13/3/13

Based on how we are currently going, it will take us approximately 15months to become completely free of debt - give or take a month.
In some ways it feels amazing to see the light at the end of the tunnel finally, in other ways it feels like a really long time till we reach the end of this debt journey.
We have paid over a grand off the credit card this month, Ill have final amounts on the 15th when Dan gets paid.
The personal loan accrues so much monthly interest that we hardly have any downward movement at all. We wont have any significant changes in that amount until the credit card is paid off.
Dan and I were discussing what our money should be allocated to the other day.
My pay goes like this - total weekly amount - 10% (private savings account) - $200 weekly groceries = remaining amount goes onto the credit card.
Dans pay pays our bills, $900 personal loan and $300 credit card.
Before I started working there was nothing left in the account for the last week of the monthly pay cycle. Now we have about $500 left.
Dan wanted to put the left over money into a savings account, but that doesnt make sense to me at all.
Whats the point of having a savings account when we are still accruing interest on the credit card (LOTS) and a lot of interest on the personal loan?
It makes more sense to just put the left over money onto the credit card until it is paid off then onto the personal loan.
If we get stuck financially we will be able to use the credit card so its kind of like savings....well not really but its better than having money sitting in an account doing nothing while we are trying to pay off 2 large debts.
I just want this over and done with already. No mucking around.
Anyway, Dan puts some money into his ING account and I put 10% of my pay into my personal ING account. That is plenty of savings for now.
So we will be putting more money onto the credit card on the 15th and I will have final end of month totals to report then.