Debt Snowball

I was able to put $778 toward my consumer debt this month and I feel that this is sustainable as on ongoing figure to put toward the debt and that I may even be able to put another $450 or so into the snowball. This is due to the fact that I overspent the budget last month by $250 so started this month with $250 less than I should have. It is also due to my budget this month currently sitting at an overage of $78 but I have one more paycheque from my part time job to put toward this months' expenses and that cheque should be about $300, which is considerably more than my budget overage. Therefore, I will end the month with surplus funds which will go toward the consumer debt.

I'm not sure how clear that is outside my head. Essentially I am saying this:

$778 payments to debt in June 08
$250 money should have had to spend in June 08 but don't as over spent in May 08
$200 surplus from second paycheque from part time job to be received at end of June 08

$1,228* - total that should be available to pay debt in July and future months

* I may have to do a bit of re-adjusting the numbers as I did work extra part time hours in the month of June so my first June paycheque from my part time job was larger than usual.

The above only represents payments to my consumer debt. Once my HELOC is in place my consumer debt and my mortgage will all be combined in one large debt. I intend to continue to put the usual amount I've always paid for mortgage payments on it every month and any extra funds I find myself with will go toward paying off the HELOC.

1 comments:

Anonymous July 8, 2008 at 11:02 a.m.  

Good Job! :)