Tuesday, December 8, 2009

Debt Free

CNNMoney highlights 5 families/individuals living debt free or working towards being debt free. We used many of the techniques highlighted in this slide show to pay off our unsecured debt of $55,500.
  • Like William we tracked our spending using Quicken.

  • Like Brooke we still found funds for travel during our debt paydown program, but we saved up and paid cash for all vacations.

  • John bummed me out, deciding not to pay off credit card debt if one has the means is wrong in my book and I could care less that he has trouble making travel arrangements. However, while we have a credit card that we use for travel expenses we never had any trouble making travel reservations with our debit cards. The only problem is some hotels and rental car companies put a larger hold on a debit card which, if you only maintain a small balance in your checking account, can be a problem.

  • Alex is a fan of multiple ING accounts since he is goal oriented and saves up for specific goals. We do the same, we have ING savings accounts for our emergency fund, but we also have accounts for holiday gifts, travel/vacation and fun.

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