~*Please help!! Fellow Dave Ramsey snowballers!!*~

[CrAzY4DL]

Ok, we used most of our tax return to pay off a bunch of little credit cards. Now, I know I am supposed to take the payments I used to make on THOSE cc's and put them on the next cc. My dilemma-how do I keep track of this? Which ones are paid off, the amount I used to pay and to which CC it used to go to, etc. I feel as if I have the basics down but am drowning under this one little thing!!

PS-I need a list or a spreadsheet for EVERYTHING!! lol

Thanks in advance for any and all help!

 

[dtauer]

There are lots of these type of spreadsheets available. Do a Google search for debt snowball spreadsheet and you will find several.

The free one we used allowed us to enter all of our various debts, what the minimum due was, and then how much "extra" each month we wanted to apply to debt. It then forecasted when each debt would be paid off and how much should be paid to each debt each month.

Note that Dave Ramsey also has a fancy one on his web site that almost looks like a video game. It's kind of fun to use, but I believe the subscription to his site is around $9 a month.

By the way, using these principles we are debt free (except our house) for the first time in our 20 year marriage. In fact we just bought another vehicle, this time entirely with cash, and have no car payments for any of our 3 cars.

It takes time, and discipline, but is an incredible feeling when you succeed. The process works, you just need patience.

 

[teedisney]

I'd get the statements from the month before you paid them off and make a spreadsheet or put them in a notebook.

Look at how much you paid on the now paid off ones and pay that on next one you are targetting.

Should be easy tp keep up with each month.

Good luck you are doing great.

 

[kellia]

Just make a list of all of your cc's, starting with lowest balance first, and put all of your balances and minimum payments each month. Any extra you have each month goes to the cc at the top with the lowest balance, then once that is paid off, you add the payments you were making to that one (plus any extra you have) towards the next lowest cc balance on your list.

If you want the "official" D.R. document, pm me your email. But, it isn't even a spreadsheet, just a pdf document with 4 columns- Item, Total Payoff, Min. Payment, New Payment.

 

[Tree-via]

I agree with Kellia. keep it as simple as possible. We worked on one credit card at a time (so we knew which we were doing) and dumped as much as we possibly could toward it! We've downed more debt than our house mortgage in only 2 years! On our last credit card! It takes time and persistence, but it's worth it!!

 

[brandip22]

We have said for years that we'd never be able to do the DR thing although we wished we could. Well, due to circumstances, we now are starting it. We finally paid off DHs truck and then bought us a used cheapo car for him to go back and forth to work in. So, two cars, no notes! Now, we are going to start working on our cc debt, which is not so good. I have a spreadsheet for that as well. I just made one up in excel. Good luck to you!!

 

[CrAzY4DL]

Ugh I'm just exhausted thinking about it, LOL!!! With federal tax return, we paid off 6 credit cards and in January I paid off 1 all on my own for a total of 7 down. 9 more to go!!! Bah!!! Will have 6 more paid off by June 18th, leaving only 3. Seriously, EVERY penny has a job from now until June 18th, hahahaha. Makes me so tired tho!!! I have no idea how I am going to squeeze DD5's birthday celebration at Disneyland AND her party, all in May, out of thin air. Thinking I am going back to work part-time!! HAHAHAHA

I had planned to pay off 2 cc's with state return, whenever we may get that (gotta love California!! Can't even get our refunds of what we have already paid! HAHAHAHA!) but I think I may hoard them for May Disneyland trip (when 5 year old DD turns 6) and for September Disneyland trip (when 9 year old turns 10). IF we get the return in time, of course. Supposedly, the state of California has 45 days AFTER April 15th to refund our moola and DD5's birthday is May 20th so here's to hoping!!!

A big ol serious thanks to all my DIS buddies tho, *** I never would have thought to pay off all this carp. We had planned 3 of our usual higher-budget trips to Disneyland PLUS a cruise for all 4 of us to Mexico and now we are simply taking 2 mini-super-cheap trips for the girls' birthdays before our APs expire and no cruise. My goal is to be 100% credit card free by the first of October. Fun, it's almost like a game! An exhausting game....LOL!

 

[OhMari]

Take a look at how high of interest you are paying on the left over cards.
Sometimes one of your credit cards will have a promotion for 0% interest for 6 months or more if you transfer a balance.
You said you have a plan to have everything paid off by Oct.
So look and see and maybe you can put all those balances onto that one card, and pay no interest and have everything paid off sooner than Oct.
Just be careful though, most cards charge 3% transfer fee, so read very carefully.