I know this because Ipaid off $12,000 of debtin 12 weeks to ring in 2021 debt-free.
I didnt get a pay raise or an inheritance or a winning lotto ticket.
I buckled down and worked my full-time job while side hustling, racking up about 80 hours a week.
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Theres no single magic-bullet solution that will work for everyone.
Ask yourself: Can I really afford to pay off my debt?
I planned to crush my debt early on in 2020.
So I focused onbuilding my emergency fundand made minimum debt payments instead.
Only when you have those cash reserves can you afford to clamp down on debt.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
2.
These costs have a way of rising at a pace that erases the cuts you do make.
Then guess what happened?
My landlord raised the rent by $50.
Overspending may be whats keeping you in debt.
I found about $400 I could easily cut from my expenses.
Did you know?
Dont give a shot to be a bare-bones budgeter and an extreme side hustler.
I chose to become a hard-core side hustler and not make any substantial changes to my budget.
Its a lot like taking on an extreme diet and an extreme exercise regime at the same time.
Make money doing something you know.
Knock out one small bill first.
That quick win can give you the motivation youll need when youre paying down your bigger balances.
Spend money if it lets you make more money.
Dont feel guilty about spending extra money if youre buying yourself the time to make more money.
Sometimes I splurged on UberEats or grocery delivery.
The fees and tip were worth it when I could work late without interruption.
I also occasionally spent money on day camp for my dog, Kermit.
Paying $20 to get a tired dog who would let me focus was money well spent.
Stop charging money on cards youve paid off.
Celebrate every $1K you pay off.
Unless youre paying off a small amount, paying off debt gets exhausting pretty quickly.
I found a way to reward myself for every $1,000 to $2,000 I paid off.
Treating yourself doesnt always require spending money.
One gorgeous Saturday afternoon, I rewarded myself by calling it quits early and taking a long bike ride.
But if you want to indulge on occasion, go right ahead.
Talk about what youre doing.
You have a better shot at hitting your goals when you announce them to the world.
He said without TikTok, he probably would have burned out or taken a day off.
Telling other people my goals made me hold myself accountable.
Hopefully, it also bought me a little slack when I got busy and forgot to reply to texts.
Write the story of how you paid off your debt prior to beginning paying it off.
I wrote a rough draft of how I paid off my debt before I started paying it off.
It wasnt anything detailed.
This made me get specific: How much would I have to make per hour?
How many articles would I have to write?
The numbers sounded scary at first.
But the 12 weeks was key for me.
I knew I could hustle for 12 weeks straight since its not a long time.
At the end of it, Id give myself permission to stop freelancing if I wanted to.
Setting big, vague goals is easy.
Im single with no kids.
My job isnt physically taxing.
The key thing here is that this is your story.
So write it based on what works for you.
The details may change, and thats OK. Its the ending that counts.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
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