I updated my side bars.
I'm pleased to report that our EF is continuing to grow--albeit slowly. We are at 296.32 or 29% of our initial goal of 1K. The more I hear about job losses and the poor economy the more I am glad that we have this little fund and the more I want to work at growing it.
I'm also excited to report that we are halfway towards our goal for our Mini Holiday Trip!!!!! (okay--not quite halfway--only 49.8% but I'm taking it as halfway!). I looked online at the MyBonds site and they have not logged the deduction from yesterday's pay yet so I haven't included that 15 bucks which would put us at 51.8%. We still have 1 month to save for the trip and while I am not entirely sure we will reach the $740 dollars I am confident that we will be able to work with whatever amount we have saved.
I am seriously contemplating opening a second savings account with PC Financial. It was a wash transferring money into the Credit Union Savings account and I am already finding it difficult trying manage the money that is in the EF.
I am also going to add another side bar. This one represents our LOC. It somehow just keeps growing...and growing...and growing. I might have some cc debt from my VISA and MC to add...I will have to check later...but I am just putting this embarrassing number out there for public humiliation and as motivation to pay it down faster.
I am perplexed though. I know that some advocate for paying down the highest interest debt first-to avoide interest payments-and others advocate for paying down your smallest debt first-for the reward of feeling something is accomplished--but I'm not sure which strategy I should pick. Our car loan does have a higher interest then the LOC... But I do know that I hear Gail's voice in my head saying, "It doesn't matter how you do it--Just do something! Pay Down Debt!"
With that I am just going to do just that...SOMETHING!
PS. I re-read Wednesdays Post and I apologize. My writing was quite sub-standard and repetitive. I am actually contemplating going back and editing it quite a bit...
PPS. I have this BIG idea that I want to Blog about...but I can't seem to find the words. I hope they come soon.
5 comments:
Dinah,
I would leave your car loan as the interest is likely built into the payment overtime so you are not gaining anything by paying that off quicker.
And you're numbers are nothing! You should see what our LOC is and our goal is 10 months! Whee!
Nic
Slow and steady, Dinah! Terrific news about the EF - the more it grows, the better it feels, eh? I am happy with my little $25 bi-weekly addition to mine, as as the moment I still want to pay down my debt asap, but am not willing to stop saving to do it (I'm too old for that, unfortunately).
I personally lean toward whichever loan is LESS, regardless of interest rate (although I totally get that). It really does make a huge difference in motivation when you can check off a debt as paid in full!
You're doing awesome! You'll figure out what works best for you and you'll be out of debt in no time! :)
Look at those sidebars!! don't you just love updating them!!
You're doing great! :-)
Thank for the link for the side bars. I finally figured it out!
I think you're doing an awesome job with your money Dinah!
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