I have way too much debt and too many future dreams to let this current debt stop me. I HAVE to make a plan so that when I'm 80 and living alone with 10 cats that I'm not living off mac & cheese, ramen noodles or extra cat food. My plan (ambitious as it is) is to do the following:
1. Remove a large % of my checking and move it to the new savings account I created yesterday.
2. Set a maximum and minimum checking account balance. Anything over my predetermined balance will shift into savings.
3. Put at least 10% of my paycheck into savings IMMEDIATELY!
4. Current loan debts take precedence over eating out at fast-food joints. In fact, anytime I have the craving to visit Mr. McDonald, I will NOT! I will calculate what I would have hypothetically spent at that evil place and at the end of the month, put that hypothetical $ into savings. If I can spend money going out when I have more than enough food at home, it means I'm not spending responsibly!
5. Calculate how much extra $ I would need to send in order to remove a year off each of my current loan repayment plans. If feasible, then do it!
6. No more loans of any kind until I am completely debt free!
Last but not least (and this rule will make me cry) -
7. No more cd's, books, or gifts to myself unless I put them on a Birthday or Christmas gift list!
For those of you who know me personally - please hold me to this! I don't now or ever believe that cat food is a tasty alternative to human food of any kind.
2 comments:
check out http://www.daveramsey.com site has great info on becoming debt free and staying that way.
Um...that's a lot of determination. Wanna send some of that my way? Especially the part about fast food and my extra special toys?
I'll help you stick to it...although I'll hate every flippin' second of it for you.
--Sue
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