Dallas-Fort Worth Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
AW Thursday
Because we need some good news!
Random Blog
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Re: AW Thursday
We started a thread at the same time!
We are almost completely moved into the new place! I'm just tired of staying up till 1-2 am every night trying to finish setting up and unpacking.
Bio
I would not survive with late nights like that. I still haven't fully unpacked all my things. DH gets a little upset when I talk about bringing something else from my parents house to our house.
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Congrats!!
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Do tell... I would love to knock out my student loan. We are paying off 3 debts right now and by November they should all be paid off.
Jaymi - that is very awesome!!
Today is my Friday. The end.
My AW is that I finished The Book Thief last night. It turned out really good!
Jaymi, that is awesome.
Amanda, I learned one debt-payoff tactic at a Building Wealth seminar I went to at a previous job. I haven't used it, but it sounds like a good plan. Let's say you have 3 debts - 500, 600, and 700, and we're going to ignore interest for my example, but we all know that adds up too - it's just too complex to explain on here. The minimum payment on each is 25, 30, and 35, respectively. You are able to pay a total of 110 a month. So, you should obviously pay the minimum on all three, but the question is what to do with your extra.
One theory is to put all of the extra toward the smallest debt until you get it knocked out. So, you're paying 45, 30, and 35. You'll pay off the smallest debt considerably faster. Not only do you still have 110 to go towards debts, but you only have two - and you have a sense of accomplishment of paying one off! Continue paying the minimum payment on the larger one, and put the rest of the money - 75 - toward the new smallest debt (the 600 one). Once it's paid off, you put the whole 110 toward the last debt, the biggest one.
Another idea is the same kind of concept - minimum payments across the board, and throw all your extra at one debt - only instead of paying off the smallest first, you pay the one with the higher interest rate. This one is more important if, say, you have a high credit card bill and a student loan with a low rate - pay the credit card first to keep from racking up those interest charges, and then tackle the student loan after that.
Like I said, I haven't used these theories, but they seem pretty doable... if you disagree, or know a better way, then by all means share it. I'm definitely not a financial advisor by any means!
I've heard of snowballing and paying the higher interest one off first. Personally, I would choose to pay the higher interest one off first. I hate interest.
You could take a look, and even post, at Money Matters...they are very helpful there.
Bio Good Times
Or get an ice pick, hammer and a blow dryer
We are currently doing this! We've gotten most things out of the way and in a 12-16 months everything should be done and we'll be debt free unless we make another big purchase. We also did things like 0% interest for 12 months or so. This way we can transfer things with high interest rate to a no interest rate. As long as it's paid off in 12 months we will be good. (there shouldn't be a problem paying it off)
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I 100% agree with you ladies also. We did this and a few others added in to pay off all our debt except the house and one car. We paid off the higher interest cards first that I had before I met DH. Then, we consolidated the remaining debt we had by taking out a loan at my work's credit union. It had super low interest, it gets taken out of my paycheck weekly, and it was one payment instead of several. We added the interest money we would have spent and paid off the loan faster. We paid off a car and several other debts this way until we only had the house and one car payment left. Now we take all that money we were spending out of my check every week and it is deposited into a savings account for my retirement with my credit union. He also raised his money that was going into his retirement. This really worked well for us and we never missed any money.