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New Debt Reduction Plan

November 24th, 2006 at 02:07 pm



I redid my Quicken debt planner the other day and took out the mortgages so that I could see how long it would take us to be debt-free minus the mortgage. I thought if I broke it all down into a smaller goal that would help keep me on track since it would be a shorter time frame.

The results were:

- all bills but mortgages paid off in Feb. 2010
- $4,125.98 saved in interest
- CC#1 paid off in Feb. 2007
- CC#2 paid off in Sept. 2008
- furniture paid off in March 2009
- car paid for in Feb. 2010 (2 years and 1 month ahead of payment schedule)

Hopefully, it won't take as long since I didn't add in the extra money that I know will be coming in that I plan on using to make extra payments. And in January I'll be adding more to the payments out of my raise also.

5 Responses to “New Debt Reduction Plan”

  1. monkeymama Says:
    1164383188

    WTG!!!

    Cool - I didn't know Quicken had that function too - interesting.

  2. Aleta Says:
    1164392272

    Out of curiosity, why wouldn't you want to pay off your husband's truck as the #2 bill to pay off. I would think that the truck payment would be quite large and after being paid off would be another payment to pay on the rest of the deby.

  3. rduell Says:
    1164395856

    Hi Aleta,

    That's a fair question. :-)

    Actually, that is a personal loan from my parents and they are not in any hurry to have it paid. Since there's no interest we are concentrating on the others instead.

  4. Aleta Says:
    1164472978

    Which quicken version do you use. I have the basic one that came with my computer but, I read that the newer version 2007, of the (I think) Quicken Deluxe is excellent. When you first start it up, it shows 3 columns. One for your deposits, pay-outs, and savings. It shows you what you basically need to see to show you where you are at the time. Does anyone have it out there and what do you think about it and is it worth getting?

  5. rduell Says:
    1164474311

    I have the Quicken Deluxe 2006. I haven't checked into the 2007 version yet. I don't know if I want to spend the money on it right now, since I'm happy with 2006.

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