3boysnagrl
01-07-2005, 06:11 PM
We have been on a cash envelope budget for 2 years now. We have changed the way we spend, we know what we spend and what it is all on. It has made a tremendous difference.
We have a $310/month payment on a loan that we knew would be paid off in either March or April. Since we are moving in April, we wanted to see how we could get it paid off a little early or see exactly where we stand on that loan. Well... today dh called. The balance of the loan was $75!!!! It is tied toa savings account, so we transferred the $75 from that savings account. In that savings account we had 2 months worth of that loan payment... and there will be another automatic payment to that account on Feb 1st of $310 because we can't stop it from coming out of the next paycheck. SOOOO! In February we will be closing that savings account and getting that money back - almost $900!!! This will be enough to pay off 3 other small credit card balances!
We will then only have 2 cards left. One of them is 9.5% the other is 9.25% but the balance transfers onto it are 0% til August - which is what is mostly on that card.
It has always seemed so far off. We have made a few slip ups, but we are getting so much closer to being out of cc debt. That $310 from that loan will be snowballed onto another card... so we are going to be cc debt free soon. I am so excited!!!
BTW - 5 years ago we had a $40 biweekly food budget, we lived in a run down crappy mobile home, and honestly never htought we would ever be cc debt free - or even this close to it. We have worked so far to get here... and it's so close now!
We have a $310/month payment on a loan that we knew would be paid off in either March or April. Since we are moving in April, we wanted to see how we could get it paid off a little early or see exactly where we stand on that loan. Well... today dh called. The balance of the loan was $75!!!! It is tied toa savings account, so we transferred the $75 from that savings account. In that savings account we had 2 months worth of that loan payment... and there will be another automatic payment to that account on Feb 1st of $310 because we can't stop it from coming out of the next paycheck. SOOOO! In February we will be closing that savings account and getting that money back - almost $900!!! This will be enough to pay off 3 other small credit card balances!
We will then only have 2 cards left. One of them is 9.5% the other is 9.25% but the balance transfers onto it are 0% til August - which is what is mostly on that card.
It has always seemed so far off. We have made a few slip ups, but we are getting so much closer to being out of cc debt. That $310 from that loan will be snowballed onto another card... so we are going to be cc debt free soon. I am so excited!!!
BTW - 5 years ago we had a $40 biweekly food budget, we lived in a run down crappy mobile home, and honestly never htought we would ever be cc debt free - or even this close to it. We have worked so far to get here... and it's so close now!