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  1. 03-08-2008, 09:36 AM #1
    ellendanis
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    Default Small amounts can do BIG things!

    We received some balance transfer checks for 4.99% FIXED. This is .5 to 1.25 less than the percentage rate of the first 3 amounts in our debt snowball. Balance transfers are a bit of a hassle and I just wasn't sure that it would be worth it.

    Last night, we took the time to plug all the new figures into the snowball calculator (to see if it would really be worth the 'hassle' of the balance transfer).

    YES! YES! YES!

    We end up getting debt paid off 3 months sooner - and saving over $4000 (even after the balance transfer fee)!

    Lesson learned - small amounts can do BIG things!

    Here's a great tool for figuring your snowball:

    http://financialplan.about.com/gi/dy.../snowball.aspx

    BE SURE TO LOG IN (on the top, right side) SO THAT YOU CAN SAVE YOUR SNOWBALL!

    Ellen
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  2. 03-08-2008, 10:01 AM #2
    Samigirl
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    Default

    That's a fantastic savings! You're right, sometimes you wonder if balance transfers are worth the hassle. It was definitely worth it in your case. Good job!


    How much we enjoy what we have is more important than how much we have. Life is full of people who have more than they know what to do with, but cannot be content. It is the capacity to enjoy life that brings contentment.---Unknown
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  3. 03-08-2008, 10:15 AM #3
    mombottoo
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    That's great news!!! Thank you for sharing that link!
    "Life is what happens while you are busy making other plans." John Lennon
    "Infinite goodness has wide arms." Dante

    Change & Penny Challenges:
    Penny : $22.07
    Change : $97.70
    $ bills : $22.00


    Grocery Challenge:
    Grocery $400 per month: $0/$400 March
    Running Total (updated monthly): $751.73

    Savings Challenge:

    $100.36/$3,000 to replenish BEF

    2012 Coupon Savings Challenge:
    : YTD: $308.41

    2012 Fling Challenge: 691/2012
    20 Wishes Challenge: 2/20
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