If you want to start paying off debt, here are seven ways to jump-start your debt-free journey!
You want to start paying off your debt? I can tell. I mean, who wants to pay minimum payments for the next 10, 15, 30 years of their life? Nobody.
But I’m guessing you’ve delayed this decision to start. Maybe you don’t know how to start paying off debt, maybe you can’t imagine ever being debt-free, maybe you don’t feel like you can do it.
Well, I’m here to be your kick in the pants. You CAN do it! You CAN be debt-free. Every journey, including your debt-free journey, starts with one, simple, first step.
Today I’m sharing seven ways that you can jump-start your debt-free journey. Start by doing one thing on this list (whichever one you want). Then do something else, then move on to the next thing. Before you know it, you’ll have the momentum you need for successful debt-free journey. You’ll be gaining confidence and dropping your debt balance.
Ways to Start Paying off Debt
Whether it’s day 1 of your debt-free journey or you just need to push the reset button, here are seven ways to jumpstart your debt-free journey.
1. Print out these worksheets
Get excited and set yourself up for success. These worksheets are the place to start. Just enter your name and email address in the box below and you will get three incredibly useful debt snowball worksheets to help you get your act together.
The first worksheet will help you gather information and prioritize each debt you have. The second worksheet will help keep you motivated during your journey by tracking your progress. The third worksheet will help you neatly record your payments.
Filling out these worksheets will make you feel confident about paying off debt. You will have a plan and that will get you excited to start destroying your debt.
3 Printables over 3 Days!
Conquer your debt with these free printables. There is no day like today to get your debt snowball rolling...
Success! Check your email for your first printable.
2. Make your first EXTRA payment…today!
That’s right. Make an extra payment. Just do it. And make it a big extra payment. Something a little outside your comfort zone.
There is nothing like making an extra debt payment (above and beyond your minimum payment) to jump-start your journey. Make sure your extra payment is applied to the principal only. If you don’t, then it’s just like you are prepaying next month’s bill – that’s not what you want to do.
Do this…NOW…before you start second guessing yourself.
3. Sell extra stuff from your house
Grab an empty box and go on a witch hunt throughout your house. Grab everything that you could possibly sell. Books, clothes, technology, even furniture. Then put it up for sale today. You can post it on craigslist, a local facebook group, the Nextdoor app, ebay, plan a garage sale, or send your clothes to ThredUp. All the money you make is going straight to your debt.
Reducing your debt with stuff you already have? Yes please. Watching your debt balance drop is going to get you pumped to continue your debt-free journey.
4. Sell something BIG
Got some big ticket items laying around? Well, if you’re in debt, it might be time to say goodbye to them. It doesn’t mean you’ll never have those luxuries again. Sacrifice now for the best life later.
I’m looking at you extra car, boat, duplicative technology, and jewelry.
5. Try saving money in a big way
Cutting costs is inevitable when you are in debt. First, look at your biggest expenses. I bet your rent or mortgage is at the top of the list. Can you move or rent out a room to save on this? Is food also a big expense? Cut out the restaurants and start meal planning.
Go through all of your expenses and brainstorm ways to reduce them.
6. Get a side hustle (or ask for a raise)
‘Side hustle’ is such a trendy term right now, but let’s get real here. There are two ways to throw extra money at your debt: save more money or make more money. Anybody can save money – it’s a natural step when paying off debt. But not everyone takes the leap to try to make extra money. Try to bring more money in – that’s one sure way to jump-start your debt-free journey.
How do you make more money? Well you can start with the job you already have – walk into work tomorrow (after preparing today of course) and ask for a raise. Tell them why you deserve a raise and put a price tag on it.
After that, think of other ways you can make consistent income. Can you get a side hustle? You can get a second job working the weekends or at night for a steady income. Alternatively, you can start hustling every day by taking on small jobs like dog walking, babysitting, house sitting, mowing lawns, tutoring, etc.
If you are entrepreneurial, can you start a business? What are you good at? For example, if you are a great organizer, start an organization business that helps people organize their houses or office space. If you are a great baker, start baking and try to find businesses that will help buy your treats. Just avoid going into debt to start your business – that’s the wrong direction in your debt-free journey 😉
7. Read some debt-free stories
Your debt may seem like an impossible mountain to climb. But it’s not. Don’t just listen to me – hear it from others too. Read or listen to other people’s debt-free stories (you can check out my debt-free story). There is nothing like hearing inspiring stories to get you excited and confident to start yours.
Start your debt-free journey
I can give you all the tips in the world to jump-start your debt-free journey, but you want to know the real secret? It’s pretty simple: just start…today. No more excuses, no more looking for the magic solution, no more looking for that perfect way to commence the journey. Start today and make debt a thing of your past.
How are you going to start paying off debt? If you are already in the middle of your debt-free journey, how did you start paying off debt?