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    relief

    I think I've finally overcome a lot of my money anxiety. At times I become obsessive about money and get really discouraged when I see how expensive everything is and our debt and home ownership, saving at least 15% of retirement, how behind we are, etc. What I'll end up doing is going to my wife's student loan debts and see that it looks insurmountable and discourage myself from using an extra $100 because what's $100 for thousands in debt. I'm a pretty smart person and completely understand the power of compounding but could not get past how everything seems to be about money.

    Finally last week, I came up with a plan. A real plan. I found an online spreadsheet for debt snowballs and used real life numbers. It was actually pretty remarkable to see how an extra $100 in payments can reduce total interest paid. But what was the best was it allowed me to set up exactly how much extra we want going and to what loan and now we have the whole "set it and forget it" going for our loans. No more do I need to obsessively look at the balance or figure out how much I need to put on which loan. It still won't detract from our down payment goal and still have 10% or so going into retirements.

    This feels like a major weight off our back and even though it's going to take years and years to pay off the debt, this is the first time I see an actual end date which is the latest it would be (barring major life issues).

    Whew!

    #2
    that is a relief! Glad you found that program

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      #3
      Paying debt is not sexy. Earning money via stocks is. That is the general perception and why not many put more weight on debt reduction than retirement or investment.

      Kudos to you for taking 5% off your retirement contribution and putting them into debt reduction. I contribute 7.5% only until my debt gets vanquished then I'll do more of the sexy stuff.
      Kill the debt, before it kills you!

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        #4
        Thatís a good plan, rutgers07.

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