*This post may contain affiliate links to products we recommend and happily use.*
This post may contain affiliate links.
Did you set a goal this year to pay down your debt?
Great! Now it is time to put your plan into motion. Remember that every little step counts and that the debt won’t be gone instantly. Paying off debt is a process, a great process because you will be able to live the life you want once you are debt free.
How do you keep your debt free resolutions?
1. You need to set your goals.
How much are you going to pay off? What are you going to pay off and by when?
2. Do you agree to set a budget and have budget meetings?
3. Work with what you have.
Don’t plan your budget around “possible income”, plan your budget around your actual income. You will only succeed with your debt free resolutions if you have a solid budget based on current income.
4. Be honest.
Be honest with yourself, your partner and your budget. Don’t write in $400 for groceries if your average monthly grocery bill is $625. Your budget won’t work if the numbers aren’t realistic. Also make sure you include all your monthly expenses such as car maintenance and gas.
5. Plan for the unexpected.
Car insurance is due in two months. Plan for it include it in your budget. Sally’s birthday party is next month, plan for it. Set aside money in your budget to help plan for the unexpected.
6. Start tackling your debt.
Pick your lowest balance debt and start attacking it with monthly or weekly payments. Choose an amount of debt payment and put it into your budget and put it toward your debt. Actively funnel money monthly or weekly onto your debt.
7. Don’t forget to have fun.
You can still have fun while you are keeping your debt free resolution. Checkout these 75 great ideas for a no spend weekend.
8. Keep tabs on your spending.
Use your budget. Keep your budget handy and use it to help you keep tabs on your spending.
9. Adapt to change.
Life changes and sometimes it throws us a curve ball. Adapt your budget and your debt resolution plan accordingly. Keep your eye on the prize and stay set with your goal.
10. Give every dollar a job.
Give every dollar a job. If your income changes and grows funnel more money toward your debt. Make your money work for you and tell it where to go.
You can live your life, enjoy your life and still keep your debt free resolution.
Set a plan, set a budget, keep tabs on your spending, work at paying down your debt and adapt as need be. You can read more here about budgeting and a great app that may help you reach your debt free goals. This app has been know to help people save up to $200 in the first month.
Keep your eye on the prize and you will succeed. Being debt free is worth the work, worth the time you put in. Imagine being able to live the life you have always wanted to live.
I wish you success and have an amazing day.
Saving & Simplicity