Pretty cool day actually for me.  My initial budgeting has allowed me to finally see some progress against my debt.  I’m trying my best using the snowball maneuver taught by the Automatic Millionaire which follows these ideas:

- Categorize all your debt by interest rate – Highest to lowest.

- Budget to pay only the minimum on all debts except your highest interest rate debt.

- This first debt gets all your extra cash to pay off as fast as possible

- Then after satisfying your first debt, you roll that same amount you were paying in the next highest interest debt.

- After a while your amount to pay is the same amount you normally would be paying, just lumping all your previous debts together to create the Snowball of debt removal.

Today, I started that snowball off and in a big way.  16% was reduced, or 1250 bucks in one shot.  Talk about painful man…  It’s really tough but its wonderful to think that I could after all my debt is over with keep all that cash.  The interest payments alone were the worst part of my month honestly, and they are getting down there.  Especially after the banks are having huge swings in the variable interest rates of their credit cards to protect against the government trying to do some fixing to the %’s.  Example of that linked here http://www.defendyourdollars.org/2009/11/credit_card_freeze_bill_frozen.html

This is just a drop in the bucket, but its a damn good start.  Soon enough I will be feeling the benefits of recovering my money from all the interest I was paying.

Join me, and rock out on your debts too.  SHAKKINO!!!!