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On Target With CC5

June 17th, 2018 at 04:21 am

Just paid another $300 on CC5. I had budgeted the COBRA payment for June twice. So I paid $300 on the CC and added the $84 to the EF. My COBRA payment is $384.25 a month. I have an extra $800 in the EF to cover two months in case I need to elect coverage prior to my coverage starting with the new job.

I’m excited because I will meet my second quarter goal of paying off a CC 💳 each quarter. Monday, my final check of my missed PTO pay out should be deposited ACH to my account of about $700. I’ll be adding this of course to CC5 💳 knocking the remaining balance to $300.

Though I’m not what Dave Ramsey calls gazelle intense, I am meeting my goals at a rate I’m comfortable with. And I’m saving, that is extremely important to me.

Before Dave, I’d paid off my debt. I had started with the smallest to the largest. One thing I did was, every time I ate out, I had to match this dollar amount to my debt reduction and when I didn’t I added, $2 to my savings. I think I’m going to start this up again. It helped me then and I like the challenge. Overall I like Dave’s plan, I think it works, but not for me, there’s some tweaking like adding to my EF each pay day.

Lastly, I’d like to wish all the dads a Happy Father’s Day! 👨🏽👔

4 Responses to “On Target With CC5”

  1. AnotherReader Says:

    If I were paying off this much debt, one of the first things I would cut would be eating out. Have you added up how much you spend eating out every month? For most people the amount spent eating out is substantial. Add it up and decide if it might be worth the temporary sacrifice to be done with the debt that much faster.

  2. veronak Says:

    I fell off the wagon, eating out wasn’t an option. I’m trying to get back on track with things. Last month I spent way too much on eating out

  3. Smallsteps Says:

    I agree that Dave's plan has its points but I too found tweaking it made more sense to me. I have seen good results doing it with my tweaks and don't feel like I am working with my hands tied.

  4. rob62521 Says:

    I don't think anyone's plan is perfect, whether it is Dave Ramsey's or Suze Orman's. I think it does take tweaking to make it one's own. Amber you've done a good job so far!

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