8 Best Debt Payoff Tips - We Still Use All of Them!
There really are 8 best debt payoff tips! Don’t mind the video cover ;)!
All I’ve ever said about our debt payoff story can be found on my About Page. It’s brief and doesn’t go into much detail about the nitty gritty or any debt payoff tips!
This week I finally got around to posting a more in depth look at our debt payoff story. I’ll link to it in the show transcript.
BUT, THE HIGHLIGHTS INCLUDE:
It took 26 months to pay off $100,000 in debt.
In our stride, we were putting $3000-$5000 a month towards our debt payments.
I worked 50 hours a week as a physical therapist in a hospital setting (lots of lifting sick people).
I did this all while pregnant with our 3rd child. (This included having to leave patient’s rooms while treating them to go vomit and then return to continue with our PT session!)
We figured out the secret sauce to sticking to a budget and accomplishing financial goals.
I COMPILED 8 BEST DEBT PAYOFF TIPS THAT YOU CAN USED TO TO GET STARTED OR TO HELP YOU KEEP UP THE MOTIVATION TO FINISH STRONG ON YOUR DEBT PAYOFF JOURNEY.
These are the best Debt Payoff Tips that we used throughout our 26 months AND have continued to use. As you might know, we’re in a slightly strained financial time again. I’ve started my own online business and Sam switched careers as well in Jan of 2017. We’ve both been feeling like it would be helpful to go back to our roots of our debt payoff days to ensure we can make it through this tight time.
This business is a big, fat dream of mine and I’m LOVING creating and building and sharing the beauty of personal finances with all of you. I’m committed to giving Greatest Worth my all to see what comes of it.
Anywho, all that to say, we’re tightening up this ship around here and trying to maintain a more frugal lifestyle so that we can make it through on the lean times of Sam’s commission based job and the lean times of a start up business!
So, here are the 8 best debt payoff tips of our our past and present!
CREATE A VISION AND VALUES.
You knew this was coming. I say this over and over and over. A big picture vision will keep you going when the debt payoff process becomes tedious and LOOONNNGG. Oh so long. If you can return to your vision and values, it’s SO much easier to get back on board.
If you can see, and believe in your Dream you’ll keep going. That vision is oh so worth it!
TAKE IT ONE DAY AT A TIME.
We had to look at the sacrifice we were making as just one tiny thing we were doing that day in order to move us closer to our Vision.
When I added up all the sacrifices we had already made and all the sacrifices we had yet to make in order to reach our goal – it was straight down into the pit of despair for me.
It was NOT helpful.
But, understanding this was just one tiny thing I was choosing to sacrifice today, and that tomorrow is a new day was a more helpful and hopeful perspective for me to have.
So, one day at a time friend.
WHAT ARE YOU WILLING TO GIVE UP TODAY IN ORDER TO GET YOU CLOSER TO THAT BIG VISION?!
Awareness is what will lead to change. It’s sometimes more comfortable to stick our heads in the sand and continue on with our habits. Even if we feel like those habits might not be serving us the way we want.
You can start on your awareness journey by calculating your Net Worth. That’s where I started and it changed everything for me.
You can also start with my Starter Kit – a comprehensive guide to choosing awareness, finding beauty in your finances and getting your budget created and aligned with YOUR values!
LIVE ON A BUDGET
If you will create a budget, align it with your values and stick to it you’ll have so much more available at the end of the month to put towards debt. This is exactly how we paid off $100,000 in 26 months.
Budgets aren’t rocket science but a little bit of secret sauce never hurt anyone!
CREATE EXTRA MONEY
The more money you have at the end of the month, the more you can put down on your debt. If you are able to pick up extra shifts or another job all together – even just seasonal work for a couple months – that extra money will go a long way towards getting you to your goal so much quicker!
Sell stuff you don’t want or need. I was constantly selling stuff on Ebay. If you haven’t used something for the past year and it’s something of value. Sell it.
It will rid your house of clutter, which is proven to help us feel less anxious and more grounded AND you’ll have more money to put towards your debt.
AUTOMATE YOUR PAYMENTS
Put all your payments on automatic and pay the minimum. Decide which one debt you’d like to pay off first and go after it. Put everything extra onto that one debt. Dave Ramsey calls this the Debt Snowball and it totally worked for us. By the end of our snowball we were putting $4000+ a month EXTRA onto our last debt payment. It was incredible. Automating the rest helps take some anxiety and stress out of the process.
Creating a plan will always save you money, help you eat healthier and save you time in the long run.
STOP THE COMPARISONS
If you have to unfriend some people on social media because you find yourself drooling over their most recent trip to Spain or their new house or their kitchen makeover or the amazing outfit she just got, do it. And do it without guilt. This doesn’t make you a bad friend. This makes you smart and taking care of yourself and your needs.
Do you think your friend posts a picture of her broken toilet or her fight with her husband or her fear and anxiety she has over her financial situation? No. Of course not. Her feed is curated to be beautiful. It’s OK, it’s just not always reality.
But remembering that “comparison is the thief of joy” is difficult when you’re stuck staring at her beautiful vacation pictures.
All I’m saying is take care of yourself and figure out what you need in order to stop comparing your life to others.
OK. That’s it. My 8 Best Debt Payoff Tips to keep working towards your goal of debt freedom!
Thanks for watching friends. I’m SO excited for your debt payoff journey. It’s so very worth it! Remember to continue thinking about that big picture dream to keep you inspired!
Rooting for you , as always!