A lot of people these days are doing income reports for the money they make online. Personally, even though it maybe benefit me in some ways, I don’t want to share my income for the whole world to see. However, I have spent a lot of time thinking about how I could motivate people and encourage them through our financial experience a little bit more. Then I thought about doing an income report in reverse! Instead of sharing how much I make each month, I will be sharing a debt payoff report showing how much money we put toward our debt payoff each month. You may already be following my final $10,000 debt payoff journey. If you are, these reports will go hand in hand with that. I will take you through the steps we take to plan for this money, where it comes from, and the strategies we have implemented that are working to get us out of debt. So let’s take a look at our debt payoff for April 2018.
*This post contains affiliate links through which I may make a commission. All thoughts and opinions are my own.
If you are currently in debt, there are a few main options that you have to help dig yourself out. My first tip, would be to find extra money in your budget. Do all that you can to start finding or making all the extra cash that you can in order to help you tackle your debt as soon as possible. On top of creating extra debt payoff money, there are a few other options.
We started paying off our debt with the debt snowball method. Paying off debt this way requires you to come up with an additional $200 each month. Here is a quick rundown of how the Debt Snowball Method works; or You can read in more detail here.
On top of following these basic Debt Snowball rules, it is a great idea to take any additional income that you can and begin to pay off your debt aggressively. This is the best way to quit wasting money on useless debt payments and start building wealth.
For me personally, I have used the blog as my main source of debt payoff income. If that sounds right up your alley, you can read all about how to get started. Otherwise, here are some fast start up, easy ways to start making money as soon as possible.
This month our family was able to put $3,600 toward our final debt payoff!! For us that means that our Amazon credit card is officially paid off, and we have started putting all our money toward our final loam payment!
After downsizing 2 years ago, Tom and I got serious about getting ourselves out of debt. Downsizing freed up a huge amount of money for us each month by reducing our monthly mortgage payment. Then, when we paid off $6,000 of debt, we also gained an additional $800 per month! Instead of continuing with our debt payoff, we decided to start saving, improve our budget, and get better about our sinking funds. Then, at the beginning of this year we joined Dave Ramsey’s Financial Peace University and have really kicked our finances back into gear. We are determined to get ourselves completely out of debt!
If you feel like you are a slave to your debts, I highly recommend checking out these 2 companies that offer free debt analysis: CuraDebt and Credit Assistance Network. Because they both offer free consultations, it would be a good idea to get information from both to make sure you are making the best financial decisions for you and your family.
We are officially done with our credit card and have just our final loan to tackle!
The Goal: A big goal (that seems tough) for us is to try making a $1,600 debt payoff for the month of May so that we are officially at the half way point of $5,000 left of our final $10,000!
If you personally are struggling to pay off debt as well, you can get access to my personal budgeting tools as well as my totally FREE, private Facebook group. In the group, I try to ask questions to help everyone get ideas from each other, learn better ways of budgeting and all around get support when it comes to personal finances!
I hope you found this post helpful and if you have any questions please leave them in the comments below!
Renee is the blogger behind The Fun Sized Life. After downsizing with her family, she also took the time to get serious about he finances. Now she is sharing the wealth with all of her readers.