We have been seriously 'snowballing' for 1 year. 7/1/10 I got serious and sat down and wrote all our debts in a notebook, began tracking our 'extra' payments each month, re-did the tally every 6 months. We began with $27,000+ consumer/business debt (not counting the mortgage, of course). We have not followed Dave to a 't' as you'll see, but used his plan as a base in a way we agree with.
So how did we do? Well, 1 year later, we have paid off (not counting mortgage): $23,416.64!!!!We are down to just $3515 on a business LOC. In this time we ave also funded our EF to $3500 (I personally find Dave's $1k to be too little, for instance our friends had to replace their well pump this past weekend unexpectedly- $1600, you can't go 2 weeks without running water while waiting to put together another $600), bought me an '03 Montana mini van with 70,000ish miles for $3500+ my old van, bought a new compressor for hubby's shop ($1300), saved currently $1700 for our next vehicle. About to pay about $1k in car repairs between the 2 of us next week- cash. Looks like hubby needs a crown, after getting 2nd opinion to confirm this shortly will pay the $1k if needs be- cash- already have these major expenses budgeted for. Have put in dribs and drabs to retirement and a smidge to kids' college fund, not sure of exact #s, but probably roughly $1500 (not putting in any makes me nervous).
No car payments, no business loan, no cc.....GONE! It's been tough at times- I know hubby, who works many hours, often got frustrated there was 'no' $ and got tired of hearing 'There's no $ because we spent it before we made it'! Barely ate out, usually reserved for special occasions, 'mall' is not in my vocabulary, Walmart and Target miss me sorely. We had a nice Xmas- most of kids' gifts came from yard sales or our local 'swap shop' for free. My stockpile has grown significantly using sales/coupons.
I was literally sick to my stomach a year ago today when I actually took the time to add the figures up and take a real look at our financial life- I had butterflies yesterday, looking at that #, and even teared up a little with pride and relief.
I find the hardest part is actually NOW- with 'only' about $3500 left to go to be debt-free except the house, I want it done, done, done. We have paid down roughly $2500 in the last 2 months, but I still look at the bill each month like 'WHY are you still here? We've been throwing every cent at you!'
Original plan was to be done by 3/12 but we've re-adjusted to join the 11-11-11 plan.Hubby has changed jobs and is making more, plus his home business has done very well the last 6 months or so...but both seem to be slowing down a bit, we'll see how it goes!
So if you're feeling like you can't do Dave's plan, it's hopeless, it'll take too long, it's too hard....JUST GET STARTED. The time will pass anyways, you might as well do something productive to help yourself, and the feeling you have as the burden lifts is like no other!
So how did we do? Well, 1 year later, we have paid off (not counting mortgage): $23,416.64!!!!We are down to just $3515 on a business LOC. In this time we ave also funded our EF to $3500 (I personally find Dave's $1k to be too little, for instance our friends had to replace their well pump this past weekend unexpectedly- $1600, you can't go 2 weeks without running water while waiting to put together another $600), bought me an '03 Montana mini van with 70,000ish miles for $3500+ my old van, bought a new compressor for hubby's shop ($1300), saved currently $1700 for our next vehicle. About to pay about $1k in car repairs between the 2 of us next week- cash. Looks like hubby needs a crown, after getting 2nd opinion to confirm this shortly will pay the $1k if needs be- cash- already have these major expenses budgeted for. Have put in dribs and drabs to retirement and a smidge to kids' college fund, not sure of exact #s, but probably roughly $1500 (not putting in any makes me nervous).
No car payments, no business loan, no cc.....GONE! It's been tough at times- I know hubby, who works many hours, often got frustrated there was 'no' $ and got tired of hearing 'There's no $ because we spent it before we made it'! Barely ate out, usually reserved for special occasions, 'mall' is not in my vocabulary, Walmart and Target miss me sorely. We had a nice Xmas- most of kids' gifts came from yard sales or our local 'swap shop' for free. My stockpile has grown significantly using sales/coupons.
I was literally sick to my stomach a year ago today when I actually took the time to add the figures up and take a real look at our financial life- I had butterflies yesterday, looking at that #, and even teared up a little with pride and relief.
I find the hardest part is actually NOW- with 'only' about $3500 left to go to be debt-free except the house, I want it done, done, done. We have paid down roughly $2500 in the last 2 months, but I still look at the bill each month like 'WHY are you still here? We've been throwing every cent at you!'
Original plan was to be done by 3/12 but we've re-adjusted to join the 11-11-11 plan.Hubby has changed jobs and is making more, plus his home business has done very well the last 6 months or so...but both seem to be slowing down a bit, we'll see how it goes!
So if you're feeling like you can't do Dave's plan, it's hopeless, it'll take too long, it's too hard....JUST GET STARTED. The time will pass anyways, you might as well do something productive to help yourself, and the feeling you have as the burden lifts is like no other!
