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SO and I worked out a new plan to pay off our debt this past weekend. From the looks of it, we can be CC debt free in one year, and car loan debt free in three. Yay! All cards are in the freezer, though I am contemplating burying them under the house. ;)

We've worked out a good snowball plan using the snowball calculator, and he's really excited about watching our progress each month (I'm so glad he's finally on board!). We will have monthly meetings to determine if we are still on track, and if not to figure out why and correct it. I've worked in some rewards to keep our spirits up as well.

I printed out the monthly breakdown and snowball calc numbers and dated them. Should we do a new calculation each month and compare against previous months, or do most of you use an original debt countdown (adding in extra payments as you can make them in the extra payment column)? Does that make sense?

thanks!

laura
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I printed out the monthly breakdown and snowball calc numbers and dated them. Should we do a new calculation each month and compare against previous months, or do most of you use an original debt countdown (adding in extra payments as you can make them in the extra payment column)? Does that make sense?

Yes, it makes sense. I did not do a new calculation each month. I just followed the schedule with the number I input at the outset. If you think redoing it in a few months would keep you guys motivated, then it's worth it.

It sounds as if you have a real handle on things. Congrats!

Louise
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Isn't it a great feeling to have a plan? I like to "redo" my snowball periodically, about every two months or so. Partly to keep motivated, but also to keep up with balance transfers and purchases that I've made (I have one "active" card in the snowball mix).

Good luck.
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Which snowball calculator had you used? (just wanting to see what people are using)

keep up the good work, stay on track, good luck
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----> that one.

But of the two versions on the page I used the 3.4 to get a better idea of the credit card payoff dates and amounts, and the 3.3 to get a feel for how the car loans will pay off. I didn't feel like the 3.4 worked well for car loans, but that could just be me.

For the time being, though, I am using the 3.4 for my monthly updates because the car loans are at the bottom of the snowball list (lowest interest rate), so they don't have to be on there.

laura
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