How I did it: Budget! I only have one credit card, so I made a simple spreadsheet and entered my net pay for each payday and my anticipated expenses. I allotted myself a set amount of spending money, and then determined how much was left over to put towards my debt. I also determined a specific date to have my debt paid off, which forced me to put more cash towards repayment. Finally, I started an automatic savings program, so while I was paying off my debt I also built up a small nest egg.

The first thing I did each pay day was pay all of my bills online, including making a credit card payment. Then I would debit my allowance from an ATM and spend only cash until my next pay. This kept me from breaking my budget (and believe me I was tempted, but as it turns out I don't particularly miss not having purchased any of the various things that tempted me).

I kept a running tally of my debt balance, and looked at my spreadsheet almost every single day, which kept me focused and on track with my budget goals. Doing this made me very frugal, and after about two months I realized that I could have my debt paid off even earlier than anticipated. Success!

Lessons & tips: Be consistent. Instant gratification isn't worth much. The things you want to buy will still be there when your debt is paid off.

Resources: Online banking was great because I could pay my bills immediately. There are also plenty of great budgeting templates available online for personal use!

---

Aug 31, 09:56AM PDT | 0 comments | 1 cheer