Comments on: Need debt motivation? Calculate your daily costs. http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/ Where Financial Nerds are Cool Sat, 11 Feb 2012 22:14:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: J. Money http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-485 J. Money Sat, 13 Feb 2010 19:19:13 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-485 Yeah, I could see that. My Heloc variable is at 2%-something (CRAZY!) but will go up as soon as the Fed starts raising rates again....but my 1st mortgage is @ 6.9% locked in so hard to determine which to pay first ;) As long as we're all paying something off though! Yeah, I could see that. My Heloc variable is at 2%-something (CRAZY!) but will go up as soon as the Fed starts raising rates again….but my 1st mortgage is @ 6.9% locked in so hard to determine which to pay first ;) As long as we're all paying something off though!

]]> By: Anonymous http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-478 Anonymous Sat, 13 Feb 2010 06:45:51 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-478 Amazingly, only $21/day. Two dollars is my car loan, two dollars for credit cards, $17 for student loans. I say amazingly since I owe close to $190k in student loans, half federal and half private. Interest rates are so low right now that my highest student loan rate is only 3.3%. This reinforces my idea that, because the rates are low now, it makes sense to make off as much principal as I can, because the private rates are variable, and I do foresee them going back up before long. Amazingly, only $21/day. Two dollars is my car loan, two dollars for credit cards, $17 for student loans. I say amazingly since I owe close to $190k in student loans, half federal and half private. Interest rates are so low right now that my highest student loan rate is only 3.3%. This reinforces my idea that, because the rates are low now, it makes sense to make off as much principal as I can, because the private rates are variable, and I do foresee them going back up before long.

]]> By: J. Money http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-423 J. Money Thu, 11 Feb 2010 17:04:30 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-423 Oh yeah, yearly is even nastier! Daily seems more "real" to me for some reason ;)<br /><br />And good for you applying $1,000 EVERY MONTH to your mortgage!!! That's freakin' incredible, seriously. I am amazed :) Oh yeah, yearly is even nastier! Daily seems more "real" to me for some reason ;)

And good for you applying $1,000 EVERY MONTH to your mortgage!!! That's freakin' incredible, seriously. I am amazed :)

]]> By: Trina http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-997 Trina Wed, 10 Feb 2010 17:23:29 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-997 Thanks again for this post. It led to a great discussion with my hubby last night. Another way to look at it and see how gross mortgage interest can be is to see how much you are paying over the course of a year. $10,811.30 for us. Gross! Then to think that the life of the loan is 30 years...yikes. We are currently paying an extra grand a month and plan to have it paid off in 10 years...just before our 40th birthdays:)<br />Also, got the Sammy cd. We love it! Thanks.<br />Trina Thanks again for this post. It led to a great discussion with my hubby last night. Another way to look at it and see how gross mortgage interest can be is to see how much you are paying over the course of a year. $10,811.30 for us. Gross! Then to think that the life of the loan is 30 years…yikes. We are currently paying an extra grand a month and plan to have it paid off in 10 years…just before our 40th birthdays:)
Also, got the Sammy cd. We love it! Thanks.
Trina

]]> By: J. Money http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-995 J. Money Wed, 10 Feb 2010 16:33:47 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-995 @<b>fallingintofavor</b> - Not too bad, you'll be done with it in no time my friend.<br />@<b>Anonymous</b> - Paying *anything* a day towards debt is no fun, totally understandable ;)<br />@<b>WellHeeledBlog</b> - Hah! You gamed the system ;) It looks like you have no debt with these calculations, but in fact you do - interesting. If only you could swap it out for a mortgage/car/etc. haha....thanks for sharing!<br />@<b>Jackie</b> - You could use it to get 2 coffees at Starbucks every day! haha..<br />@<b>Trina</b> - Blows. But good that you only have mortgage!<br />@<b>RainyDaySaver</b> - Definitely good points....we go back and forth on paying some off every month or so ($50 here, $150 there) but then we also like seeing the additional savings in our accounts too. But maybe tracking this daily interest paid will get me to work harder at it?! at least in theory it should ;)<br />@<b>April B</b> - Ouch. I wish I had a prize for ya!<br />@<b>Michele</b> - What, you are?! I had nooooo idea! I thought you were in your 20s ;) that's a compliment, right?<br />@<b>Jamel Rose</b> - I'm glad! Not fun thinking about debt, but it is thinking about the money you could be using it for INSTEAD.<br />@<b>Money Reasons</b> - Enjoy it while it lasts ;) I want to downsize our house, but I could go for a newer car here once mine dies.<br />@<b>youngandthrifty</b> - Yes, PLEASE whatever you do, make sure you're 100% comfortable with your mortgage and monthly payments. Having "more" room and house is good in theory, but it also adds to things like debt, maintenance, more "stuff" to fill up that room, etc etc. That's not to say it can't be worth it, just consider it all before you sign ;)<br />@<b>jdgreene</b> - Should be decent rates if it's school stuff at least. Much better than auto/home/etc rates.<br />@<b>Anonymous</b> - WOW, good for you! that is inspiring...honestly, very impressive! @fallingintofavor – Not too bad, you'll be done with it in no time my friend.
@Anonymous – Paying *anything* a day towards debt is no fun, totally understandable ;)
@WellHeeledBlog – Hah! You gamed the system ;) It looks like you have no debt with these calculations, but in fact you do – interesting. If only you could swap it out for a mortgage/car/etc. haha….thanks for sharing!
@Jackie – You could use it to get 2 coffees at Starbucks every day! haha..
@Trina – Blows. But good that you only have mortgage!
@RainyDaySaver – Definitely good points….we go back and forth on paying some off every month or so ($50 here, $150 there) but then we also like seeing the additional savings in our accounts too. But maybe tracking this daily interest paid will get me to work harder at it?! at least in theory it should ;)
@April B – Ouch. I wish I had a prize for ya!
@Michele – What, you are?! I had nooooo idea! I thought you were in your 20s ;) that's a compliment, right?
@Jamel Rose – I'm glad! Not fun thinking about debt, but it is thinking about the money you could be using it for INSTEAD.
@Money Reasons – Enjoy it while it lasts ;) I want to downsize our house, but I could go for a newer car here once mine dies.
@youngandthrifty – Yes, PLEASE whatever you do, make sure you're 100% comfortable with your mortgage and monthly payments. Having "more" room and house is good in theory, but it also adds to things like debt, maintenance, more "stuff" to fill up that room, etc etc. That's not to say it can't be worth it, just consider it all before you sign ;)
@jdgreene – Should be decent rates if it's school stuff at least. Much better than auto/home/etc rates.
@Anonymous – WOW, good for you! that is inspiring…honestly, very impressive!

]]> By: Anonymous http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-992 Anonymous Wed, 10 Feb 2010 16:06:29 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-992 $16.30 per day, all mortgage. Paying it off as quickly as possible, 10-12 years to go! We bought the house 2 years ago with a 30-year mortgage, NO WAY we're waiting 30 years to pay off the house. :-) $16.30 per day, all mortgage. Paying it off as quickly as possible, 10-12 years to go! We bought the house 2 years ago with a 30-year mortgage, NO WAY we're waiting 30 years to pay off the house. :-)

]]> By: jdgreene http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-986 jdgreene Wed, 10 Feb 2010 13:37:49 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-986 I have roughly $80,000-$100,000 in school debt and no clue what my interest per day is. When they all enter into repayment next year (after graduation) I'll figure it out down to the penny, but I'm thinking it will be huge, nasty, and extremely motivating. I have roughly $80,000-$100,000 in school debt and no clue what my interest per day is. When they all enter into repayment next year (after graduation) I'll figure it out down to the penny, but I'm thinking it will be huge, nasty, and extremely motivating.

]]> By: youngandthrifty http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-984 youngandthrifty Wed, 10 Feb 2010 07:25:07 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-984 Ew! That's a lot of $$ a day gone "poof"! That's a really good motivator- thanks for the tip. I currently don't have a mortgage, but AM looking to get one soon. I'll definitely keep that in mind when I get one. It makes me think about not buying "more than we can afford" and just getting something smaller so we can have a smaller mortgage and less money gone poof. Ew! That's a lot of $$ a day gone "poof"! That's a really good motivator- thanks for the tip. I currently don't have a mortgage, but AM looking to get one soon. I'll definitely keep that in mind when I get one. It makes me think about not buying "more than we can afford" and just getting something smaller so we can have a smaller mortgage and less money gone poof.

]]> By: Money Reasons http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-983 Money Reasons Wed, 10 Feb 2010 04:08:35 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-983 I'm finally at $0, as of this month. But that won't last, someday I'll need to buy a car again or want a larger house with more property... I'm finally at $0, as of this month. But that won't last, someday I'll need to buy a car again or want a larger house with more property…

]]> By: Jamel Rose http://www.budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your/#comment-982 Jamel Rose Wed, 10 Feb 2010 03:02:00 +0000 http://budgetsaresexy.com/2010/02/need-debt-motivation-calculate-your-daily-costs/#comment-982 Calculating your daily costs and thinking about all the cool stuff I could spend that money on (not to mention the interest I could be EARNING) is pretty motivating. Calculating your daily costs and thinking about all the cool stuff I could spend that money on (not to mention the interest I could be EARNING) is pretty motivating.

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