Wednesday, 29 October 2014

Not Quite by the Baby Steps

Okay - so I have been tweaking my budget to hopefully sort out my over spending of the last two months, which have resulted in no snowball payments and my going into my over draft on my bank account. Yes that is another credit I need to remove from my life but that is for another day.
I would like to be debt free (again) within six months so that is March next year. Between then and now is Christmas which is always a nightmare for personal finances, I have some ideas but more about that later, the other major player for my finances is Tax which is due on the last day of January.
Going my Dave Ramsay's Baby Steps Plan I am or I should be working Baby Step 2 - which is clearing all debt except the mortgage using the debt snowball plan. I however am also in Baby Step 6 - which is paying off your house early. It is a bit of a stretch but it is do able and it would mean only having a three year mortgage, once I get a mortgage, which hopefully will be towards the end of next year. If I can get rid of my debt by March getting the deposit for the mortgage will be much faster and I will also be able to move on to Baby Step 3 - which is to build up a full Emergency Fund of three to six months expenses.
The madding thing is I have had since February of this year to clear my debt that is more that six months but have had little progress until now.