20 Day Budget Bootcamp:  Day #5 How To Begin Paying Down Debt

20 Day Budget Bootcamp: Day #5 How To Begin Paying Down Debt


Join us for Day #5 of the 20 Day Budget Bootcamp!

Now that you have your budget in place, and you have discussed plans with your financial partner, it’s time to come up with an official plan of attack to pay down debt.

Another frugal blog Saving Dollars and Sense has 5 great tips on How To Begin Paying Down Debt:

  1. On a piece of paper write down every single person you owe and how much you owe them.
  2. Then rewrite this list starting with your smallest bill owed, until you have listed them all in order of amounts from least to greatest.
  3. Instead of looking at the entire list, just take a look at your smallest bill and plan to attack that one bill with all you’ve got.
  4. Set your mind to it to send that one debtor every single extra cent you can find each month until you have it paid off!
  5. Enjoy knowing that you do have the power to control your finances, and that one day you will be free from the bondage that comes from being in debt.

I love step #4 – because it sounds like a fun game to me.  Since I’m pretty competitive, I’d be sure to be all in.  I’d be on a treasure hunt finding everything I could to make that extra payment.  🙂

I’m going to add in a step #6 – find a way to CELEBRATE each time a new debt is paid off!  Take your budgeted fun money and get a cup of coffee and dessert.  Nothing expensive – but take the time to acknowledge and celebrate your hard work!

Celebrate with us over in our Facebook Group as well – we can all “like” it when you reach a new goal and support one another on our journey to being debt free!

  GO HERE to see all 20 days of information!



30 Day Budget Bootcamp: How To Begin Paying Down Debt

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