Here are 10 things that I did to quickly get out of debt. I hope this helps some of you:
1. I balanced my checkbook so that I knew EXACTLY how much money I had. (I know it sounds basic, but I’ll bet many of you don’t have a balanced checkbook. I wanted to know exactly how much extra money I had, down to the penny, for debt reduction.)
2. I took advantage of a single zero-balance credit card transfer, and I used the time period for the offer, 9 months, as added incentive to get out of debt. (The date that the zero percent ended became my goal date.)
3. I used online banking so that I could easily and effortlessly send in MULTIPLE credit card payments per month. (At one point, I was sending in 5 dollars A DAY.)
4. I kept a minimum emergency fund of 1000 dollars and I used every available extra dollar for debt reduction.
5. I adjusted my tax with-holdings so that I brought home more money with each paycheck.
6. I reduced (for a VERY limited time) my retirement contributions. (I still contributed the amount of the match from my employer.)
7. I learned how to save money on groceries, satellite television, and my cell phone.
8. I communicated with my wife about money, and we were both on the same page.
9. I learned that eating out is expensive, but so is cooking at home. It’s not enough to prepare your own food. You must prepare WISELY.
10. I read. I read. I read. I read everything that I could get my hands on about debt reduction. (Magazines, books, blogs, websites, etc. etc.) Reading about the success of others kept me motivated!
Oh yeah… I also started this blog!
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