Ok Im working on paying off debt and snowballing at the moment ...
We have a Sears CC, we have great pay history and always pay more then min. amount heres my question. Its due date falls between paychecks so I bump it to the 1st to pay - now this month we have a no min amount, we dont have to send a payment in ... last month I paid $50 and only half that ended up going to the actual balance rest was interest.
On the 8th Ill be sending full balances due on 4 bills ( store cards,dr bill and general cc ) and including just a min. amount on a 5th. The 22nd Ill be sending off the remaining balance on that 5th and all 5 debts will be wiped out. I have to send just a min. amount on that one to get it in on time while not going over budget. Anyways. Knowing this.
Would you send just a small amount to Sears or would you not send anything at all and pay a huge amount if not full balance next month.
I feel liked itd defeat the purpose if I sent just a wimpy amount since interest would eat that up and wouldnt make a difference but if I just let interest put another $25 on the amount it will be easier to deal with in the long run and I wont feel like Im losing money.
Is my way of thinking correct?? We owe roughly $1300 on Sears the amount combined between the 5 debts being paid off this month is $1100 ... so come next month there will be that amount around to slap down on the Sears debt. $1009 is what interest is coming off of .. the rest is interest free for another 6months I beleive. So if when the time came,I only could pay the amount that interest is attacking it will still be a good thing.
Would you just let it roll over and not send anything in? Or would you send even just $10 I guess to show youre trying to pay no matter if there isnt something due? ....Ive had these "no min dues" before and always sent a decent chunk in to wack at the balance but now Im more serious about knocking debts out so I wanna be smart with where the money goes yk?
I feel wierd posting stuff sometimes lol ... but I feel good about our debt not being outrageous or anything .. in our eyes its not terrible
After these things are paid off we will have a combined debt of 10,000 which includes sears, car, inlaws and new pc dh had to have
I do have to say though, this computer is much much faster and nicer then the other one! lol
My timeline for snowballing
Oct pay off all Sears and Dell pc combined $2300 total
And pay off Car in Feb-March 6-8months before final bill due along with Inlaws which we owe $3000 should be paid off by March ( Our debt to them is "forgiven" to a certain degree -they have opened a savings account in Cadens name so in regards it will be the last thing to be paid off and then we will be putting money every month into it for his schooling ect )
I have till June of next year to stockpile as much $$ as possible for a possible relocation to who knows where but we have a heads up that June is about 99% sure thats when this job will be over. Kinda nervous about that since in reality we should have a had a very nice chunk of change already saved up but well its too late to change things. We rarely have a few hundred in the bank if anything happens ... oh and we dont have the $1000 set aside yet lol I feel like I can knock so much more out faster if we dont do that step at this point ...
We need to get the car fixed and well I guess you could say we did have that $1000, we had watched what was spent the past 2wks and went in to make the appointment put the money down ( full amount due for repairs ) and we got lucky I guess waited long enuff to get the car fixed that they have a promotion right now free instillation on shocks and 30% off struts ... this is saving us over $300!!! can ya say happy dance!! now to wait for the parts to come in so another week with worrying about going around corners LOL
I did find 2 casual blouses and 4 lands end tees today for a total of $15 not bad for 7 shirts 
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