Are you finding yourself feeling frustrated or overwhelmed with paying down a large debt? As I have recently become debt free myself, I understand completely. Our last debt was approximately $9,000, and it took us what seemed like forever to eliminate it. During that time, we often felt we were making little progress, mainly because the “quick wins” motivational boost we had been receiving from paying off our earlier debts was no more.
I can’t stress to you enough how important those “quick wins” were to us. I think I might have a solution to this problem that might give you that extra motivation. To be honest, I wish I would have thought about this when we were still paying our debt down. So we know that the motivation we receive from paying off each debt is enormous.
What if you broke up your larger debts into smaller, bite-sized pieces? I think the key to making this work though is to actually write it out on a piece of paper. Visualization is the key. Let’s say you owe $10,000 on your plastic companion.
If I were doing this I probably would not write out the total debt of $10,000. I would instead break this debt into $1,000 dollar bites. The reason for not writing down the total is because you want to trick your mind into believing that these are separate. Furthermore, it would be a good idea to set a realistic time line for each chunk to give you something to strive for. Remember that setting goals, gives you something to reach for, and also gives you a greater likelihood of completion.
I would also recommend that you only worry about doing this for one large debt at a time. You don’t want to overwhelm yourself with a 6 page list of debt. You want this process to remain as positive as possible. Put this list on the fridge and be sure to check each nasty chunk off as you pay it off. This is important!
I hope this helps you stay motivated during your important mission of debt removal. Get that debt OUT OF YOUR LIFE, once and for all. You can do it and when you do—you will feel amazing!
Our debt free journey has been as hard as it has been exciting!! This is a time line of how our Total Money Makeover looked over the course of about 20 months. Time line is approximate.
December 2007
Decided to start The Total Money Makeover as our New Years Resolution
Joined MyTotalMoneyMakeover.com
January 1st 2008
First day of our journey towards financial peace
Starting debt:$26,076.75
Started our first budget ever!
STOPPED WASTING MONEY ON STUFF!
NO MORE BORROWING EVER AGAIN!
February 2008
Put our 2004 Pontiac Vibe on craigslist
Bought Honda CRX for $500
Sold Vibe by end of month
Car payment free
March 2008
Completed baby emergency fund: $2,000
Settled old medical debt ($2400 for $1200)
Medical debt free
Joined Financial Peace University Online
Became the ENEMY OF DEBT immediately!
Watched 13 weeks of lessons in just two weeks (I was fired up!)
My passion EXPLODED!!!!!!!
April 2008
Started enemyofdebt.com (Wrote my first post on April 5th)
Paid off remaining credit card debt
Credit card debt free
Decided to coordinate and lead FPU at my church
May-July 2008
Wife graduates and becomes a nurse
Murphy punched us square in the face with a round one knockout!!
Used $1,000 of baby emergency fund (dazed but still determined)
Waiting for “H8 DEBT2″ license plates for my wife’s Volvo 940
Planning 3rd Financial Peace University Class!
Speaking at Sweet Briar College about budgeting, saving, student loans and buying a home. (BRING IT!)
Will have replenished emergency fund to $2,000
ONLY $239 until we are DEBT FREE! (This will be done in September 2009 once and for all!!)
TAKE A HIKE MURPHY! You will affect us less and less from here on out because we will be ready for you!
Mmm…mmm…mmm…mmm…mmm! Debt freedom at last! Don’t be jealous, JOIN ME!
Now on to building our Fully Funded Emergency Fund. We are going save 6 months of expenses which equals: $15,000. With $2,000 already down, there is $13,000 left!! We will save with intensity baby!
This is a guest post by David from LifeExcursion.com. For those of you who want to read about multiple topics, check out his blogging schedule below. You can also subscribe to his feed here.
The moral of his story is that you can kill the beast, you just have to DO IT! Enjoy!
David Versus Goliath A.K.A. DEBT
Like many of you, I have encountered the demon in the valley. It’s faceless, but we often can’t gain the courage to face it. It’s generally not physically imposing, but carries the strength of a million men. It’s story is simple, but it’s legend is demoralizing. Ladies and gentlemen, it has destroyed our towns, our cities, our families, and our friends. But today, I stand by your side to ask you all to take your sling and pebbles and help me slay that Goliath we call DEBT.
Okay, maybe that was a little dramatic. Understandable. But with the world in more debt than actual capital that exists, we must stop hiding from our mistakes and take down the debt industries and debt itself. Whether they be credit card companies, debt collectors, cash advances, or so forth, we need to stop accumulating debt and start creating wealth.
We all need to stop making excuses. I have made every excuse in the book and it took me too long to get out of debt. I understand we all have circumstances that may have led to us obtaining debt. However, we have made poor decisions when it has come to money management (or debt management) and the only people that are going to correct our mistakes are ourselves. It can and will be tough. There will be opportunities missed. There will be pleasures and conveniences left behind. There is good news though. There is freedom to be had once you have slayed the Goliath and taken control of your life.
Just think for a moment: If you had no debt and had your monthly bills covered, what would you be doing with your life? Think of the opportunities and experiences you could take advantage of. Think of your lifestyle and how it would improve. Just think of how much better your life could be without debt. When I was stricken with this enemy, I kept thinking of what could be. I decided to act and overcame the barriers of debt. I did this to be free to decide my own path in life. The greatest news I can spread to you all is that this is possible for you too. You just need to think of the great things that can come to your life by ridding that debt and act.
It all must begin somewhere. I know you may have small debts and some of you may have major debts. No size debt is too large to be overtaken. It just takes the continued motivation to free yourself from the stranglehold debt has on you and your family.
Let me provide you with a few ways to start becoming debt free today:
Stop attaining debt. Cut the credit cards up before finishing this article.
Stop making excuses. You know that excuses have only made the situation worse. Stop making them and you will be on the right path immediately.
Talk with your family and friends. Tell them your goals and life aspirations. They, usually, want you to succeed and will do what they can to back you.
Stop spending. Willy-Nilly spending is what got you into debt. It should be a habit you break now.
STUFF is meaningless. Stuff doesn’t help you enjoy your kid’s soccer game. So stop accumulating STUFF.
Pay debt down. Start paying your debt down and more than the minimum. The larger it is, the longer it takes to pay it off so today is a great day to start.
I am teaching you nothing new, nothing that you haven’t heard before. What I am asking of you is to stand with me in this great battle. I have seen the life after Goliath and it is amazing. It is free of worry and full of possibilities. I am here to show you that life. But I need your help to do so.
Friends from every corner of the world, hold firm. With one hand, pull that sling from your side and in the other, hold the pebbles. Load your sling and slowly aim at the Goliath. Pull your sling back as tight as possible. With complete focus and desire, release that sling and slay that Goliath. And if the Goliath is not conquered on the first try, do not give up. Continue slinging those pebbles, giving everything you can towards freeing you and your family from it’s inhuman grip. Because down the road, you will defeat that Goliath. All you have to do is pick up that sling and those pebbles and do not stop attacking that Goliath until he no longer exists and you have your freedom. Freedom you all deserve to have.
I hope everyone has a safe and festive Independence Day weekend! I also hope as you celebrate America’s birthday, you can think of it as more than just another extended holiday weekend. As a country who enjoys great freedoms, it is a very important day!
Independence is defined as the state or quality of being independent; freedom from dependence; exemption from reliance on, or control by, others; self-subsistence or maintenance; direction of one’s own affairs without interference.
For Your Country:
Celebrate your independence and freedom, and honor those that sacrificed in order for you to have them. Freedom doesn’t come easy, and it certainly isn’t free. We must not take it for granted, nor should we assume we will always have it. Both parties in Washington have forgotten that independence begets freedom. The more dependent a country becomes on it’s Government, the less free it is. I like to compare it to moving away from home. You are more free to make your own decisions, and there is absolutely no better feeling, than doing something yourself. Washington is like that parent that just won’t let you grow up. I love my independence! I love my freedom! I love this country!
For Your Family:
Now you didn’t think I would talk about independence, without talking about debt did you? Do you depend on debt? Do you feel that without it, you can’t get ahead? I remember that feeling and it isn’t a pleasant memory! Independence from debt, gives you hope and a brand new outlook on life. It gives you freedom and peace that otherwise you could never experience. Debt steals hope which is the very reason people now believe that they can’t get by without it. On this Independence Day, consider declaring it an extra special day by becoming independent financially. Break the chains and become truly free! Move out of your parents house for good, and find out why financial independence is better than bondage. Stop borrowing, start planning, and run as fast as you can towards the light! The light becomes more visible the further you run away from debt. RUN!
HAPPY FOURTH OF JULY! Enjoy the fireworks finale below from Charlottesville, Virginia from 2008. (This years fireworks celebration here in Charlottesville will not be as robust because some of the sponsors backed out.)
This is a guest post by, well…we’ll just call him Mr. Joe for privacy reasons. Mr. Joe is a jack-of-all-trades, and writing happens to be one of the many. He’s been my mentor, and a very influential part of who I have become over the last 5 or so years.
When he asked me if [...]
Hello everyone and welcome! I was reflecting on what gives me the most inspiration and encouragement to complete our Total Money Makeover, and I realized that the most emotional feeling derives from people calling in to the Dave Ramsey Show to scream they’re debt free!! Every time I hear a caller scream these [...]
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Are you finding yourself feeling frustrated or overwhelmed with paying down a large debt? As I have recently become debt free myself, I understand completely. Our last debt was approximately $9,000, and it took us what seemed like forever to eliminate it. During that time, we often felt we were making little progress, mainly because the “quick wins” motivational boost we had been receiving from paying off our earlier debts was no more.
April 2008
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