3 Ways to Crush Your Debt Once and For All!

You promised yourself prior to the holiday season that you would stick to a budget but as presents were wrapped and put under the tree, you started second guessing the gifts that were bought, asking yourself, “Will the kids like what we bought?” “Is it enough?”

Maybe just a couple smaller gifts were needed, so off to the mall you went, December 23rd shopping for those last-minute gifts. Some cute gift ideas caught your eye and out came the credit card –  Cha-Ching!  It’s ok, these aren’t that expensive, is what you told yourself.

But, now it’s January, the holidays are over, and even though the kids did love the gifts they received, now is the time to get real. Real about the numbers on how much you spent on those last-minute gifts. The credit card bills have started coming in the mail, but you’re afraid to open the envelopes. Avoidance seems like the best course of action right now because you’re just not ready. The unopened envelope is thrown on the side table only to get buried in the pile of papers and forgotten, until next month.

If this sounds like you, I get it because I’ve done it. I’ve told my story multiple times about how I was juggling 3 credit cards to clothe my kids in anytime of the year, so how could I expect my Christmas to any be different.  It wasn’t until I found the simplest way to manage my cash that I was able to break the cycle of living on the cards. So, I thought I would share three simple strategies that helped me climb out from under the buried unopened envelopes of my credit card bills.

Here we go….

1️⃣ Make a conscious decision to pay down your debt and create a plan of how much you will pay towards it each month. Look at your monthly expenses and decide the amount of money you can spare to put towards your debt on top on of what you’re already paying right now. But be realistic, yes, we all want to pay off debt as fast as possible, but if you choose a number that’s too high, we end up repeating the cycle of paying on the card and spending the card.

2️⃣ Next, freeze your debt and only use the cash available to make purchases going forward. By using cash, it makes the need for the purchase real. It will automatically make you stop and think prior to buying, ask yourself “Do I really need this?”

3️⃣ Lastly, use the snowball method to demolish your debt; ⁠your goal is to make minimum payments on all the ⁠debts and apply the extra money (from step 1) to pay on the smallest debt. Once that debt is paid off, take the minimum amount from that debt, plus ⁠the extra money, and use it for the debt with the next smallest balance.⁠

When you payoff the smallest debt first you will see results quickly and that motivation will keep you moving forward.

By Implementing these three strategies you can have a credit card free holiday season next year, and instead of avoiding opening the envelopes next January, you’ll want to open them because the statements could show be a bunch of zeros inside.

And the coolest thing about these strategies, is that they work in both your business and your personal life.

Every dollar you earn has purpose. Learn it’s Purpose. Live your Dreams! JKMSTRATEGIES 

#debtfreegoals #debtfreelifestyle #debtproblems #debtproblemsolution