by Scott on January 1, 2009
Within the Melt Debt snowball demonstration engine, there is an option to allocate a percentage of your rollover/snowball funds (the extra money that is freed up when you pay off a debt) to your Cash Reserve (or “rainy-day”) account.
Having a cash cushion makes it much easier to avoid having to charge it when an emergency comes up. However - to be consistent with all of our other teachings and advice - do not let the lack of a rainy-day account stop you from moving forward and paying down your debt. This is just an option.
Diverting a small portion of the rollover rather than applying every last penny to the next debt in line to be paid off does not delay your final debt-free date nearly as much as most people think.
Experiment with different amounts to see what kind of impact it has on your specific plan, and implement whatever fits in with your goals.
P.S. See the related topics of Rollover allocation to Charitable Causes and Investment/Retirement accounts.
by Scott on January 1, 2009
Within the Melt Debt snowball demonstration engine, there is an option to allocate a percentage of your rollover/snowball funds (the extra money that is freed up when you pay off a debt) to your church or other charitable organization.
Diverting a small portion of the rollover rather than applying every last penny to the next debt in line to be paid off does not delay your final debt-free date nearly as much as most people think.
Experiment with different amounts to see what kind of impact it has on your specific plan, and implement whatever fits in with your goals.
P.S. See the related topics of Rollover allocation to Cash Reserve and Investment/Retirement accounts.
by Scott on December 19, 2008
http://www.letssaythanks.com
As much as I like some of the other “feel good” emails I get from time to time, I know people are busy so I very rarely forward or post them.
But, this is one that I can’t resist. Regardless of how you feel about the war, there is no question that we should support the men and women (and honestly, the kids…) that are deployed.
Now is a good time with the holidays coming, it is FREE, and all you have to do is go to the website above, pick a card, and even pick a pre-written message if you don’t want to take the time to type anything yourself. How easy is that? It will take about 30 seconds. [click to continue…]
by Scott on December 6, 2008
Okay, I didn’t scare you off with my background, huh?
Actually, you are probably like me – if I want information from somebody, they better have been there and done that – not just read about it somewhere. So yes, I’ve been there (debt) and done that (gotten out of debt).
Just one minute, though. Just so we’re clear on what we are going to discuss here… [click to continue…]
by Scott on December 4, 2008
I mortgaged my future for a hamburger!
Well, okay – not just one hamburger… But one here, one there, a couple for my friends, and some other “stuff” I just had to have, and part of my future was all of a sudden pledged to credit card companies in a debt nightmare.
I should have been able to coast through college pretty easily with just a part-time job. I was living at home, and my parents were helping to support me. I had it really good.
But I got stupid and started living beyond my means.
[click to continue…]
