Friday, January 15, 2010

The thrill of the chase - debt snowball!

In other budget updates - we have paid off another loan (a small loan that was hanging around from my days at FC). Since starting TMMO/FPU back in July we've paid off three outstanding debts (Kohls, Clarian Arnett and TFB) plus covered other expenses including LeeAnn's full year's tuition at dance, small medical bills here and there that weren't covered by insurance (some blood work for me, etc) and there was no money in the FSA left, along with paying a loan payment that my parents usually pay (as part of my agreement from when I went to FC back in '96).

That loan is the next in our debt snowball! The balance is just under $1400 and while my parents are making their regular monthly payments on it, we are also putting the payment amount on it which means it should be gone in as little as three months... Hooray! Then we're down to just two credit cards, a school loan (from IUK) and our vehicle loans. Slowly... Very slowly!  But that's how it works...that and a lot of dedication to making this work.

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