real life with (very) real debt
Are you starting the debt-free journey this year?
If you’ve answered yes: congratulations! Committing to the debt-free journey is a big decision. It won’t always be an easy journey, but I do believe it’s worth it.
I also think there are a few things you should know before you get started.
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Starting your debt-free journey can be overwhelming.
Even when you know it’s the right thing to do, it’s still not necessarily easy — especially living at a time when having debt is considered the norm.
So what do you do? How do you move from wanting to pay off your debt to actually making it happen?
Unfortunately, as with most things in life, there isn’t one set of hard and fast rules for getting debt-free. What works for one person might not work for another.
But there are a few things that tend to be helpful for most people starting the debt-free journey.
Here are a few of those tips.
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April was a great month for us in terms of paying off debt.
We wiped out our car loan 14 months ahead of schedule (more details here). Watching that balance shrink was thrilling and seeing it finally reach zero felt like Christmas morning. That’s how exciting it was for me.
But the excitement did not last long. Don’t get me wrong, I’m proud of what we accomplished but the hard work is not finished.-
We still have an $8K credit line to pay back. And then there’s the $50k student loan to face.
It would be easy to get discouraged looking at what’s ahead. Sometimes I see those numbers and wonder if we’ll ever be able to pay it all off.
The discouraged feeling doesn’t last long, though. That’s because we have found a strategy that has made paying off debt easy: the snowball method.