Hi Frugalistas! If you are a person who is struggling with debt, I wanted to share these inspirational tips from one of my Facebook group members, Donna. She slayed $15,000 worth of credit card debt in two years! Woot! Woot! Credit card debt has garbage ass high interest rates and it’s a HOT MESS to get rid of! Meh. I have no plans to do that credit card debt madness, again! You can read about how I got rid of my debt in the book The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous. Anyway, I’m really proud when anyone reaches a goal – especially a financial one! Go, Donna!
Facebook Frugalista Group Member Profile: Donna’s 7 Strategic Debt Pay Off Tips!!
1. Set a goal – Wanted to be credit card debt free by 2013
2. Found out where my money went. $580 per month average on fast food and restaurants even when I bought food to cook at least twice a month. Found this out during a 30-day home cooking challenge. This was TOUGH.
3. Debt Snowball ala Dave Ramsey.
4. Gave myself a very small splurge budget each month-about $50. (It) made me really aware of my spending.
5. Halfway into my journey, I got a side hustle to teach history online and volunteered to teach over summer and intercession for extra cash (I am a college professor).
6. I didn’t become a hermit but I was very selective about how I spent cash. If my sorors and I were out doing community service, I’d either skip the post service meal or order just an appetizer with a side salad.
7. Admittedly I got a bit obsessed with the whole thing…budget projections for a year into the future to the dollar, etc. Once I got down to my last card, I mellowed out a bit. In the beginning, I feared backsliding so I went a little crazy.
Oh my! What did you all think about Donna’s tips? I would have never thought to project the strength of the dollar!! Whatever works, eh? What are some of your tips for telling debt to piss off? Are you a member of my Facebook group? All the cool kids are there!
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I think there is a lot of focus on controlling your spending which obviously does help but one needs not to forget that maximising your income so you can pay down debt faster is also very important!!
This is such an inspiration to me… it shows me that it can be done. Thanks for sharing!
@ella: Yes ma’am! If you make more money and respect it, it makes paying off debt and saving money a lot easier.
@rhondamo: You’re welcome!