5 Steps to Drafting a Financial Game Plan to Get Out of Debt

Do you love the idea of freeing up extra money in your life, getting out of debt and finally being able to … well … be free? Free of financial burdens and stress? Free of owing other people your money every month? I get it and I have been there, friend. What really stinks is wanting so badly to make financial changes but having no idea how to actually make it happen. That’s why I created this quick, easy to follow 5 step game plan for helping you get out of debt! I wish I had this when we started our debt payoff journey and I hope it helps you on yours!

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Step 1. Have a plan of attack

No matter what kind of debt you are trying to pay off, it is so important to have a smart plan of attack. There are some great things you can do to get prepared for your debt payoff game plan:

Having freed up extra money each month is the best way to build a smart plan of attack when it comes to paying off debt quickly. You can use this money to decide which debts you want to tackle first and how quickly you want to knock ’em out.

Ever wondered the best way to get out of debt? You're gonna love this financial game plan created for you to make debt payoff simple and effective!
The best plan of attack is to have a little more money in your pocket.

Step 2. Take out the big guy

If you’re a Minnesotan like me then you might remember a few seasons ago when we had Favre on the Vikings. It was a glorious year. Until that game where they played the Saints — who very obviously did their best to aggressively and ruthlessly take Favre down. It was awful. And I hated it.

But when it comes to paying off debt, I want you to harness this mindset (with better sportsmanship) and work to take down your biggest financial block.

For our family, this meant selling our house to get out of our mortgage and use the money to pay off debt and get our life back on track!

Maybe for you this would mean selling your car, paying off the loan and then purchasing something with a smaller payment or that you can pay cash with.

If there is one big debt that is standing in your way that you can get rid of right away — find a way to do it!! However, if your big debt is at the top of several smaller debts, then it is crucial to knock-down those small threats one at a time while still keeping your eye on the prize.

The best debt payoff strategies:

If you are not a big fan of crunching numbers and calculating percentages, then I highly recommend sticking with the Debt Snowball method! See how we paid of $6,000 in 6 months!

Step 3. Keep score

When you’re in the middle of any game you have got to make sure you’re keeping score, right?

So how in the world do you keep score when it comes to debt payoff? PRINTOUTS GALORE! You can snag all my FREE printouts in my VIP Printout Library or you can get budget-specific printouts in my Fun Sized Budget Bundle.

Ways to Keep Score:

  • Track each debt payoff payment
  • Fill in a progress report so you can see how much debt you’ve paid off total
  • Use a Debt Snowball printout so you can plan an official end-date for your debt

Keeping track of your debt payoff progress is crucial. It will help keep your head in the game, focused and ready for anything….like mistakes

Ever wondered the best way to get out of debt? You're gonna love this financial game plan created for you to make debt payoff simple and effective!
Keep score and re-strategize. No one is perfect the first time out.

Step 4: Re-strategize

Sometimes things are going to go wrong. 

When we were in the process of selling our house, we tracked when people would have a showing, and if they had a second showing. More than anything, we paid attention to their feedback.

I stopped using air fresheners — people hated those as much as the smell of my cooking. Ha!

With our debt payoff, we stopped obsessively counting numbers and putting as much toward debt as we could and decided setting up automatic debt payments made us a lot less crazy.

Actually — we didn’t realize this until we were basically done paying off debt. I just want to throw it out there so you can save yourself from being as crazy as we were.

When you keep score, you become more aware of when things aren’t working. There is nothing wrong with restrategizing and changing your game plan. 

Step 5. Play. to. win.

Remember why you started this debt-free mission in the first place. Help hold one another accountable if you’re doing this with a spouse. Do whatever it takes to reach those big time life goals that you have set for yourself.

I mean, if you’re gonna do this, you’d better go all in. Right? 

In any sport, the team gets training, they practice, they fail and the just keep going anyway, right?

What can you do to keep your head in the game?

  • Make a dream board
  • Write down your goals every. single. day.
  • Talk about your plans constantly
  • Tell other people
  • If you need it, get some coaching yourself!

Yes, you can absolutely scour the internet and find the answers to how to make maximize your money and pay off debt. I have done it myself.

But nothing beat the success I had when I go training. When Tom and I got training together.

Where to get additional training

When we knew we were ready to take paying off debt seriously, Tom and I signed up for Financial Peace University at our local church. This was something we had put off doing for years and years!!

It was a big time commitment on our part, and required a financial investment BUT it was one of the best decisions we ever made!

Now, I’m gonna get honest, I used to recommend Financial Peace all the time. To everyone. BUT as we got further along in our journey I started to realize that I was feeling disconnected from my life.

I had gotten too caught up focusing on the numbers to get us out of our money pit that I forgot to keep myself, my family and my goals as part of the equation.

That’s why I created The Bucket List Budget.

You can get financial training in so many different places, but what I wanted to do was create a course that didn’t just show how to save money or budget smarter but instead starts by helping you figure out what you want the most for your life and then plan your finances around those things.

What’s The Bucket List Budget?

The Bucket List Budget is a 5 step plan for building your budget around the life you’ve always dreamed of.

The 5 modules of the course will lay out how to:

  • ive down deep into your current financial situation so you know exactly where you’re starting from
  • Get honest about negative money mindsets we all carry and how to get them out of your life for good.
  • Learn about spending triggers and how to be more aware of the financial bloopers your brain makes you do without you even knowing it. 
  • Create your own Bucket List blueprint that will guide you through how to layout a budget on your terms
  • How to maximize your money. Because we all have access to way more money than we realize!
  • Build a budget that works for you! After you’ve put in the work it’s time to put your money to work for you.
  • How to stay on top of your budget and maintain it for the long haul!

If you’re ready for some one on one type training to tackle your debt payoff, click here to learn more about what the Bucket List Budget has to offer.

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Ever wondered the best way to get out of debt? You're gonna love this financial game plan created for you to make debt payoff simple and effective!
Ever wondered the best way to get out of debt? You're gonna love this financial game plan created for you to make debt payoff simple and effective!

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