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  1. 09-15-2008, 05:09 PM #1
    daughter of pearl
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    Default My Snowball Melted!!

    I am so discouraged right now...I made a decision to take a class (cost $200)...I also spent money going out for drinks after the class and taking a cab home...

    I just got my MC bill (the one I am snowballing first)...just the interest in $210...at this rate, I should have it paid of by 3010...I am snowballing a $900 payment on to it, and last month I put $700 on Visa, but I just feel like I am chipping a way at a mountain with a nail file...

    Words of wisdom (yes, I know, don`t spend money on drinks and taxis!)

    Janet
    BEF: $$120/$1000
    Change Jar- $36.20

    My New Computer Fund - I DO NOT NEED A NEW COMPUTER UNTIL I HAVE A FULLY FUNDED BEF!!

    Debt Snowball - ON TARGET!!
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  2. 09-15-2008, 06:04 PM #2
    FrugalMomof3
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    I say cut up those credit cards NOW! Your trying to pay them off yet you keep putting charges on them.... not a good thing. Get your shredder out or that handy pair of scissors and chop them to pieces.
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  3. 09-15-2008, 10:04 PM #3
    Michelle68
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    Quote Originally Posted by FrugalMomof3 View Post
    I say cut up those credit cards NOW! Your trying to pay them off yet you keep putting charges on them.... not a good thing. Get your shredder out or that handy pair of scissors and chop them to pieces.



    You definitely need to get rid of the cards. Pay cash for everything and if you can't pay cash, don't buy it, drink it, eat it, or do it. You're doing a good job with the snowballing, you just have to stop incurring more debt. Good luck!


    --Michelle
    ~ Michelle



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    Avatar picture--Taken at Comanche Lookout Park, San Antonio,Tx. April,2010
    Mortgage -- $53,077.24
    March Emergency Fund Challenge-- $100 /$200
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    "The time to save is now. When a dog gets a bone, he doesn't go out and make a down payment on a bigger bone. He buries the one he's got." --Will Rogers
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  4. 09-15-2008, 10:24 PM #4
    nodmicks
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    I agree with Michelle and Traci. I our 1st rule in getting debt free was "acquire no new debt" .
    You can do it and will find creative ways to pay cash. 900 is a great snowball!
    ~July 19 saving goal for event $104/$1000
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  5. 09-16-2008, 03:53 AM #5
    Luv2BeFrugal
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    Yep, yep!! Chop them up!! Otherwise they're just too tempting to use!
    Kace - married to Dh 12 years

    Love to

    Full-time homemaker, part-time worker, college student. Always pinchin' pennies!
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  6. 09-16-2008, 04:36 AM #6
    missmanny
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    Don't get discouraged.

    Learn from your mistakes, I'm sure the feeling that you have now will be enough to help you say no next time.

    sounds like you are putting a sizeable ammount of change onto the snowball. You'll get there and my guess is much quicker then 3010!
    Debt 1 - Paid in Full (originally $750)
    Debt 2 - Paid in Full (originally $2100)
    Debt 3 - Paid in Full (originally $3500)
    Debt 4 - Paid in Full (originally $4000)
    Debt 5 - Paid in Full (originally $3000)

    FFEF - Fully Funded with 6 months of expenses as of July 2009

    Next Step - House deposit
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  7. 09-16-2008, 08:56 AM #7
    Greebo
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    What the others said - you can not get out of a hole you're in by making the hole larger. You need to stop living beyond your means, get rid of the credit cards, and get your own spending behavior under control.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  8. 09-16-2008, 09:02 AM #8
    Michelle
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    Same as what the others have said. Don't use the CC's any more, or you will never be out of CC debt.

    Everyone makes mistakes--don't get discouraged. The past is just that, and it can't be changed. One day at a time and just keep plugging away.
    *~*Michelle*~*

    "You can't have your best health without exercise. It's just not possible" ~ Leslie Sansone, WATP


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  9. 09-16-2008, 09:51 AM #9
    Suzi T.
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    OK, STOP beating yourself up and PLAN better. Put away a little money away for the next time you go out with friends. Make a special jar for just that; so you don't feel compelled to use your card when friends ask you out at the last minute.
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  10. 09-16-2008, 09:57 AM #10
    ladykemma2
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    you aren't giving yourself any spending money are you? in the original suggested budget, i suggested (400?) a month pocket money because you are single and will need to go out with friends. please budget some pocket money. i would also tackle the smallest bill first, so it feels like you are making progress.

    wags finger nag nag nag nag nag nag nag
    Last edited by ladykemma2; 09-16-2008 at 10:00 AM.
    11% gross to retirement
    10% takehome to tithe and offerings
    emergency fund maintained at 3000(works for me)
    credit card debt 7500
    mortgage free
    freedom accounts/sinking funds that ebb and flow
    then live on the rest!

    i am trying something new. LDS church advises savings or debt repayment should be the same as the tithe. 10% each.

    "i create prosperity, abundance, and savings for me and my household"
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  11. 09-16-2008, 07:32 PM #11
    larabelle
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    Ok so you flubbed up!!
    We all do from time to time. Just get back up dust yourself off and get back into the game!!
    Realize that you can not control yourself with those credit cards and tear them up.
    Baby Step #1 Done!
    Baby Step #2 Beginnning debt balance 01/01/08 $78K /Paid in full on 08/06/10
    I'm debt freeeee............ GOD IS SO GOOD!!!
    Baby Step#3 Goal: One year emergency fund began saving Jan 2011 accumulated Aug 2011 YIPPEE!!! God is sooo good to me!!!
    Baby Step #4 Yep currently doing this.
    Baby Step #5 No kids so no need.
    Baby Step #6 Renter.. Working on putting 100% down on a house!!! Currently have 25% saved.
    Baby Step #7 Someday.......
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  12. 09-16-2008, 08:43 PM #12
    daughter of pearl
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    Sorry but I just have to clear something up...I didn't use my credit cards...they were cut up in July...I used cash, then got my MC bill based on an outstanding balance and was discouraged at the high amount of interest I am paying...
    BEF: $$120/$1000
    Change Jar- $36.20

    My New Computer Fund - I DO NOT NEED A NEW COMPUTER UNTIL I HAVE A FULLY FUNDED BEF!!

    Debt Snowball - ON TARGET!!
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  13. 09-17-2008, 02:06 PM #13
    Greebo
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    Ahhhh, I see. Sorry for the misunderstanding!

    In that case, hey - be glad the BEF was there! You'll have it back and the snow will be balling again in no time!!!
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  14. 09-20-2008, 09:21 AM #14
    daughter of pearl
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    Yay! Birthday money from my dad has put me right back on track!! Yay Dad!!
    BEF: $$120/$1000
    Change Jar- $36.20

    My New Computer Fund - I DO NOT NEED A NEW COMPUTER UNTIL I HAVE A FULLY FUNDED BEF!!

    Debt Snowball - ON TARGET!!
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  15. 09-20-2008, 09:33 AM #15
    missyali
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    Dust yourself off and see if you can pick up some extra money somewhere. It's not worth stressing over. What's done is done. Work to not do it again.
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