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What system?


Forum: Financial Planning and Budgeting

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  #1  
June 15th, 2011, 08:59 AM
JessP's Avatar Lovin life and family
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What system did you use or do you use to pay off your debt?
Would you do it the same or change something?
What did you like about the system you used?
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  #2  
June 15th, 2011, 07:41 PM
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We used envelope budgeting while we were paying off our CC debt so we could maxmimize our payoff amount. When my husband got paid I would pay the bills, take out $X for the month for the envelopes and then right away put the rest towards the payoff. That way we were forced to live off the cash.

We always found a way to make the money we had last. Even when gas prices went up, we kept our total cash spent the same by decreasing the spending in another area.

I really liked it and often think that we should go back to it.

For paying off the debt, we used the snowball method-pay minimums to all debt except the one you are focusing on paying off.
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  #3  
June 16th, 2011, 10:12 AM
JessP's Avatar Lovin life and family
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Is everything paid off now? Not trying to be nosy just curiuous if it worked for you ultimatly. I have to say when I take the money out of checking and send it to a bill even when it got tight we got by so I know we can live on less we are just spoiled.
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  #4  
June 16th, 2011, 07:31 PM
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Not everything. In the last 4 years we paid off over $65K of debt, paid cash for $10K of home improvements, and built our emergency fund up to 4.5 months worth of expenses.

Our student loan interest rate is about half of what our mortgage rate is, so once we get to 6 months worth of expenses paid we plan to put more money towards our mortgage.
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