May 1, 2014
Any one of these debt elimination plans will work if you work the plan:
Pros and cons:
When we were in debt I would get a punch in the gut every time a statement showed up in the mailbox. Constant reminders wear on us and we become more likely to quit.
It is important to stay focused and motivated in our moneyplan. We need to continue stretching every dollar and keep grasping at any opportunity to make more money to throw at our debt. Credit card companies benefit whenever we take our foot off the gas, so we must stick to the plan!
Arm yourself with tools to help keep you encouraged throughout the process. Smartphone apps like ReadyForZero send you reminders and encouraging messages. Progress thermometers on the refrigerator or bathroom mirror let you check in on your current status. Finding ways to pay attention will go a long way in your debt elimination process.
For example: I look at our mortgage balance a few times a month. Anytime I log onto our bank account to balance our checkbook, I see it. I look at our debt payoff spreadsheet once in a while, just to get my blood pumping. And, of course, I see the new balance at the first of every month after our payment is made. I’ve got my eye on the goal and focused on winning.
Evaluate your situation. Choose the method that works best for you. Above all things - DON’T QUIT! If you want to try one and then switch - go ahead. If the Debt Avalanche isn’t working for you then start attacking your smallest balance first. Everyone’s financial situation is different, so is their debt elimination strategy.
The bank has a plan for your money. It’s time to short-circuit that plan and start paying attention, not interest!
Holla From The Impala - It's awesome to get paid
For more information, visit the show notes at https://moneyplansos.com/debt-snowball-methods-and-the-secret-credit-card-companies-dont-want-you-to-know/