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View Full Version : Pay off your smallest debt in 2011!



gatosqueak
12-31-2010, 07:46:32 AM
May I start this thread? I would really like to feel modivated to even pay off ONE small debt this year! Maybe if the first is paid off, we can move to the next smallest...


How does that sound? :smile:

tonyarn
01-05-2011, 08:04:00 PM
I have paid off 2 cars and a credit card in the past handful of months. What I really have left is my student loan and also a very small loan (only around $150 left to pay on it), but it isn't accruing interest, so I've been paying pretty slowly.

VivaciousJewelz
01-09-2011, 06:07:54 PM
I'm sorry! I didn't see this thread before! Of course you can start this thread!

What is the debt that you are going to pay off Op?

Zwella Ingrid
01-13-2011, 01:37:27 PM
Looks like this thread may be abandoned, but I would like to keep it going if there are others who are interested. I am working on paying off a washing machine we had to buy in November. We owe right around $500 on it. I'm at work, and I don't have the exact amount in front of me, but I will look it up and post it. Actually I think I should be at $400 something now. I have made 2 payments. I've started a second job, and my goal is to use all the money (only $20 a week, so not anything major) from this second job to add to the normal payment to get it paid off quickly. Then I will switch to a television DH bought that isn't paid off yet, after that, I will work on a loan that DH took out that I don't even freakin know what it was for. I think it was for vacation last year! Actually I'm getting mad thinking about it. It seems like all DH does is spend, and I am the one sacrificing and doing without to pay off debt. Sound familiar anyone?

Weinergirl
01-13-2011, 01:48:56 PM
We are working to pay off DH's car loan this year. Current balance is about $5,000. The regular payment is only $192/month but as soon as our refinance is complete we'll be putting an extra $200/month towards that debt. The loan goes through May 2013 so if we can get it paid off this year that will be 18 months early! Now to find a little extra money to throw at it...

Zwella Ingrid
01-13-2011, 02:00:06 PM
We are working to pay off DH's car loan this year. Current balance is about $5,000. The regular payment is only $192/month but as soon as our refinance is complete we'll be putting an extra $200/month towards that debt. The loan goes through May 2013 so if we can get it paid off this year that will be 18 months early! Now to find a little extra money to throw at it...


Good luck to you. This is a great goal. I would love to get our car paid off early. It is next in my list of goals after we pay off DH's mystery loan--seriously though, I'm pretty sure that was a vacation loan. But after that, we hit the car payment! At least I will hit the car payment. If only I could get DH to cooperate. Ok wait. I just thought of something, before I make myself sound too virtuous, I have overdraft on my checking which works like a mini loan that I owe $500 on, so that has to go after the washer, before the tv. I turned into a bad girl around Christmas time last year, and I have had a hard time getting back on the wagon, but I'm determined to do my best to put my nose to the grindstone this time. I'm taking a Dave Ramsey refresher course in February, so I know that will motivate me again.

CouponQueen23
02-17-2011, 11:41:39 AM
Just seen this thread how are things going op? Have you started the Dave Ramsey refesher course yet? I have heard a lot of talk about Dave Ramsey Personally never looked into it, really should, This is what I have going on, Working on moving balances that have been incciring intrest charges. I have a cc that is offering a 0% until may 2012 and Dh has a cc offering 0% until may 2012. The plan is to move balances we have sitting else where to these cards for the 0% I think total Of one debt is $13185.00 and the other is $6286.00 of course there will be transfer fees assocaited with the transfer. $390 fee and $180.00 fee.

What I have come up with is if we transfer the balances and continue the $250 payment each month to each account, so a total of $500 this will help us pay these down quicker.

I come up with

$13185.00
- $3750.00 (this is $250 mo x 15 months)
--------------
$9435.00 amount after payments
+ $390.00 ( Transfer fee)
-------------
$9825.00 Total left after 15 months of payments and after transfer fees


Then,
$6286.00
- $3750.00 (15 months of payments of $250 each month)
----------------
$2536.00
+$180.00 transfer fee
------------
$2716.00 New amount due after 15 months and transfer fee.



So the big picture covered and this is what I see,
$19471.00 Current debt
-6930.00 Total payment being paid over 15 month time period.
----------------
$12541.00 New Debt atht the end of 15 months

This sounds really good I like the idea of having all the payments count toward the debt I have figured the intrest rates where they are and it looks like this is the best possible senerio to pay for the balance transfer fees up front any this will allow us to pay our debt doen faster. At the end of 15 months the our new debt balance of $12541.00 Will the be able to be transfered to another low rate card prviding there is an offer avaiable then, Does this palan sound like it is workable or should I be trying something else? Thanks!

VivaciousJewelz
06-20-2011, 11:41:26 AM
I am happy to report that I did this! I paid off an $800 bill (not really my smallest, but close) in May. Boy, did it feel good! :smile:

CouponClipper15
08-01-2011, 08:02:22 PM
I want to pay off my student loan by the end of this December. I have $1,500+ left. My starting debt was $3,500. I was working a dead end retail job, but now that I have a better job with better pay, I hope I can reach this goal.

Spongebear
08-09-2011, 07:48:14 AM
I have 2 small debts. So im going to try and pay atleast one off by the end of the year.

Weinergirl
08-09-2011, 10:21:32 AM
We are working to pay off DH's car loan this year. Current balance is about $5,000. The regular payment is only $192/month but as soon as our refinance is complete we'll be putting an extra $200/month towards that debt. The loan goes through May 2013 so if we can get it paid off this year that will be 18 months early! Now to find a little extra money to throw at it...

Update on this: Current balance is under $3k. We have made $380 payments every month this year (starting in February). It should take us about 8 more months to pay off! Woohoo!

motherofmolly
08-09-2011, 03:54:21 PM
that is fantastic!! every little bit counts and then you will feel better in the end

Spongebear
08-28-2011, 01:46:21 PM
Made payments on my remaining 2 small debts. I should have atleast one payed off by the end of the year.

tinkinpink84
08-28-2011, 03:02:44 PM
Since my hubby is deployed that is my plan to pay off debt. I dont have any numbers right now. Since his pay seems to not be concrete as of yet, so im forever changing what im paying towards stuff depending on his pay. But ive paid off my old navy card! Next one is our take it home today when we had to get a washer when our other one went out and hubby a laptop. so thats the next lowest. then 2 credit cards and a loan for our windows. our military star card takes a big chunk so the majority of our taxes will go right towards that and the windows. If he is deployed the full year we should be debt free by 2012. And we will just have the basics like the house ,car, electric etc.

piercedanubis
08-28-2011, 07:49:48 PM
Currently we are working on our Lowes (home improvement) card. We had to get a new roof this year & we were able to get 18 months no interest plan on all of the material. It was right around $1800 (so $100 a month). I would like to wipe out the remaining balance with our income tax return but as we all know life gets in the way ;) (will need tires & the dogs have appointments). So we will see how that goes.

tinkinpink84
08-28-2011, 09:26:53 PM
I was messing around on my ipod and found an awesome debt free app! Im now in love with it. I have multiple notebooks with diff pay amounts to pay towards things but now i put them all in this thing and the remaining balance and interest rates and it gives me a projected pay off date by paying the minimum. YOu put in what the monthly payments are as well. But you can go in to the payment history and input what you paid towards it and it adjusts it likewise based on the interest rate! I think i will get great use of this app! I just sat here the past hour inputting all of our outstanding debt i included the car as well but thats not one i include in debt since its similar to like our mortgate i dont necessarily count those as debts. But i think once we are debt free with our CC debt and loans then we can put more towards the car and house. Im excited to pay stuff off and make ita habit and make sure hubbs knows to to not open any credit cards or loans! Our biggest one is the military star card. I really hate that thing but the interest rate is super low on that! The loan for our windows is what kills me! But if hubbs stays deployed the full year then it should be paid off. PLan if he comes back early is to get a new loan through our bank to pay that one off to get a lower interest rate.
My definite plan of attack is mine and the hubbs credit cards with the 2 lowest limits and our home depot and take it home today and best buy. Those are all the smallest ones.
Lets hope crazy things dont pop up! I gotta remember to set money aside for vehicle taxes too! Gotta love nc for that!

Spongebear
08-29-2011, 07:22:30 AM
I was messing around on my ipod and found an awesome debt free app! Im now in love with it. I have multiple notebooks with diff pay amounts to pay towards things but now i put them all in this thing and the remaining balance and interest rates and it gives me a projected pay off date by paying the minimum. YOu put in what the monthly payments are as well. But you can go in to the payment history and input what you paid towards it and it adjusts it likewise based on the interest rate! I think i will get great use of this app! I just sat here the past hour inputting all of our outstanding debt i included the car as well but thats not one i include in debt since its similar to like our mortgate i dont necessarily count those as debts. But i think once we are debt free with our CC debt and loans then we can put more towards the car and house. Im excited to pay stuff off and make ita habit and make sure hubbs knows to to not open any credit cards or loans! Our biggest one is the military star card. I really hate that thing but the interest rate is super low on that! The loan for our windows is what kills me! But if hubbs stays deployed the full year then it should be paid off. PLan if he comes back early is to get a new loan through our bank to pay that one off to get a lower interest rate.
My definite plan of attack is mine and the hubbs credit cards with the 2 lowest limits and our home depot and take it home today and best buy. Those are all the smallest ones.
Lets hope crazy things dont pop up! I gotta remember to set money aside for vehicle taxes too! Gotta love nc for that!

What is the name of the app?

tinkinpink84
08-29-2011, 07:40:06 AM
its called debt free. I think it was the first one on the finances section of the apps. My sister is gonna look into if they have it avalaible for the pc as well. It puts them in order of the closest to being paid off to the last. So you can possibly use the snowball affect. My strategy now is just to pay more then the minimum payment every pay period. OUr take it home will be paid off before the end of the year and hopefully i think our best buy or the home depot. I wrote it down in a notebook but hubbs pay hasnt been consistent so i have been erasing and changing the payment amounts. At least with this app though i can put in the amount i paid and the date i paid it. Its just the neatest thing ive come across! My hard part was looking up our interest rates on all our bills i had to bust out the actual bills themselves!

tinkinpink84
08-29-2011, 07:42:13 AM
It even has this pie chart on it that shows the percentage of debts by category. Of course our biggest is the auto loan and then credit cards and hten other. I like how all the information is available soo quickly. And now i actually can use my ipod touch for things other then games. my ds has been taking it and playing angry birds on a daily basis and i hardly get to use it so now im actually getting good use out of it finally!

piercedanubis
09-02-2011, 08:41:41 PM
We were able to return some items after our roof was installed, down to just over $1300!

Spongebear
10-08-2011, 11:04:08 AM
Still making progress. I will pay off one of the two debts, but would like to pay off both.

kimandkathess
10-08-2011, 03:16:14 PM
I need to do this. I have so many small items on my credit report that i really want fixed. I plan on paying off my house and student loans all by may 2014 and want my credit cleaned up just encase we need extra cash to put towards a new house. We plan on have 100,000 to put towards a new house without loans, but just want to be on the safe side.

CouponQueen23
10-08-2011, 06:27:44 PM
Credit Card Payment Calculator: How to pay off your balance (http://www.creditcards.com/calculators/payoff.php)

I really like to play with the numbers using this I am sure it is not as cool as the one tink has it works and can help with goal setting.

fungirl2727
10-08-2011, 08:55:26 PM
We have been working on paying off debt every month! I can't wait until my hubby gets out of class and makes 160 to 170,000 a yr. We will have xtra 2,000 to put toward debt. My goal is to be debt free besides house in 4 yrs. It will be so nice having more money toward retirement, Vacations and xtra money for fun stuff. We will still have a house payment of 1350 but that will be it. It will be so nice not to be so tight on money every month. I am so sick of putting so much income to dumb debt. Once we get out of debt I won't go back. I told hubby once we are out we don't go back. If can't afford paying cash for something we don't do it. I wish they never invented so much credit.

fungirl2727
10-08-2011, 09:01:26 PM
I dont plan on buying a bigger house because hubby makes more. I would rather have money to make amazing memory with my family. Travel tons of places with my hubby and kids and continue to stay at home. My hubby gets a wk off every 5th wk and also works 3 on 4 off andd 4 on 3 off. My family is top thing not a huge house to clean.

434Teresa
10-09-2011, 09:31:04 AM
We have been working on paying off debt every month! I can't wait until my hubby gets out of class and makes 160 to 170,000 a yr. We will have xtra 2,000 to put toward debt. My goal is to be debt free besides house in 4 yrs. It will be so nice having more money toward retirement, Vacations and xtra money for fun stuff. We will still have a house payment of 1350 but that will be it. It will be so nice not to be so tight on money every month. I am so sick of putting so much income to dumb debt. Once we get out of debt I won't go back. I told hubby once we are out we don't go back. If can't afford paying cash for something we don't do it. I wish they never invented so much credit.

I wish my hubby made what yours dose..even without the extra 2,000 you are ready for him to be making. With him then making $160,000 to 170,000 I would think that you could buckle down and get it paid off in about 2 years at most but I dont know what else you owe for tho. If my hubby made that kind of money my home would be paid for in one year easy but we have already been threw all this debit pay off stuff and only owe for our home. Just saying that a extra $2,000 a month or year whatever it is, well to be blunt is not much of a raise for someone in such debit(as this comment" It will be so nice not to be so tight on money every month") and makes over $100,000 already a year from the way that reads. The cost of living where you are is about the same as to where I live. Just saying if you are not very very carefull you will soon have that extra $2000 tided up in bills also..so you need to really start to buckle down NOW and wait on that $2,000 raise to get your bills paid off for the more you make the more you will spend if you dont learn better than to do that....

kimandkathess
10-10-2011, 05:17:29 PM
I certainly wish we made 170,000 a year. Between my husband and I we only make $47,000 a year :(. My goodness if we made that much our debt would be gone, house would be paid off and we would be ready to find a new one :) I think our expenses for an entire year, including all of our bills, food, and extras come to about $37,000 a year.

tinkinpink84
10-10-2011, 07:37:55 PM
nov 15 , our take it home today card will be paid off! So nice to see things dissapearing! Hubbs just made sgt too on oct 1st so more extra $$ to throw at bills!

kimandkathess
10-11-2011, 07:18:01 PM
nov 15 , our take it home today card will be paid off! So nice to see things dissapearing! Hubbs just made sgt too on oct 1st so more extra $$ to throw at bills!
AWESOME:BigHand:

Spongebear
11-26-2011, 02:01:37 PM
I payed off my smallest debt. So im one debt away from being debt free. I had hoped that they would both be paid off, but hopefully I can pay it down before the end of the year.

cody82414
11-26-2011, 02:22:50 PM
I payed off my smallest debt. So im one debt away from being debt free. I had hoped that they would both be paid off, but hopefully I can pay it down before the end of the year.

:BigHand:Fantastic!!!!

Spongebear
11-27-2011, 05:10:44 PM
:BigHand:Fantastic!!!!


Thank you.:smile: