan I am on also allows me $300 a month added to my savings or EF and $150 on the camper fund a month. That would put me at $7400 in savings or 1/3 of my EF goal. My Camper fund would be a piddly $3000. What can I do, I have other bigger fish to fry.

If my calculations are correct it will take me about 4.3 years to pay off my house when I can snowball both credit card and car payment into my regular monthly payment. All this is a FRUSTRATING 20 months away!

My debt is taking me 6 years to pay off but I will be adding a camper payment probably BUT I am getting up a down payment for lower payments.

It may sound crazy to add debt but for our family camping is a way of life and a cheap family fun entertainment. I will buy used and get the best deal possible. I do NOT want a $35,000 camper!

Sigh.

So in 6 years I should have $22,400 in my savings EF~~FULLY FUNDED
As to my camper I will probably be starting to be making payments in 2 years from now. I really need to work on a pkan for a bigger down payment. I am still tweaking the budget due to dhs pay increase.

I just have to look at the big picture, look at the big picture, look at the big picture........

After all it working for it sure beats sitting around and not doing anything about it!

DorothyBeverly · 08-21-2007, 12:54 PM

I have to say..I am impressed! You have a plan and that's what matters! Look at it this way, it may take you six years, but some people NEVER pay off their debt, and just think of the peace of mind you will have! Way to go and keep up the great work!

Cricketlegs · 08-21-2007, 12:59 PM

I just try to remember that I owe 3 years on the car and 22 YEARS on the house and that the STUPID credit card could take YEARS AND YEARS and minimum payment.

I mean, at least I am doing SOMETHING right??

It didn't get this way over night so why should I expect it to go away over night.

For some reason the car is just bumming me out!

Cricketlegs · 08-21-2007, 01:04 PM

I hope when I get ready to snowball the credit card onto the car my balance will be lower than I thought and that I somehow made a mistake in my figures.

How can making over double the payments take a YEAR???when I am already about 2 years into the payments with only 3 left to pay.

Add 8 months more payments while waiting to snowball, putting me at having already made almost 3 years of payments and then I still have a YEAR of DOUBLE payments.??

I would only save a year of payments???

Nope I have done something wrong....something wrong...

sdrjeolsen · 08-21-2007, 02:17 PM

I haven't taken time to figure out the math on yours, but you do pay mostly interest up front on a loan, so I have the same issue. Right now an extra 700 added to my mortgage takes off almost 2 mortgage payments, but when near the end of the loan it only takes of a fith or a 6th. So it is easer to see the progress when you first start because most of the payment is interest. does that make sense? Maybe that's the discrepancy?

Luv2BeFrugal · 08-21-2007, 08:12 PM

You've got a plan and you're doing great! Keep your chin up...and keep pressing on...you're going to be debt free before you know it!

Sounds like a chocolate break is what ya need.

Think of the great example you're setting for your girls, too!

newresolve · 08-22-2007, 02:46 PM

A plan is good... but I have to question the wisdom of putting thousands of dollars into savings where they will earn maybe 4% interest when instead you could apply that money (heck, even half of it) towards your debt, pay it off a LOT faster and pay a LOT less interest...