Debt

Lately, Jeff and I have been digging ourselves out of some debt - some of it taken on intentionally (the house, the cars), some unintentionally (Kaylee's vet bills). It's hard to do without a plan, though, so I've found some good online tools to help. Since I figured that there are probably others in the same boat, I've decided to share my findings.

Snowball debt calculator: This tool calculates the snowball method of paying off your debts. This method works for some people and doesn't for others. I find it works well for me. I think it helps that my highest interest debt also is a low amount, so I get the satisfaction of paying off a loan quite quickly. Plus, I've only got a year left on my 0% car loan, so that will be paid off quickly, too, freeing up a nice chunk of change to pay off other debts.

Buddi budget software: This free software has really opened my eyes and made me pay very close attention to what I'm spending. I've just started using it, but it's at least making me think about where all my money goes (do I really need more fabric right now? I can probably live with using up my gigantic stash. :). It's pretty easy to use, once you get the hang of it (use the help on the website).

I'm also going to be reducing my spending to free up some more money for savings. I have an amount automatically deducted from my paycheck every week and put into my savings, but I'd like to up that amount if I can - or, better yet, put it in my retirement account.

I'm thinking of places where I can reduce spending now. Recreational shopping, even at the thrift store, is a good place to start. So is the craft store - just stay out! :) Our food costs go down dramatically in the summer due to our garden, so that will be a help. We're also planning on doing some more weatherproofing of the house so we can hopefully reduce out heating and cooling bills a bit more.

How else can I lower costs? Any ideas? We get books and DVDs from the library. We rarely eat out. We rarely go to entertainment events that cost money. We ride the bus instead of driving when we can. (Getting rid of digital cable is a no-go. We'd spend more money without our DVR. :)