Comments on: Debt Repayment With a Teacher in the Family http://financefreelancelife.com/2008/06/18/debt-repayment-with-a-teacher-in-the-family/ Tue, 07 May 2013 03:27:05 +0000 hourly 1 http://wordpress.org/?v=3.4.1 By: Frugally Yours http://financefreelancelife.com/2008/06/18/debt-repayment-with-a-teacher-in-the-family/#comment-19956 Frugally Yours Sun, 22 Jun 2008 15:43:02 +0000 http://financefreelancelife.com/?p=662#comment-19956 As a fellow teacher that used to get paid on a 10 month system a strategy I found very useful was to set up an automatic withdrawal into an investment savings account each month for 1/10 of my monthly salary. Then for the two months I didn't get salary I simply withdrew half the money from savings each month and had it as income. Now I don't have to do this as my school authority forces employees to do it by taking the money off our cheques each month. A system I hate as I don't get even a little investment income from it. As a fellow teacher that used to get paid on a 10 month system a strategy I found very useful was to set up an automatic withdrawal into an investment savings account each month for 1/10 of my monthly salary.

Then for the two months I didn’t get salary I simply withdrew half the money from savings each month and had it as income.

Now I don’t have to do this as my school authority forces employees to do it by taking the money off our cheques each month. A system I hate as I don’t get even a little investment income from it.

]]> By: Wooly Woman http://financefreelancelife.com/2008/06/18/debt-repayment-with-a-teacher-in-the-family/#comment-19951 Wooly Woman Sun, 22 Jun 2008 14:11:22 +0000 http://financefreelancelife.com/?p=662#comment-19951 I hate that our snowball has slowed down too with baby on the way. I also worry that the motivation will drop off, but you are right, blogging helps, as does keeping track of progress regardless. Our debt will continue to decrease while we make minimum payments + small snowflake each month, but just not as dramatically as when I am working full time. Our savings are largely automatic to avoid "using" this money elsewhere which also helps keep us disciplined! I hate that our snowball has slowed down too with baby on the way. I also worry that the motivation will drop off, but you are right, blogging helps, as does keeping track of progress regardless. Our debt will continue to decrease while we make minimum payments + small snowflake each month, but just not as dramatically as when I am working full time. Our savings are largely automatic to avoid “using” this money elsewhere which also helps keep us disciplined!

]]> By: Funny about Money http://financefreelancelife.com/2008/06/18/debt-repayment-with-a-teacher-in-the-family/#comment-19872 Funny about Money Thu, 19 Jun 2008 01:30:53 +0000 http://financefreelancelife.com/?p=662#comment-19872 Lordie! Does his university offer summer fellowships for ABDs who are finishing their dissertations? This might be something to look into--as long as he's registered for research credits, he might be able to land something along these lines. He might do better, if you can swing living on your salary for three months, to work like crazy on the dissertation and try to finish shortly. Sounds like your strategy is as good as it can possibly be, under the circumstances. Lordie! Does his university offer summer fellowships for ABDs who are finishing their dissertations? This might be something to look into–as long as he’s registered for research credits, he might be able to land something along these lines. He might do better, if you can swing living on your salary for three months, to work like crazy on the dissertation and try to finish shortly.

Sounds like your strategy is as good as it can possibly be, under the circumstances.

]]> By: Anitra http://financefreelancelife.com/2008/06/18/debt-repayment-with-a-teacher-in-the-family/#comment-19860 Anitra Wed, 18 Jun 2008 17:52:52 +0000 http://financefreelancelife.com/?p=662#comment-19860 We're preparing to have a baby (in 3 months!), so we've planned to pay off one last debt, and then all snowball money goes to savings; basically an extra-large emergency fund in case of medical emergency or other unexpected baby-related expenses. The good news is, if everything goes well, we'll still have that savings, and be able to roll it back into debt repayment. :) We’re preparing to have a baby (in 3 months!), so we’ve planned to pay off one last debt, and then all snowball money goes to savings; basically an extra-large emergency fund in case of medical emergency or other unexpected baby-related expenses.

The good news is, if everything goes well, we’ll still have that savings, and be able to roll it back into debt repayment. :)

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