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different styles

July 22nd, 2018 at 08:40 am

Between reading the forums and blogs I am yet again rethinking my strategy. I am making steady progress and never understood the Ramsey method of just one debt at a time, I pay extra on all items, more on high % but some on everything each check. The logic is there of why his system works but I think I am missing out on time to grow savings/ retirement. I also enjoy seeing all # going down steady.

I also am not sure about the zero based budget either.
I mean, I have an EF and I have a 1500 cushion in checking as well but I still am nervous to pay every last dollar out of paychecks to debt. I am trying to inch up to spending more of check on debt instead of holding 1/6 for misc. but habits are hard to break.
especially when I am searching for a better fit for a job.
For all of you that pay it using the other methods how long did it take to change your pattern or did you just bite the bullet and do it ???

6 Responses to “different styles ”

  1. rob62521 Says:

    I think doing what works for you is best. Some folks like the Ramsey method and others prefer paying bigger payments on the highest interest loans so they get them paid off sooner. The purpose is to do what motivates you to keep paying down debt.

  2. Wink Says:

    Once I had an adequate emergency fund, I focused on paying off debt, even my mortgage early. I just hate paying interest. I did continue to contribute to retirement at the same time. I agree with rob62521..do whatever method works for you and keeps you motivated and focused!

  3. CB in the City Says:

    Ramsey seems to be motivating for people, but I have never followed his method. As Rob says, do what works. If you are disciplined and motivated, you are already there.

  4. shiela Says:

    I have read so many personal finance books but I have not yet read Dave Ramsey's for some reason I just never come a crossed it. Although I've heard so much about it that it feels like I've already read it. Anyway, I think it's more fun to come up with your own strategy, the one that best suits your situation and your personality.

  5. PatientSaver Says:

    Do what works best for you, but yes, if you can, increase what you pay toward credit card debt, and then the car. Like Wink, I hate to pay interest on anything becus it's 100%, purely wasted money I would rather keep for myself.

  6. LuckyRobin Says:

    Dave's method is based on the psychology of momentum. It's for people that need to have that psychological reward of having a quick win, wiping out that first card fast and then building on that by wiping out the next one and the next. You don't sound like you are that sort of thinker. You sound like you are okay with a scattered focus instead of a tight one. Personally, I would have felt like I was never getting anywhere if the amounts had just gone down a little bit for everything, but not a lot for anything. I really liked having fewer and fewer payments as we progressed on our journey and the bigger debts still went down a tiny, but watching the small ones vanish kept me determined.

    You might like the book I just finished called Zero Debt: The Ultimate Guide to Financial Freedom by Lynnette Khalfani-Cox. She discusses four different payoff methods. She has a lot of sound advice and it may fit your way of thinking a little better.

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