DEBT FREE HABITS

An article from The Balance outlines seven habits to pay off debt.  

BUDGET

• Account for the minimum and extra toward monthly payments.

PACE YOURSELF 

• Find your stride or rhythm to not get burned out and overwhelmed.
• Take a methodical approach.

TAKE CARE OF YOUR HEALTH

• Set boundaries.
• Keep a healthy balance.

LEARN

• Read other people stories for inspiration.
• Connect with like minded people for accountability.

REMEMBER YOUR "WHY"

• Those days you feel overwhelm, come back to the reason you are focusing on becoming debt-free. 
• Write down your reflections.

STAY CONSISTENT

• Make a plan.
• Give yourself flexibility for unexpected expenses.

ESTABLISH AN EMERGENCY FUND

• Having extra funds set aside reduces chances of accumulating more debt. 

DEBT ELIMINATION STRATEGIES

Looking at debt, can become overwhelming. Sometimes you may feel when that you will never get over it.  With a debt elimination plan, you can start on the road to becoming debt free. 

I love this article from Bankrate that lists great advice on where to start. 

• Make a list of debts
• Review your Budget
• Find Room for Debt Payments
• Prioritize Debts
• Make a Goal

DIFFERENT DEBT ELIMINATION METHODS

Two most popular debt elimination methods are:

Snowball Method - Pay off small balances first then move to the largest balances

Avalanche Method - Pay off high interest rate balances first to save more money and then work down. 

There are many methods to choose from. 

Personally, I use the Snowball Method.  The Snowball Method is great for me in developing a debt elimination plan and keeping track of how to pay off debt with starting from smallest to largest. The feature of being able to see the timeframe on paying off, keeps me motivated and on track. 

Click Here to Read More

DEBT ELMINATION METHOD WORKSHEET

Here is a Free Download for the Snowball Method Worksheet that I use. Let's start eliminating Debt to FINANCIAL WELLNESS!!