It took a while but things are starting to get back on track. I started my new full-time gig this week. I will finally be able to start my debt repayment plan again. Here is my original post on The Debt Snowball Method.
That is the method that I plan on using to pay my debt off with. Dave Ramsey who is the author of the book “The Total Money Makeover” actually has 7 baby steps that help you get to financial freedom. The baby steps are listed in the image below.
Before I start my plan I am going to save between $500-$1000 in my emergency fund. With 2 jobs and online income coming in, I should be able to get that done before January.
Once I have that amount saved I will start the snowball method. I don’t spend too much money anyway so I should see a difference in the debt balances sooner than later. In my post titled “Debt & Life Balance,” I stated that I was going to use principles from Dave Ramsey and also T. Harv Eker who is the author of “Secrets of the Millionaire Mind“. I still plan to do that. I will give up a lot of things but traveling is not one. Honestly, I still will take a trip every once in a while. I just have to make sure that I continue to make enough money to do both. It will happen.
Something that I will be doing differently this time around is that I will be making payments on all debts, even my fed loans which are in deferment. I have to put something on those loans to keep the interest down. Not paying on loans that were deferred or in forbearance is part of the reason that I’m in this predicament now.
My new start date for the snowball method is January. I also have adjusted the date that I want to have the debt paid off on October 17th, 2018. That will be my 35th birthday. In late December I will have a post documenting all the debts and the amounts. I’m looking forward to eliminating this debt once and for all.
Have you paid off a large sum of debt? How long did you do it? What sacrifices did you make?
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