Saturday, January 5, 2008

This weekends goals/to do list

To hold myself more accountable, I'm putting all out there for the world to see.

1. Laundry
2. get kids to do chores
3. payroll
4. payroll taxes
5. get business paperwork together for taxes
6. take daughter shopping to spend gift cards
7. go to home depot and get new blinds (mom gave us $ for Christmas)
8. get DH and son to clean fish tank
9. balance checking account
10. pay bills
11. clear off desk
12. figure out which credit card to start paying down first. I keep going back and forth on this one. The highest interest one, or the one with the lowest balance.

To expand on the credit card debt. There is much controversy in the financial world on how to pay your credit card debt down.

Some say to pay off the one with the smallest balance first, and just keep moving down the line. They this this gives a person a sense of accomplishment because they can see they have less debt by having less bills every month. But, in the end you will have spent more money, because your highest cards may have the highest interest.

Others say to pay the ones with high interest off. In the end you will be spending less money, because you will be paying less on interest. But, you don't see the immediate relief if those cards are the ones with the highest balance.

Maybe one if these days I will start posting my progress on this, right now I'm embarrassed by how much debt we have.
Over the last couple months, I've been making spreadsheets and such to keep track of our debt and I think I've finally came up with one I like. If I stick to my plan, we should be good by 2010. By good, I mean our credit card debt close to done. They doesn't include student loans and such.

I'm only paying the minimum on student loans because I can write that interest off on my taxes. After credit cards are paid, I will move onto those.

Ok, I think that is enough for this post, better get that laundry started!!

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