Would anyone else like a 'snowball' challenge?
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  1. #1
    Registered User khaski's Avatar
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    Default Would anyone else like a 'snowball' challenge?

    I know there's the debt reduction challenge- but for me, looking up the monthly interest vs. principle that splits up each payment is more time consuming then I know I can commit to...for instance, it would mean I have to call up the mortgage company every month to check it out, we use a coupon book for payments which does not list the info. Makes me realize just how many 'payments' we have (GRRR).

    I would like to have just a 'snowball' challenge, tracking how much EXTRA people are paying off each month, above and beyond the minimum payment, not counting the 'minimum' you're required to pay.

    Any interest, or do folks find it too redundant with the 'debt reduction' challenge that counts basic monthly payments AND extra? Does this already exist somewhere and I missed it?


    Kill the mortgage! Goal: 12/2023 Left to go: $145,618.30
    Extra paid: 2012- $4408.03 2013-$5396.21+ $400 extra towards escrow
    2014-$1134.87

  2. #2
    Registered User danni's Avatar
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    I like the idea. I just don't have time to nag at dh every month to go find out how much was interest or principle. The loan is an automated pymt and it means talking to someone at the bank every month. Since the loan is in his name they won't give me any of the info.

    So it sounds good to me.
    EF $703.21
    STARTING DEBT $40,567.12

    DEBT TO DATE $5,571.24

  3. #3
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    Can you get your info on-line?

    But I do like your idea.


    “There is no dignity
    quite so impressive,
    and no independence
    quite so important,
    as living within your means.”
    ― Calvin Coolidge

  4. #4
    Registered User danni's Avatar
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    Ours is not available online.
    EF $703.21
    STARTING DEBT $40,567.12

    DEBT TO DATE $5,571.24

  5. #5
    Registered User khaski's Avatar
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    That's where it gets tricky for me too- a bunch of phone calls to check in interest vs. principle every month on a few of our payments (mortgage and LOC). I feel very lame saying it's 'too much' for me to do, but really, running a household as a SAHM of 2 little ones with a hubby who works 60+ hours a week, balancing the budget, paying all the bills...it seems like one little more tweak to the headache to track it all down for the debt repayment forum...but let's see if enough are interested to do an 'extra principle' or 'snowball' challenge. We have paid off almost an extra $2k this year, I'd like to share my success and keep motivated watching others make great strides in that area!


    Kill the mortgage! Goal: 12/2023 Left to go: $145,618.30
    Extra paid: 2012- $4408.03 2013-$5396.21+ $400 extra towards escrow
    2014-$1134.87

  6. #6
    Registered User Momto5RN's Avatar
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    sound good to me - i dont have the time / inclination to do all the other calculations either - but i do keep track of what extra i am putting to things or at least what debt i am working on and how i am doing paying it off.

  7. #7
    Registered User khaski's Avatar
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    Perhaps one of the moderators woud be kind enought to start u an 'extra payments only' challenge now or in '11?


    Kill the mortgage! Goal: 12/2023 Left to go: $145,618.30
    Extra paid: 2012- $4408.03 2013-$5396.21+ $400 extra towards escrow
    2014-$1134.87

  8. #8
    Registered User knitnmom's Avatar
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    I'm in for a snowball challenge. I'm starting my snowball this month. I put all my numbers on paper and our debt load is so big it's scary. At the same time, I know we need to start somewhere and I need to just focus on one bill at a time instead of looking at the whole enchilada.
    Tami
    www.RibbitStitch.etsy.com


    52-week Challenge: 12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52
    2014 Grocery Budget Challenge
    2014 Emergency Fund Challenge 780.74/2000.00

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