As Emeril says…. "Bam!"

July 12, 2007 – 3:31 pm

Welcome to Working For Financial Freedom. If this is your first visit please read about this blog. You can keep updated by subscribing by email or to my RSS feed. Thanks for visiting!

Bam!

Took Dave’s advice and we were able to make a huge payment on the debt!

When we read The Total Money Makeover Dave recommended that if you are in debt, take your savings (except for a $1000 baby emergency fund and your 401K) and use that to put down on your debt.

Makes sense right?

Let’s say you have $5000 in debt you are paying interest on, but you have $5000 in savings. It’s makes more sense to take your savings and pay down your debt, instead of paying that credit card or loan interest every month.

So after much thought (and stress) we exercised some options and were able to pay off quite a bit of debt.

Still have $40k in debt left, but at least the amount is getting lower right?

Next on the chopping block?

Getting rid of one of the car loans….

  1. 3 Responses to “As Emeril says…. "Bam!"”

  2. Great job paying off a large chunk of debt! You’re under $50k, that has to feel good…use that momentum to keep on going! GOOD LUCK!

    By SavingDiva on Jul 16, 2007

  3. Thanks for the encouragement! (I got the new Pottery Barn catalog in the mail today, so I need it ha ha!) But I’m being good. Taking a quick peek to see if there are ideas (that I can copy for free) and then it’s going straight in the recycling bin.

    By Mom of 3 on Jul 16, 2007

  1. 1 Trackback(s)

  2. Oct 5, 2007: A Debt Payoff Progress Update | Working For Financial Freedom

Post a Comment

Working For Financial Freedom is proudly powered by WordPress Entries (RSS) and Comments (RSS). Theme by Bob