Snail Paced Intensity?


snail.jpgIf you are a Dave Ramsey fan, I’m sure you have heard of gazelle intensity.  Basically the gist of it is that you do whatever you can to pay off your debt in the least amount of time possible. Sell things you aren’t using, cut your cable, put the nix on going out to eat, and so on. We attacked our student loans with gazelle intensity, and paid it off a lot sooner than we had hoped. Now the only unsecured debt we have remaining is our car loan at 0%, and I’m not in a hurry to pay that off any time soon.

I almost feel like so much time and energy was focused on paying off that student loan that I’m exhausted from it.  I’m tired of pinching pennies and scrounging up extra money and putting any snowflakes towards debt.  I feel like we’ve accomplished a lot in a short period of time, and now I want to take my time paying off this car.

Seeing that it’s at 0%, it’s not like I’m paying tons of interest if I don’t pay it off quickly.  I won’t save any money if I pay it off early, but that’s definitely not saying it wouldn’t be awesome if we could pay that off by the end of next year as well.  That would rock.  However, I think now I’m going to focus more on saving money for whatever.  I think we’ve got a pretty good emergency fund established.  I’m contributing the max match rate to my 401k.  So I think I’m going to work on saving for the chance we may move back home in the future (2 – 5 years).  I’ll call it my hopes and dreams fund.

Even if we never move back to Colorado, I can still take that money and apply it to the principal on our mortgage, use it as a baby fund, or whatever.  It never hurts to have that extra cash.

Do you think I should work on paying off that car loan as soon as possible, or is my plan better?

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5 thoughts on “Snail Paced Intensity?

  1. Kacie says:

    I totally hear ya on burnout. We have made very little progress in the last few months toward saving for our house, and it sucks. But there’s other things we want our money to do right now!

    Is the 0% term for the life of the loan? If so, how long will it take you to pay it off with no extra payments? Are you fine with being in debt for that much longer?

    I would probably just continue to build savings if I were in your position, but being debt-free feels oh-so-good :). Either option you choose is a good one.


  2. Kristin says:

    I just graduated and have a LOT of student loan debt. I’ve been looking for a job. Desperately I went to Wal-Mart and even they aren’t hiring, so I’ve been blogging. I can’t wait to get the loans paid off. And my hubby said that too about a garage sale… that it’s “too much work” and “we don’t have enough stuff to make it worth it”. Yah, if only he knew how much I took to GoodWill last year… (which I then wrote off on our taxes).


  3. Mrs Money says:

    @ Kacie- The burnout stinks. The 0% is for the life of the loan. If we keep paying $250 a month we’ll have it paid off in 27 months. If we pay $300 a month, we can have it paid off in 23 months. And last but not least, if we pay $450 a month ($250 regular payment plus $180 we were putting towards student loan plus an extra $20 to round it off) we’ll have it paid off in a little over 15 months.

    As of right now I’m okay with being in debt that much longer because I like seeing my savings grow. 🙂 I know it’s nerdy. I also know that I’ve got enough in savings to pay it all off if I wanted. We’ll see if I change my mind. It may happen.

    @ Kristin- Sounds like you’re making progress! Even a little bit helps. I wish you the best of luck! I hope blogging works out for you. It is fun and is awesome when you make a little extra money.


  4. cavewoman says:

    I’m in the process of paying off my student loan debt, and I’ve made a good bit of sacrifices for that to happen. (Maybe by Christmas I’ll have that debt eliminated—-unless there is a large unforseen expense.)

    At first it felt like burnout to be that committed—-but to compensate, to help me “deal”, I gave myself a little more blow money ($25) , and put a tiny amount in savings, while I was working on debt. It made me feel better—while keeping me toward my goal.

    Maybe you could simply add another $100 or $200 to your car note payment, making your debt term shorter—-while putting the rest of the money in savings.

    It splits the money, which may not get you where you want to go as quickly—-but it may help with the emotional side of things.

    Good luck with deciding what you want to do.


    Mrs Money Reply:

    Hi cavewoman! I hope you can pay yours off by Christmas! That would be fantastic.

    I think a lot of it is that I feel overwhelmed at times with the amount of debt. I just need to get over that and keep plugging along. Thanks for visiting my blog!


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