Debt, Don't Kill My Vibe

Do you ever think about how much more you would be able to afford and do if you didn't have debt payments to worry about? Of course you do. We all do. It feels like a never-ending merry-go-round and you're ready to get off. You only have to do one simple thing.

Stop! Stop borrowing more money. Stop telling yourself it's an emergency or you'll pay it right back, because it's not and you won't. Cut up all of your credit cards and write out your debt (minus mortgage) from smallest to largest balance. Don't worry about the interest. Then find every bit of extra money you can find—money leftover from your budget, money from selling your stuff or an extra job, bonuses, refunds, etc. Put that, plus the minimum payment towards your smallest debt. 

Once that first debt is paid off, you will start to see the sunshine through the clouds. Then you take the amount you were paying on the first debt and add it toward the second. Now you're snowballing!

Why this way? Because when it comes to eliminating your debt, you need the small wins. This will help you keep going and motivated. Starting with a larger balance that takes longer to pay off may leave you feeling defeated and as if you'll never make a dent in your debt.

Try this technique to pay down your debt and you'll be snowballing out of control in no time, which will put you one step closer to financial freedom!