Comments on: Are Crazy Personal Finance Goals and Challenges Better Than Slow and Steady?

By: Mr. Not the Jet Set

Mr. Not the Jet Set — Thu, 29 Oct 2009 16:59:48 +0000

We weren’t goats – we were gazelles! We did it for 20 months and in the process paid off around $40k.

It was hard work.
There were temptations every single day.
We couldn’t have done it without eachother.
But it was absolutely worth it.

It’s got nothing to do with your personality – it has to do with being fed up enough to say, “I’ve had it – I’m not going to live like this any longer!”.
Mr. Not the Jet Set´s last blog ..How to Ruin Your Marriage

By: Lise

Lise — Tue, 27 Oct 2009 19:47:38 +0000

I’m doing NaNo again this year, too! I’m psyched to begin – I have a really cool idea and there’s always such great support.
Lise´s last blog ..Imagining Downsizing

By: CM

CM — Tue, 27 Oct 2009 17:30:51 +0000

Last year I tried Nanowrimo, this time I’m doing it and finishing it! Good luck

By: Revanche

Revanche — Wed, 21 Oct 2009 03:25:44 +0000

Interesting … I was trying to answer this but realized that I don’t really fit into the gazelle (short term sprint) mode, nor do I like slow and steady. I like intense and constant when it comes to financial goals. It’s probably because the “intense” goal becomes internalized as “normal” after several months so it becomes reframed as performing at baseline, not over and above the usual efforts.

That reframing might be the only reason why I didn’t burn out over the last three years. [That and my family's charming habit of presenting me with new challenges so I was never bored. ;P]
Revanche´s last blog ..Please vote!

By: Credit Card Chaser

Credit Card Chaser — Tue, 20 Oct 2009 23:28:50 +0000

I think that there are many different variables at play like the temperment of the people involved, the amount of the debt, etc. that will all have an influence on what approach is the best approach.
Credit Card Chaser´s last blog ..BOA’s Credit Card Business is Losing Money Yet Still Catching Flak

By: Adam

Adam — Tue, 20 Oct 2009 04:25:23 +0000

We’ve been pacing for awhile, but now that we’ve built up a comfortable safety net in savings, we’re going to keep our accounts at that level and dump the remainder at the end of each month into credit cards–essentially sprinting out of that debt. Once we’re done with those, we’ll be left with some relatively low-interest student loan debt, for which we’ll go back to pacing the payments.

By: Cassie

Cassie — Tue, 20 Oct 2009 01:21:03 +0000

When I had credit card debt, I always paid the minimums. I was selfish, and greedy, and wanted as much of my income to myself. The interest on the credit cards started building and building and I was soon paying almost half of what I owed in interest alone!

I eventually snapped out of it and started putting a huge portion of my income to debt (about 50%) just to get rid of it. It was hard, but so worth it!

By: Jesse

Jesse — Mon, 19 Oct 2009 20:43:32 +0000

I have done it in spurts and I would suggest that the best thing to do is find the balance. I sprinted at the beginning and multiple times throughout the year but only when I knew I was close enough to a goal to make it before burning out. When I burn out, its very hard to get back in the saddle and sprint again so I have to make sure the steam will last till the goal is reached. Doing it this way, I get the rush from the accomplishments enough to keep going till the next one is in sight.

Great stuff today MrsMicah!
Jesse´s last blog ..UPrinting.com Business Card Giveaway Winner

By: Debt Hater

Debt Hater — Mon, 19 Oct 2009 16:56:13 +0000

I went the gazelle approach to paying off my debt. When it comes to debt, I think it’s best to set it and forget it. Pick an aggressive schedule for debt repayment, make the payments automatic and live with whatever money you have left. I did set aside money to have some fun because it was miserable in the beginning not being able to do ANYTHING! But now that my debt is all gone, I can hardly remember how painful it was for 4 years paying it off. Kind of like childbirth I suppose. Or, like being taught the way of martial arts by Pei Mei… maybe you punch that board until your hands bleed and cramp, but when you need to punch out of that coffin buried under six feet of dirt, NO PROBLEM!
Debt Hater´s last blog ..Some Cash on Time to Help With Car Repairs

By: Emergency Funds: I’ve Changed My Strategy | My Next Buck

Emergency Funds: I’ve Changed My Strategy | My Next Buck — Mon, 19 Oct 2009 14:10:55 +0000

[...] however I reserve the right to alter this saving philosophy whenever I see fit. Interestingly, Mrs. Micah wrote about this very issue (saving fast or saving slow) in her article for today. You all should give it a [...]