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Well, thats up to you to be disciplined. It will help to track your progress. I did it monthly, with a spreadsheet. Looking at what you have accomplished and how you are making progress toward the goal on a regular basis definately helps.
You do it FIRST before doing anything else, as soon as you get your paycheck. This may make other things a bit uncomfortable until you adjust… but you will adjust. The inconsistency will be in other things, like whether you can afford to go out, and not in whether you’re paying off your loans.
It’s way easier to do it this way than spend your entire month trying to ensure you have some amount left at the end.
I agree. I am trying to get into this mindset and the few times I’ve made myself do it it’s been good. You really have to stop thinking about what else you might ‘need’ and just plunk it in there. I like the way lemming put it about inconsistency.
Get some motivation to get out of debt. Figure out how much you would have left over each month if it weren’t going to debts and write that number largely on a sheet of paper. Place it somewhere where you can see it. You could also determine what you would do with the extra money (new car, vacation, lots of Twinkies), take a picture of that, and look at it every day. The mind will help you accomplish what it sees.
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I agree that you must know your motivation for getting out of debt. Find out what that means to you, and have that reminder in front of you all the time.
I also agree that the commitment to paying the bills comes first, rather than the other way around.
That being said, you might try calling your credit card company to renegotiate your interest rate.
If you keep all the junk mail you receive for a week, and read what other companies are offering as an interest rate, you will be able to let your credit card company know what the going competitive rate is. Tell them you will cancel your card if they cannot offer you something more appealing. And keep your word.
If you do make the change to a low-interest rate card, be sure to read the fine print, so you don’t get yourself stuck without knowing the rules!
Resolve to pay another $5-$10 a day towards your credit balance to eliminate debt completely. Then watch your credit card balance dwindle down and your get-out-of-debt dream come into focus.
Also, another big one is to stop debting right now. Just stop. Getting out of debt will be easier if you quit adding to the total you owe.
You can do it!
Buy less stuff – ask yourself how badly you want it, whether you already have something that serves a similar function equally well, when/how you’ll use it and where you will store it whenever you have the desire to buy something.
Pay as much as possible to debt/loans as soon as your paycheck money hits your account (not once per month – you have more chance to spend it when you wait and pay in lump sums). It helps to figure out how much you spent on essentials – food/rent/etc – in the last (period of time), the add like $100 or something for padding, pull it out as cash for that period of time, then put all the rest of your paycheck into your debt.
Hope that helps somewhat!
fidgiegirl thinks this list seems like it's someone else's - it's been too long!
Make a chart. Chart your progress toward zero. If you can get a 0% on your CCs, do it, that will also give you a deadline. Do without or come up with extra income. You can do it! It’s amazing how if you are willing to put the money to the debt, you can annihilate it . . . good luck!!
Take a look at what Martin has to say. This site has helped me make sure my money is working for me and avoids me spending too much where I can.
Name every dollar, before it even comes into your house on payday. What’s your grocery budget? Use cash!! I started a nonprofit to help people do this very thing, and my debts just melted when I became GAZELLE-INTENSE, as Dave Ramsey puts it. Check out his baby steps, at daveramsey.com, and change your life!!
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