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Thank you for visiting our site. This site is a personal journey of Charlie & Grace and how we're trying to break the shackles of debt by budgeting, being frugal and using the debt snowball method without compromise. We're both in our early 30's, working professionals, and parents to a 14 month toddler, 5 year old lab mix and another baby on the way!

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Thursday, February 20, 2014

I Feel Like Giving Up...

This post is going to be short and simple.  I feel like giving up on our journey to zero debt, pay the minimum required payments on the student loan and car payment, and put the debt snowball amount into savings.  I guess there's nothing really wrong with that as that's what most people do, but the idea of being debt-free (minus the house) in two years is very compelling.  After paying off the loans, we could invest 15% of both our gross incomes AND max out both our ROTH IRA's.  But is that enough of a motivation to stay focused and continue on?

I guess I just have to take it one day at a time...


  1. I am a new reader...and need to go back and read your journey from the beginning....but....

    If 2 years is TOO tight for you...what about 2.5 years? Or If you have $100 (making numbers up) that you are snowballing above the minimums..what about putting $60 in the snowball and $40 in savings for a bit?

    Yes, you delay the pay off. Yes, you will pay more in interest in the end. But sometimes you need the breathing room. I know I am in the minority, and I am ok with that. I don't know you (yet!), but I know that sometimes when you are on this journey, that long term, hard core devotion is hard. I applaude those that can stay the course, but it isn't for everyone. As long as you are attempting to do it, does it REALLY matter if it takes a few more months?

    Just a thought.

    1. Thanks, Mysti. I never thought of it that way. For me, it was all or none. But your method might be a good alternative. To give you real numbers, our initial snowball is $1,000 towards the student loan first.

      But with comments like this, and knowing that people are on our same journey is definitely encouraging. I look forward to reading about your journey as well!

  2. The nice thing here is that if you're putting it all into savings, there's nothing saying you can't one day take it all out and then pay off your debt if you change you mind :) It's much different than paying off your debt first (or buying crap) and THEN wanting more money faster - doesn't work as well.

    Just something to consider... I change my mind all the time and you really can't EVER go wrong saving up cash.

    1. Another excellent suggestion. Have to be careful that I don't blow the savings on unnecessary things =P

      I think I'll continue with our current plan and if things get off the track, i'll definitely save some and pay off debt, or save all as you mentioned.

      I don't know why I was so one minded about it. Like all or nothing!

  3. Another idea that I'm thinking of doing is re-adjusting my withholdings so I can use Uncle Sam as an automatic savings account. Then get it back in a lump sum during tax season. So then I can continue with my debt-snowball WHILE having the government be my savings account.

  4. Charlie, hang in there, and find a plan that you guys can stick too. I know exactly what you mean about giving up. It's really difficult to stick with a debt payoff plan. but you can do it!