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RITAROSE SparkPoints: (115,175)
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7/8/10 8:36 A

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Hi Catepillar! congrats on what you're doing! You are implementing the debt snowball that Dave Ramsey talks about so often. Pay off the smallest bill first, then the next and the next putting the extra $ towards each bill. You are smart to get debt free while you're young, it will give you so many opportunities when you are older!



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TMAC10's Photo TMAC10 Posts: 645
5/3/10 5:19 P

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thanks for the suggestion! i'm going to see if the library has a copy!

"The more aware you can stay of who you really are - the eternal, unlimited essence of yourself - the easier it will be to deal with the conditions around you that fluctuate all of the time."



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SALONGIRL70's Photo SALONGIRL70 Posts: 583
5/3/10 12:55 P

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girl you are doing really well. I am not savvy about investments but I can tell you that the Dave Ramsey books which you should be reading will really help you with these decisions. You are actually on the right track with a 1000 in savings although I would get it out of any acct. you can transfer it to your checking too easily. it doesn't need to be there for a buffer it needs to be there for emergency. Please pick up Total Money Makeover by Dave Ramsey. it will help you and change your life.

It's not about getting what you want, it's about wanting what you got.


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TMAC10's Photo TMAC10 Posts: 645
5/2/10 7:46 P

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hi all! so glad i've found this group! i love sparkpeople and am currently using it to lose weight (obviously) but am excited to also incorporate it into my financial "weight loss".

i'm currently 25 & have been working my "career" for a year. i have a bachelors & masters degree so of course i've got student loan debt (I believe about $25k). i currently have 2 credit cards that i'm trying to pay off...and quickly. like i said i'm 25 and my goal is to get out of CC debt within the next 2-3 years.

i currently have $1000 saved and was wondering if i should stop saving and throw all extra money towards debt. i have a spreadsheet that i use and if i pay double my minimum payment + what i currently put into savings (10% of monthly income) then i will have one cc paid off in 6 months. after that i plan to tackle the next card. my student loans are currently in forbearance (accruing interest but payments postponed) because i plan to tackle the cc debt first and then go on to student loans.

i'd really like to get my finances in order before my BF & I decide to get married, start a family, etc.

thanks for the help in advance! :)

"The more aware you can stay of who you really are - the eternal, unlimited essence of yourself - the easier it will be to deal with the conditions around you that fluctuate all of the time."



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