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I'm taking the snowball approach right now too. Maybe I will eventually get to where I can put away 20% but for now that extra money goes to paying down debt. A
by johnward 11y ago
I'm taking the snowball approach right now too. Maybe I will eventually get to where I can put away 20% but for now that extra money goes to paying down debt. Aside from $100 a month that goes into an emergency savings fund and 4% into my 401k.
- redblacktree 11y agoWhen I started the snowball, I stopped contributing to the 401k, in an effort to be as focused as possible. I think that's one of the great strengths of Dave's plan. Being focused solely on one goal at a time gives you a quick feeling of accomplishment as you start racking up wins. If you spread your efforts out across too many goals, you may get discouraged when you don't seem to be making fast progress on anything.