another helpful tool that i used to help map out my action plan was this debt snowball calculator spreadsheet. super handy and allows for entry of both an ongoing bonus payment as well as a one time bonus payment. now that i've budgeted for an additional monthly payment on my debts of $1800 per month, i can plug in any extra funds above and beyond my projected income and see how much sooner i'll meet my debt free target.
i know conventional wisdom says to not loan out what you cannot afford to, but we all like to give our loved ones a helping hand now and then. despite not really expecting to see the funds returned, i recently made arrangements with the friends and family that i loaned some money to earlier this year and we've come up with a repayment plan. before the end of this year, half of the $4k owed will be returned which, according to the debt snowball tool will slice a whole two months off of my 600 day plan! and when the remainder of the funds come in by March, I could very well be 3 months ahead of target...in which case i would need to change this blog's title.
for now, it's 599 days and counting!
PS: speaking of funds above and beyond my usual income sources, this $500 being offered by givemebackmyfivebucks and life insurance finder, the life insurance experts in their financial bucket list contest would surely shorten this 600 day journey.
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