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Snowflaking

July 29th, 2007 at 09:21 am

It looks like with my total debt load (not including what the Guild has deferred) the original payoff dates for my debts will be as follows:

Debt A = April 2012 (which is INSANE)
Debt B = Jan 2008
Debt D = October 2009
Debt E =(Deferred)
Debt F = Feb 2009

This isnít going to work, because by 2009, the deferment will be over and Iíll have to start paying on another 6.7K. Also, Iím hoping that by this time next year, Iíll be in a new Guild, or on my way to one. So my income will probably drop signifigantly.

My two goals are to just have just debts D and E by August 2008, and to be disciplined enough that sticking to a budget is second nature to me.

Obviously, the second goal takes dedication and effort, but the first one can be achieved (hopefully) with snowflaking. By snowflaking for 12 months with no increase in income I can do the following damage:

Debt A = Jul 2011 (still unacceptable)
Debt B = Oct 2007
Debt D = no change
Debt F = Feb 2008

Thereís a possibility that I can get some $$ from the Guild (not a loan, but $$ outright). If I do, Iíll need some for robes and cauldrons, and then maybe the laptop. But Iíll be able to divert the other into debt. Optimistically, if I can do that for about 5 months, then I can pay off Debt A by 2009. Still not ideal, but workable. Iím thinking that ultimately, unless I want to work at the Souk, I might need to really tighten the grocery budget.

Another option is to work at the Souk just for holiday money. And then I wonít need to include that category into monthly savings. I can work

I feel a lot better by working this out. I donít know if I can stick to it, but the target date is to have enough paid off so if my income drops by this time next year (if I continue with the Guild, it may) then Iím hopefully in a workable position.


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