Given the state of the real estate market I've decided to stay put another year. Of course that depends on things staying the way they are today. Here's my reasoning. Let the market recover and regain value in my home. In the meantime I will continue not buying anything and making due with what I have (as best I can) for another year in order to get rid of my 2nd mortgage. That will only take until April 2010 at the most! I think it's a good way to go.
I am subject to change my mind if things change or I decide on a better way to go. For now, this is my plan. I won't plan any further than that because there are too many variables.
It's amazing to see how you can really get rolling on debt elimination. I use the snow ball method and have been doing this since May 2007. You can do your own at this web site. It's for free. Of course you can use a spreadsheet. I use two spreadsheets; one for my monthly budget and one for category savings. I use the website to keep track of my snowball. It takes time and commitment but the end results are worth it.
That's my story and I'm stickin' to it.
Read the truth about debt. Click here.
Today, tell yourself NO and tomorrow you'll enjoy the fruits of your labor! 
5 comments:
good luck on your debt
that sounds like a good plan
It's good that you are allowing room to change your mind as things can change and make it possible sooner. Wishing you the best.
Monica
Deb, from everything I've read, you're doing the right thing. It would be hard to sell your home now, and even if you could, you wouldn't get what it's really worth.
I'm not sure what the snowball method is, but I suspect it's something like what Ken and I did. He had thousands in divorce debt when we got together, but we would use lower interest rate credit cards and credit card checks to pay off those with higher interest rates. The money we saved in finance charges went towards the next highest interest rate credit card, and so on. It was definitely a "snowball effect," and yes, it took discipline and hard work, but we did it! And let me tell you...what a great feeling! I know you'll get there--I can tell that you have that discipline, too.
Hugs, Beth
It sounds like you are doing the right thing. Historically real estate recovers so lets hope history is right.
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