ONE BITE AT A TIME!
First, you must have a budget. Don’t have one? Set one up here.
Then, do whatever you can to pay off the smallestdebt you owe.
- Sell stuff around your house / have a garage sale
- Offer babysitting, house cleaning, mowing, or another gig for extra cash
- Work a part-time weekend job
- Eat on “rice and beans” for a little while or completely eliminate eating out (including beverages and snacks)
- Not “have a life” socially until you pay off debt (entertainment, going out, buying beverages, eating out, going to the movies, etc).
- Opt to play games at home, read a book, go for a walk, watch a home movie, go on a picnic, etc.
- Set an amount of money you want to put aside each month for paying off debt, and adapt your budgets accordingly
- You may have to prioritize your budget categories and temporarily get rid of specific ones (shopping, clothes, entertainment, etc)
After you pay off your smallest debt…
Do whatever you can to pay off the next smallestdebt you owe.
…And then continue the cycle.
Always pay off the smallest debt first, and then go in numerical order from smallest to largest.
The last debt you pay off must be your largest debt you owe (car, student loans, etc). *Mortgage is the only thing that does not count as debt.
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