Version 3 of My Debt Snowball

It’s been two months since my last revision of the debt snowball and I’ve decided to update it.

Here is a spreadsheet showing the current status:

When you add all my minimum payments they add up to $984.  I have made it my new goal to pay $1000 per month toward debts (other than the Auto Loan) so I’m adding $16 to make my minimum payments each month equal $1000.  I have the Auto Loan deducted from my account as soon as my paycheck is direct deposited into the account every Friday.  I’m so used to that money not being included in my check, that I don’t miss it any longer, so I am concentrating on the part of my check that I control. I will set aside $250 from each paycheck to be paid toward debt.  In the months that I receive 5 paychecks, I will either put extra money toward debt or place the excess in savings.  I will make that decision when the time comes, but I think the $1000 per month will get me to my debt free goal soon enough.

The accounts in red have already been paid off. Their minimum payments equal $300 dollars, so now my goal is to pay $327 ($300 from the snowballed payments + $11 for “Gas Card 2’s” minimum payment + the extra $16) toward the account I call “Gas Card 2″.  It will be paid off in less than 2 months and then I can start making $341 payments on ‘Credit Card 8″.  The next few balances should get paid rather quickly so I should have a lot of momentum built up by the time I reach the large balances.

The payments keep getting bigger until they reach $1000.  That won’t happen until everything except the Medical Bill and the Auto Loan are paid off.  The Medical Bill is already less than $1000, so the $1000 payment will mostly be added to the Auto Loan payments.  The reason I have the Medical Bill down at the bottom is because there is no interest charged on this debt, so it’s not costing anything extra to just keep making minimum payments.