Thursday, March 6, 2008

Our 2008 Debt Snowball

(photo courtesy of

Here is what are plan of attack for our debts looks like for 2008. I have listed the amount we plan to pay towards our debts for each month. (We currently owe $3,000 on a credit card and $27,000 on our Home Equity Loan.)

2008 Planned Debt Payments
March - $1,100
April - $1,425
May - $1,425
June - $1,425
July - $1,425
Aug - $1,425
Sept - $6,125
Oct - $2,125
Nov - $2,125
Dec - $2,125

If all goes according to this plan, this will leave us with $10,000 left in debt at the end of 2008.

This plan includes an anticipated tax refund of $6,500. I actually expect the refund to be a lot higher (I know, I need to change our withholding, and I will after I see what our exact refund will be). The refund could be as much as $4,000 more - in which case we would apply that to the debt, and lower the end of the year debt balance to $6,000.

I am hoping that by snowflaking all the money I can and starting once again to try to earn some extra income by selling things on ebay, etc., I am really hoping that somehow we might possibly be able to become debt free by the end of 2008!