- April 6, 2008 at 5:21 pm #257111
The money should be put towards the highest interest debt.
Original Message —-
From: Jessica and David
Sent: Monday, April 7, 2008 10:18:58 AM
Subject: Re: Budget101.com : reducing debt.
Look at your budget. If there are things that you find in your budget that you really don’t need that much alotted for it put it towards debt.
If for each of those you notice that you only spend about half of the estimated amount put the rest to the debt payments. Then once the smallest debt is paid off you take the money that you were using to pay that debt and put it towards the next debt.
Later on you may want to look at your budget later and challenge yourself to cut back more on what you spend for entertainment and fuel. By finding free entertainment and start carpooling where everyone pitches in for gas.
This is just an example that I use often. Dave Ramsey calls it the Snowball of debt reduction. I think that it truly is helpful.
To: Budget101_@yahoogro ups.com
Sent: Sunday, April 06, 2008 11:21 AM
Subject: Budget101.com : reducing debt.
Besides saving a fixed amount on a daily & consistent basis, what is a
method of bringing down debt?
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