Monday, October 6, 2008

Debt Snowball update

Today I sent a payment of $1000.00 to my smallest student loan. The balance of this loan was $2725.98, but now it is $1725.98. I may be able to have this paid off this month, if I use my third large paycheck on the 31st. Although my debt snowball is a priority in my life, my main goal is to make sure I have $10,000 in my Emergency Savings by the end of the school/work year ( which is June 23, 2009. If you look to the right you can see I have a little ticker chart with how much I have in it right now ($2541.00) On the 31st I could probably add another $1200.00 to it bringing the total to $3741.00, less than $300.00 shy of $4000.00. I will then have the month of November and December to save up an extra $1300.00 and have $5000.00 in there by the end of the year.

Do you think my goal is attainable? What do you think I should do with my third paycheck, put it directly into savings or use it to pay off debt?

until next time, think prosperous thoughts


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