How do you get started when you owe a lot? Here are five ways to get traction attacking your debt:
- Download and populate this debt reduction spreadsheet (from Vertex42). How soon could you have your debt paid off? Can you tweak things to throw more at it each month?
- Picture your lender as as a fictional character – who loves spending your money! He/she gets more of your money when you indulge and delay paying off your student loans. Every obstacle is trickery by this evil being and you will NOT let them defeat you!
- Close your eyes and imagine life without student loans! You can build F-you money and take trips every now and then. Think of the good you can do in the world.
- Create a visual to help you focus and celebrate your wins! We have a paper chain where every link represents an increment of money. When we hit each goal, we cut the link, write the date on it, and put it in a drawer. It’s fun to look back at the links to see your progress.
- Read or listen to a few debt payoff success stories. If they did it, so can you, and maybe they will have some lessons and tips to share.
What has worked for you to crank up the intensity of your debt payoff?