Comments on: The Key to Paying Off Debt http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html The journey of a fabulous single mom pursuing financial independence Fri, 21 Nov 2008 04:39:52 +0000 http://wordpress.org/?v=2.6 By: Ian Denny http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-5228 Ian Denny Thu, 21 Jun 2007 04:29:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-5228 I need to take a hard look at my personal financials.<br/><br/>Business just gone bust, and like many, a life-change like this makes you start a blog to record what you did!<br/><br/>As a first step, I was wondering if you have any pointers on where I could get a spreadsheet to help me with debt reduction?<br/><br/>I am turning over a new leaf and for the first time seriously looking at getting out of personal debt.<br/><br/>Any links or recommends to spreadsheets would really help and be appreciated. I need to take a hard look at my personal financials.

Business just gone bust, and like many, a life-change like this makes you start a blog to record what you did!

As a first step, I was wondering if you have any pointers on where I could get a spreadsheet to help me with debt reduction?

I am turning over a new leaf and for the first time seriously looking at getting out of personal debt.

Any links or recommends to spreadsheets would really help and be appreciated.

]]> By: Sistah Ant http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-5198 Sistah Ant Fri, 15 Jun 2007 19:36:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-5198 I have been following this strategy for years now, but I never articulated it enough to justify why I was doing it. I just did it because it seemed like the right thing to do. You explained it very well though!<br/><br/>I also got another idea from this post. My paychecks and bills are pretty predictable. I should start making automatic payments of those bills I've already committed an extra minimum to. Matter of fact, I think I'll blog about that... I have been following this strategy for years now, but I never articulated it enough to justify why I was doing it. I just did it because it seemed like the right thing to do. You explained it very well though!

I also got another idea from this post. My paychecks and bills are pretty predictable. I should start making automatic payments of those bills I’ve already committed an extra minimum to. Matter of fact, I think I’ll blog about that…

]]> By: free debt software http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-5156 free debt software Wed, 13 Jun 2007 02:31:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-5156 Single ma,<br/><br/>I agree with you completely. Paying off debt is investing in yourself and thus should be approached like investing. Use a similar concept like dollar cost averaging. Pick an amount budgeted towards your goal and pay off that amount every month, no more and no less. I think you have explained this well. Single ma,

I agree with you completely. Paying off debt is investing in yourself and thus should be approached like investing. Use a similar concept like dollar cost averaging. Pick an amount budgeted towards your goal and pay off that amount every month, no more and no less. I think you have explained this well.

]]> By: ispf http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4340 ispf Sat, 17 Mar 2007 19:40:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4340 [...] Single Ma @ Single Ma's Fabulous Financials has some great insights on keeping an eye on the priorities while paying off the debt. A reader recently asked her if s/he should “raid her savings account to pay off the car loan”. This response by single ma is very well balanced and a very rational explanation of what happens if you don’t stick to a plan because you are bitten by the debt-reduction bug. If you are actively working on your debt I highly recommend this post. [...] [...] Single Ma @ Single Ma’s Fabulous Financials has some great insights on keeping an eye on the priorities while paying off the debt. A reader recently asked her if s/he should “raid her savings account to pay off the car loan”. This response by single ma is very well balanced and a very rational explanation of what happens if you don’t stick to a plan because you are bitten by the debt-reduction bug. If you are actively working on your debt I highly recommend this post. [...]

]]> By: Stephanie http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4304 Stephanie Mon, 12 Mar 2007 21:54:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4304 So well explained. We have recently come to the same realization after years of not having a savings b/c didn't it make more sense to pay off debt? It was a vicious cycle to whittle away at the debt only to have something "unexpected" come up. With no savings that meant paying for the "unexpected" with credit. Very disheartening. We now have a decent savings established and are concentrating on the debt! So well explained. We have recently come to the same realization after years of not having a savings b/c didn’t it make more sense to pay off debt? It was a vicious cycle to whittle away at the debt only to have something “unexpected” come up. With no savings that meant paying for the “unexpected” with credit. Very disheartening. We now have a decent savings established and are concentrating on the debt!

]]> By: Debt Hater http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4271 Debt Hater Wed, 07 Mar 2007 04:40:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4271 I am figuring this out myself. I was thinking I should just stop contributing to the 401k and empty one of my savings accounts to pay down debt... but too much in my life is happening now and soon. You're right, if you sacrifice one thing to take care of another out of an irrational need, then you really don't get ahead. I realize that now. I am figuring this out myself. I was thinking I should just stop contributing to the 401k and empty one of my savings accounts to pay down debt… but too much in my life is happening now and soon. You’re right, if you sacrifice one thing to take care of another out of an irrational need, then you really don’t get ahead. I realize that now.

]]> By: Single Ma http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4270 Single Ma Wed, 07 Mar 2007 02:27:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4270 I'm glad you guys enjoyed this post. I really meant everything I said, and yes, I do practice what I preach. As most of you already know, I'm a HUGE advocate of the emergency fund. Search my blog and see how many times it comes up. LOL I think a person should always be somewhat prepared for the unknown. Even if it's only $1,000. That cushion, no matter how small, can help you avoid a whole heap of problems. All you need is one thing to go wrong and your financial life can shatter like dominoes. My eFund keeps me grounded. <br /><br />And by the way, I apologize for not participating in the comments like I usually do. Life is getting better around these parts, but still <i>a little</i> hectic. Probably a few more weeks before things completely return to normal. My BabyGirl and the Pooch are suffering the most. :-( Damn a job that pays me well and actually expects me to work. Hmph! LOL I’m glad you guys enjoyed this post. I really meant everything I said, and yes, I do practice what I preach. As most of you already know, I’m a HUGE advocate of the emergency fund. Search my blog and see how many times it comes up. LOL I think a person should always be somewhat prepared for the unknown. Even if it’s only $1,000. That cushion, no matter how small, can help you avoid a whole heap of problems. All you need is one thing to go wrong and your financial life can shatter like dominoes. My eFund keeps me grounded.

And by the way, I apologize for not participating in the comments like I usually do. Life is getting better around these parts, but still a little hectic. Probably a few more weeks before things completely return to normal. My BabyGirl and the Pooch are suffering the most. :-( Damn a job that pays me well and actually expects me to work. Hmph! LOL

]]> By: Paula Neal Mooney http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4269 Paula Neal Mooney Tue, 06 Mar 2007 18:30:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4269 You guys are so inspiring with the eFund talk!<br/><br/>You're helping me get my priorities straight, too. You guys are so inspiring with the eFund talk!

You’re helping me get my priorities straight, too.

]]> By: moneymonk http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4268 moneymonk Tue, 06 Mar 2007 18:07:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4268 I know a lot of people that are debt-free and cash poor because of paying debt off too quickly.<br/><br/>I have a steep student loan debt, but I am not in a hurry to pay it off because it's only at 3% interest. <br/><br/>It's always smart to use debt as leverage. Rich people do it all the time. And so does Single Ma~<br/><br/>you go girl ! I know a lot of people that are debt-free and cash poor because of paying debt off too quickly.

I have a steep student loan debt, but I am not in a hurry to pay it off because it’s only at 3% interest.

It’s always smart to use debt as leverage. Rich people do it all the time. And so does Single Ma~

you go girl !

]]> By: kiesha http://fabulousfinancials.com/2007/03/the-key-to-paying-off-debt.html#comment-4267 kiesha Tue, 06 Mar 2007 15:39:00 +0000 http://fabulousfinancials.com/2007/03/06/the-key-to-paying-off-debt.html#comment-4267 "priorities, a goal, a plan, dedication, and patience."<br/><br/>You are so right Single Ma! You've just convinced me to reconsider raiding my eFund to pay for my braces. I will find another way dammit. <br/><br/>Tell Baby Girl to be thankful that her mama is paying for hers now so that she won't be coming outta her pockets when she's grown and having to foot %100 of the bill! “priorities, a goal, a plan, dedication, and patience.”

You are so right Single Ma! You’ve just convinced me to reconsider raiding my eFund to pay for my braces. I will find another way dammit.

Tell Baby Girl to be thankful that her mama is paying for hers now so that she won’t be coming outta her pockets when she’s grown and having to foot %100 of the bill!

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