So I do have a plan to get rid of this burden of debt. And as far as March goes this is what my plan includes
Student Loan #1 at $1685.00
March Payments $400.00
Income tax refund $700.00 (rough estimate)
This will leave a balance of $585.00 - YAY!!!
Regular Payments on the other debt for March.
Once this student loan is gone my plan is to stop paying extra on the debt in order to save an emergency fund. The only reason I am not doing this to start with is because I think I will feel so much better to get rid of one more debt. Another student loan will be gone!!! I think this will just get me all the more motivated to continue on full speed ahead.
The next thing I will tackle is the other student loan. I know some people think you should pay off the highest interest loans first but I like Dave Ramsey's snowball plan where you pay off the smallest debt to the largest debt to keep you motivated. The next to go is the credit card. UGH! The credit card..... can't wait for that to be gone! I'm not too concerned with the misc loan at this point because the interest rate is very, very low. After all that is done I will work on the car loan and then be DEBT FREE!!!
The plan is for this student loan to be gone by mid-May at the latest (if my tax refund is at least $700 and I will know on Wednesday). I am currently saving up for new summer tires that I need for my car and should have those covered by mid-April. Everything else will go on the student loan. Yes the goal is to have a minimum of $1000.00 for emergencies but I'd feel better with $2000.00 (vet bills are expensive!). And yes just me and my critters! :)
ReplyDeleteThanks for reading!!!