Unbury.me – A Loan Calculator to Become Debt Free
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Re: Unbury.me – A Loan Calculator to Become Debt Free
#2This looks like it’s bee inspired by Dave Ramsey. Great project. I’ve been debt free for 4 years now and I intend to stay this way.
Re: Unbury.me – A Loan Calculator to Become Debt Free
#3I had forked a fork of this a while ago (unbury.us) -- I don't see any updates on the GitHub repo that links to that domain: https://github.com/duaneking/unburyme
The contact info is also quite vague now, where it previously linked to the creator's twitter and github.
Re: Unbury.me – A Loan Calculator to Become Debt Free
#4This looks like it’s bee inspired by Dave Ramsey. Great project. I’ve been debt free for 4 years now and I intend to stay this way.
I was debt free, then back in debt for 5 years, and am again debt free, minus a company (my own) paid vehicle lease. The difference for mindset is pretty impactful.
Re: Unbury.me – A Loan Calculator to Become Debt Free
#5Why would you choose the snowball strategy?
If you have a bunch of small loans with small interest and a large loan with high interest, I can’t see any reason to get rid of the small loans fast, at the cost of paying of the big one.
If you have many small, high interest loans and a large low interest loan, then there is no difference between the avalanche strategy and the snowball.
Unless there are clauses around fines for early termination of a loan, you generally pay off the minimum for all loans, and whatever is left in the budget for loan payments goes towards the highest interest loan.
Re: Unbury.me – A Loan Calculator to Become Debt Free
#6Why would you choose the snowball strategy? If you have a bunch of small loans with small interest and a large loan with high interest, I can’t see any reason to get rid of the small loans fast, at the cost of paying of the big one. If you have many small, high interest loans and a large low interest loan, then there is no difference between the avalanche strategy and the snowball. Unless there are clauses around fin…
People like to see payments going away. It gives them a sense of progress.
Unless you specify some fairly extreme numbers, the difference between the two strategies is pretty small. And, either strategy is better than staying in debt.
Re: Unbury.me – A Loan Calculator to Become Debt Free
#7Why would you choose the snowball strategy? If you have a bunch of small loans with small interest and a large loan with high interest, I can’t see any reason to get rid of the small loans fast, at the cost of paying of the big one. If you have many small, high interest loans and a large low interest loan, then there is no difference between the avalanche strategy and the snowball. Unless there are clauses around fin…
Because mathematics isn't the primary factor in getting out of debt, motivation is.
Achieving small goals keeps you focused and working on getting out of debt.
It's a lot easier to keep working if every couple of months you "hit a checkpoint" than if you're years with seemingly no progress
Re: Unbury.me – A Loan Calculator to Become Debt Free
#8Why would you choose the snowball strategy? If you have a bunch of small loans with small interest and a large loan with high interest, I can’t see any reason to get rid of the small loans fast, at the cost of paying of the big one. If you have many small, high interest loans and a large low interest loan, then there is no difference between the avalanche strategy and the snowball. Unless there are clauses around fin…
Others gave some very good reasons in replies. I'd just add one more - when you pay off smallest loan, you should take the money for its monthly payment and direct it towards the next smallest loan. That way you'll pay off that one much faster! Then you take that amount and direct it towards the next one etc. Trust me, debts are falling down very quickly this way!
Re: Unbury.me – A Loan Calculator to Become Debt Free
#9Why would you choose the snowball strategy? If you have a bunch of small loans with small interest and a large loan with high interest, I can’t see any reason to get rid of the small loans fast, at the cost of paying of the big one. If you have many small, high interest loans and a large low interest loan, then there is no difference between the avalanche strategy and the snowball. Unless there are clauses around fin…
Others gave some very good reasons in replies. I'd just add one more - when you pay off smallest loan, you should take the money for its monthly payment and direct it towards the next smallest loan. That way you'll pay off that one much faster! Then you take that amount and direct it towards the next one etc. Trust me, debts are falling down very quickly this way!
Yes, but you'd pay the highest interest one off even faster if you direct all your spare cash to it, then you can pay off the smaller/lower loans really, really quickly by directing the money for that monthly payment to them.
Snowballing has no money or speed benefit. The only reason to do it is the psychological "Yay! I've paid it off" boost.
Re: Unbury.me – A Loan Calculator to Become Debt Free
#10This reminds me that I should finally revisit YNAB and re-open those browser tabs that explain how it works and integrate it into my life. (And transfer their US-centric approach to my European reality...) God damn it.