This past week we've allowed ourselves to bask in accomplishing a difficult for us financial goal but now it's time to get back to business. We can't let up, not when we're closer than we've ever been to being debt free.
We've set our eyes on a new target and that is paying off our vehicle. We have less than a third of the total amount owed on it to go and that light to debt freedom is getting brighter with every payment we make.
Our goal for this month is to make a double payment on it! Every month we've be adding extra to the payment but now we're in a position, because of using the snowball method, to attempt a double payment.
The debt snowball method works! At first it seems like you're spinning your wheels and getting that first smallest debt paid off is just a small drop in the bucket in view of the big debt picture. But when you take what you were paying on that smallest debt and add it to the payment of the next smallest debt it starts to make a difference and sooner rather than later, you'll pick up speed as what your able to put toward debt increases with every debt you retire. What you need is commitment and patience and the determination to keep increasing your snowball instead of spending the freed-up money elsewhere. It works if you're willing to follow the method.
That's it for this week, what about you, how did your week go and what financial goals are you working toward?
until next time,
mrs. patsi @ A Working Pantry
She looketh well to the ways of her household … Proverbs 31:27
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Debt snowball is how we got out of debt, too. It works!
ReplyDeleteOur power came back on late last night. Almost seven days without power and water. I learned so much from this disaster.
Nextdoor was our best source of local information.
LP run generator is best. We were able to be up and running right away with stored gas bottles while others were trying to find an open station and waiting in lines for four hours to fill gas cans.
People here did not prepare and had no idea how to care for themselves. Many expected free meals to be delivered or didn't even seem able to go out for supplies and whined about not being able to have groceries delivered . Many had no food in their house and there were no stores open. So many were looking for a place to get cash. Most of what we paid cash for was a ten or twenty dollar bill. Merchants did not have change and it was a flat rate.
We live in an awesome neighborhood. Chainsaws were running and tractors out to clear the roads before the wind even completely died down. Neighbors on city water shared with those on Wells. Neighbors with RVs cooked for others.
The easiest food for us to prepare was anything we could throw in the microwave. We had a good number of foods that were easily prepared thanks to the salvage stores . Thankfully we did not lose any of our cold or frozen food due to being ready with the generator.
Once the exhaustion hits it is okay to go get fast food when you are starving and can no longer think straight.
Sadly we also learned that some companies and neighbors are willing to cheat the insurance company to get things paid for that we're not damaged due to the hurricane. This just makes me sick.
Lana, I am elated that your power has been restored.
DeleteThose are some good preparedness tips and yes to your observations about people both good and bad. It really is sad when people take advantage of a bad situation.
Enjoy your electricity and get some rest.
YAY!!!!!!!!!!!!!!!!!!!!!!! I've been waiting to celebrate with you this first major accomplishment! I am beyond elated for you both :-) The hill gets steeper from here on with one behind you. Remember to celebrate the success when you're feeling stressed.
ReplyDeleteElle, thank you for your encouragement and words of wisdom.
DeleteWe also used the snowball method to begin paying off our debt load. We made it all the way up to our home and were planning to use it for that as well when I inherited exactly the amount of money needed to pay off the house. It was a God thing and totally unexpected. But the snowball method took us over 75% of the way to being debt free and in a shorter period of time than we'd imagined it would take.
ReplyDeleteI am glad to see Lana mention that the LP generator is a good thing to have. It's what we'd determined we'd get when we can buy a second one. I was watching a South Carolina vlogger who was running gas generators and his family had a tank on their property but he showed drone shots of miles of cars in line waiting to get gasoline at the gas station. I'd heard that others were limiting gas purchases to $25 and no more (and yes it was all cash) in South Georgia until supplies ran out.
Terri, the snowball method is effective when used like it's designed to be used ... easy, not really ... but definitely effective!
DeleteIn our area, a generator of some sorts is needed, I too, took note of Lana's recommendations!
So excited for you! I have a question for you. I have family and friends in South Ga. that have been without electricity and running water (some have generators and some don't) for 9 days now and could be 2 to 3 weeks before it is restored. Thank heavens most of them had some preparations in place but my niece told me that this has been a learning experience for better future preparations. My husband and I have been down taking them supplies, food, ice and gas. Thank heavens electricity is slowly being restored to the closest town that can provide some gas and needed supplies. It is about 35% restored-so will be a while. I remember you mentioned that you had a head lamp for reading and a battery operated lamp that you were very pleased with. Could you share the info on them? Also if in the future you could do another blog about preparedness for weather occurences and power outages I would appreciate it. I am in Central Ga and if Helene hadn't made that turn when she hit land it would be me living the difficult life my family/friends are living so I want to be better prepared if it happens to me. Thank you. Love your blog.
ReplyDeleteDelores, yes, I will share about headlamps in my next Journal of My Days post. They are just so handy during power outages. And yes, I can do another preparedness series if there's enough interest. Thank you for the suggestion and for your words of encouragement.
DeleteWe,too, used the snowball method. It works.Our goal has been to replenish our emergency fund.our goal has been achieved. We have a whole house LP generator with a separate tank from the main house tank.
ReplyDeleteOur heat, cooking stove and pellet stove run on propane also.
Cookie, what an accomplishment! Good you you!!!
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