Paying Off Debt

Well my first weekend went great. I came a little over budget but only by 10$ which is very reasonable for my first go. I can only improve from here.

I have now been focusing on how to pay off my debt. I have certain avenues that need to be paid off including line of credit and credit cards. Recently I read an article in a money magazine about paying off debt and the advice I read was great. Instead of trying to pay everything off at once, try focus on one thing at a time. Of course I am going to focus on my credit card because it is at 18% interest vs. 5% on my line of credit. And of course I am not going to continue adding to my mutual fund with this high interest debt lingering.

Will power is ok to use if you really have self control. But it is just far to easy to type in a number and hit payment or even swipe the stripe. So I have decided to take the old method. The way to prevent emotional spending is to hinder your opportunity to use it. I took a glass from my cupboard and filled it with water. I then placed my credit card in it and stuck it in the freezer. I have no idea what my number is and cannot see it now through the ice surrounding it. If I need to access it I have to spend time melting it and thus giving me time to think about what I am about to do. This is a tried and tested method that works for many people. So far it has worked wonders, I haven’t even thought about it and have only been paying it off.

Try it out and remember pay down your high interest debt first!

“what wouldn’t you try if you knew you couldn’t fail?”