On my way to becoming DEBT FREEEEEEEEEEEEE!!!!!

For Christmas in 2009, my mom gave me the gift that would forever change my life. Actual cost of the gift $110, value of the gift: PRICELESS.

It was the Financial Peace University kit thru Dave Ramsey. This kit gave me all of the tools, plus lifetime membership to the classes (online or any location that the classes are being held). This was a 13 week course that our church offered. It truly has been LIFE CHANGING. This month, April 2011, I am able to begin my Debt Snowball. If you're not sure what Dave refers to as the Debt Snowball, please check it out here:  https://www.mytotalmoneymakeover.com/index.cfm?event=displayArticle&articleID=118512

I went ahead and calculated all of my total debts owed, and I currently owe $66, 613.00, to 7 different companies. I know it's alot, but roughly $9,000 is my car and $51,000 is my student loans. I am so excited to have begun my debt snowball, and this is why: I put it all down on paper (ok, on an Excel sheet!) and am now able to see what will be paid off when, if just sticking to the minimum payments for the snowball (meaning I'm not throwing in any add'l $ other than what I would've been paying in minimum payments). Comparing payoff times with the debt snowball to how long it would take me to pay off my debts without the snowball, I am AMAZED and so excited to see what I will be able to accomplish in the next 5 years (hopefully sooner!!)

Here's a short synopsis of the debts I have & when they will be paid off w/ the debt snowball vs. when they'd be paid off if I just did monthly payments on each of them without the debt snowball.

Dept. Store Card, will be paid off in July 2011, would be paid off in November 2011
Car Extended Warranty, will be paid off in July 2011, would be paid off in July 2011 (this one works out to be even)
Dept. Store Card, will be paid off in September 2011, would be paid off in December 2012
Credit Card, will be paid off in January 2012, would be paid off in December 2013
Credit Card, will be paid off in November 2012, would be paid off in May 2014
Car, will be paid off in June 2013, financed to be paid off in September 2014
Student Loans, will be paid off in October 2016, financed to be paid off in January 2024

I will post updates as to how the Debt Snowball continues to grow & pay off this debt. I am sooooooo excited (hence why I am still up at 12:25 a.m. to share this!!)