The Art of Paying Down Debt

Yes, you read that correctly.  I consider paying down debt an art because when you master it you feel like the king or queen of the world.   Here's what I mean.


First you need to get on a budget and stick with it each month.  Use every dollar that isn't needed for a budget category to put towards your debt.   Then you need to fully commit to every extra dollar in the future going towards your debt.  So when you get a nice birthday check in the mail, that goes RIGHT to your debt. 

You also need an emergency fund of $500-$1,000 to ensure you can cover emergencies and you don't add to your debt any more than you have to. The emergency fund is the most important tool because it literally will save you and prevent you from having more debt. 

You also need to track your debt pay down.  It's actually really fun because as you see the amount go down you feel more and more motivated. It's like an instant reward that keeps you going.  

Now the key is to never lose focus.  Sit for a few minutes and imagine what it would feel like to have no more credit card debt or student loans.  Imagine the weight you will no longer carry on your shoulders and the sense of accomplishment you will have. 

Keep that feeling with you whenever you feel tempted to spend money on something you don't really need or when you feel like giving up on debt paydown.  You need to remind yourself that it is worth it and it WILL happen.   It is the best feeling in the world I can tell you that.  The only debt my husband and I have is our home loan.  And that's no problem for us because we plan to live in this house forever and we do plan to pay it off early.  But in the meantime, the feeling of no debt is so liberating.  We don't owe anything to credit card companies and we are completely in control of our finances.   It's truly an art that when you master it you become the artist of your own wonderful life. 

Don't give up!! 

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