I come from a family of football coaches. As was expected I too have gone into coaching sports although I chose the more feminine sports of competitve gymnastics and all star cheerleading to coach. One important thing no matter if you are coaching football or chess, is to have a game plan.
Outlined here is my plan for getting the student loans paid off. I am attempting to use a modified Dave Ramsey approach to debt repayment. I will go further into the Dave Ramsey method in another post. For now, however I will let you know what I have decided to do for my family.
1). We will continue to contribute to liquid savings every month. Right now, we have $10 in our savings account at the bank and some loose change scattered on the kitchen table. So far, so good.
I have no idea how much will we actually contribute to savings each month but I would assume we are trying for $25 every two weeks or $50/month.
2). I want to pay off Wells Fargo first because of all of the student loans, they suck the most. They won't negotiate the payment AT ALL or the payment terms AT ALL. So I have decided that they need to get the heck up out of here.
3). We will snowball our debt payments as each debt is paid off. More to come on the subject of snowballing BTW.
4). One of us will get a substantial pay increase in order to pay the loans off sooner.
5). Sell the degrees to someone who actually believes that degrees are the answer for a better life. IMO, they would get the raw end of the deal and demand their money back.
So what is your plan for paying off your debt? Do you have ordered steps? Or are you just making the payments every month until you don't have to any more?
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