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  1. #1
    What's a Budget?
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    Default Paying down debt

    I'm paying down a significant line of credit --> ,700 at the rate of 5 towards principle plus about interest, totalling 5/month. Initially, when deciding on the monthly amount, I was thinking I wanted to have it paid down asap. Once it's paid off, I would add the 5 to my mortgage payment. This would make it possible to pay both debts off in ten years. However, I'm now starting to feel discouraged, because there literally is no spare cash at the end of the month. I'm so focussed on debt reduction I'm not even putting money aside for savings. Don't get me wrong, I'm not whining and I did get myself into this debt; I was just wondering if anyone else has been in a similar debt situation, and how they paid it down. If nothing else, I guess encouragement would be nice...

  2. #2
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    Default !

    :URock: Congradulations on taking on such a tough assignment! But it looks like you budgeted yourself too tight. Is there any way to reduce your payment by 50 bucks? That way you'd have some spending money.

    You didn't mention how long you had been making payments. Is there another payment you could hold back on?

    Secondly, you should always put in for savings in your budget even if it's just 20 bucks a month. everything helps!

    keep going and good luck!

 

 

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