We’ve all heard of the “debt snow-ball” – paying extra on the smallest debts first, then adding those payments to the next smallest debt, etc.

The reality is you must pay extra on the debts to pay them ahead of time. The minimum on consumer credit accounts is designed to keep you in debt.

If you are serious about getting out of debt as soon as possible (and having money in the bank to stay out of debt), here are some ideas to begin paying extra:

Operate on a monthly budget. Take authority over every dollar you bring in, in the process find some extra to put toward debts.

Make extra money. Work some overtime. Start a side hustle. Pick up a part-time gig.

Sell some stuff. Look around you, there’s probably some things you aren’t even using that can get you started to pay down the debt.

Don’t buy things you can live without. Don’t be impulsive. Impose a 7-day waiting period for non-essential purchases — during the waiting period, really think about how the purchase will affect your finances, vs the value it will bring.

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Have questions about getting in position to get out of debt? Send your contact info for immediate access to the calendar to schedule a FREE consultation:

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* so, you can see that the keys to both paying down debts and saving money are essentially the same. Once you are committed to managing your financial situation you’ll be in position to both eliminate debt and create a nest-egg. And when you’re there, it will be the right time to see if a Look At Me, Debt-free!™ plan makes sense for you.