I got my bonus check today and after taxes, I was only off by about $30 in my estimation for the payout. Tomorrow, I am going to go wave bye-bye to a bill completely. Paid off in full. One less credit account collecting interest. The first of several commitments I made to my wife will be completed before I start to put money towards my Cobra. There are a total of 9 Credit accounts (8 after tomorrow), 1 car loan, and finish the yard landscaping she wants.
It sounds like a lot more than it is though. The highest balance on any of the credit accounts is $1500, that one is a no interest until july of next year and it will be paid off before then. After paying off the one tomorrow that is about $900, we are getting the patio furniture and the stuff to re-do the walkway to the patio (the sand washed out with the rain, so I need to go ahead and put the retaining blocks around it) which just leaves me to dig a fire pit and put some stone benches around it to complete the landscaping. The credit accounts will be paid in short order as the total is under $4K. In less than 2 years, I should be at a point where all the agreed stuff is paid in full and work on the house is completing without issue. I am paying more than the minimum to the credit accounts. I am paying the most to the highest interest accounts first to get them paid and stop paying the high interest. The full amount that I was paying to the highest interest accounts then goes on top of the extra that I am already paying on the lower interest accounts. So tomorrow the snowball effect starts
. The car has 2 years left on it, but by this time next year I expect to be making close to a double payment each month. It is the lowest interest rate so it will be the last one to feel the snowball. A couple of the others may not ever feel it as they will be paid off before the snowball reaches them.