It’s been a nice week back to reality for me – I feel like I’m totally behind on grading and planning, but we had a snow day yesterday (yah!) and I went to my second Weight Watchers meeting today and discovered that I’ve lost 3 pounds! I’m feeling pretty good right now
On the financial front, I used my day off yesterday to indulge my financial ADD. I feel like I really have some sort of problem when it comes to setting financial priorities – whenever I think I’ve come up with a good plan, I second guess myself, talk myself out of said plan, and start thinking up something new. Just when I thought I’d developed a good set of 2010 goals that struck a nice balance between saving and debt payoff, I started toying with the idea of creating a debt snowball plan to become completely debt free.
So yesterday I decided to run the numbers. According to the snowball calculator I found here, I could be completely debt free in just three and a half years. Wow. I was really surprised at how quickly I might be able to become debt free. And that calculator doesn’t account for extra income payments – I just used what I knew I was capable of paying from my normal salary. When I started paying off my personal loan, I never considered the possibility of paying off all my debt, but now that idea seems within reach…
I’m definitely considering just going for it – putting savings goals on hold and really attacking my debt. But if I’m going to do that, I’m going to have to make a firm commitment – no more waffling. I’m excited about the prospect of becoming debt free, but I’m also sort of nervous about the prospect of saving almost nothing in the meantime.
What do you think? Should I do it? Stop saving and just focus on paying off all my debt?