The holidays are here and it's the time for giving: giving to those less fortunate than you, giving to those you love, and boss lady-giving back to yourself in a truly meaningful way.
It's time to get yourself out of debt! Yes, NOW. BEFORE the holidays. Not after you spend like crazy on gifts for people, only to start the New Year in even more debt. Nope. You are a Boss Lady-so you are going to take control today!
Where do you start? How do you take control of your debt when this is likely the biggest spending time of the year? Is it going to take forever (no)?
Don't worry-I have a few ideas to help you get started:
First...you know the saying, "He's making a list, and checking it twice?" Well, that's going to be the first thing you do too, now that you are going to get out of debt sister. In fact, you are going to make a couple lists (but don't worry, they are easy ones).
List One-it's the holidays. Start out by making a list of people you are buying gifts for and the amount you can afford to spend on them...without racking up any more debt. Once you make your list, stick to it. Don't buy silly stuff in the check out line or add more people to the list. Trust me, most of the people you know have more stuff than they will ever use anyway. Just stay focused and stick to the list. That's how Santa Claus does it too, so you are in good company!
What if spending ANY money will get you into more debt? Well then it's time to get creative and find very low cost ways to give nice gifts-make ornaments for people, bake cookies, grab the 3 for $10 candles at Michael's or check out Pinterest for some amazing ideas that are super cute. One thing we are doing to save money, is making these adorable mason jar Santa and Elves for my exchange student's teachers-they cost less than $2 each and they are so cute! Think outside the box and keep your spending down. The people that love you will be happy to get something thoughtful from you and won't love you any less if you don't spend a fortune (and if they do..rethink your tribe lady).
List Two-It's time...I want you to make a list of ALL of your debts-credit cards, cars, furniture, luxury items, house/mortgage, etc. Now, check the list twice and find your LOWEST balance item. Maybe it's your credit card, maybe it's your car...I don't care which one it is but identify your lowest balance immediately.
Unless you are going to default on your mortgage by doing so (and in that case, send me a DM @thebossladyinvestor as we need to chat and get you more on track), I want you to send a $25 EXTRA payment to that line of credit today...yes...today.
Next, I want you to login online to your account (and for this step I highly suggest repeating for all of your debt accounts-just the minimum payment autopay part). I want you to set up an autopay for the minimum monthly payment so that you never miss a payment and never get charged late fees or extra interest.
Good job chica! You're almost there.
Our final step for today, is that I want you to pick ANOTHER day of the month and come up with an amount that you can realistically pay additional towards the debt that has the lowest balance (which is the debt we are going to start tackling...today). $100/month? $25/month? $250/month? Maybe more? Whatever your number is, I want you to type that in and set up another autopay each month for that amount...but wait...before you hit SAVE...I want you to add 20% more to that number (so if you said $100, make it $120, if you said $25, make it $30...you get the point). Yes, that's right. You can do it mama. Whatever your number was, stretch it just a little bit more.
That's it. You're done for the day.
I am SO proud of you! You are now one step closer to being debt free! I would love for you to DM me on Instagram @thebossladyinvestor.com and let me know what bill you have set to get paid off first. Don't worry-there is no judgement as I am doing this today too...but by telling someone what you are doing it makes you more accountable. So I am here for you Boss Lady. I know you can do it and can't wait for the day you message me that it is done.
One more thing...we have some exciting news that you won't want to miss coming soon. Stay tuned and get ready to live the life of your dreams! We can't wait to tell you but it's a secret for now.
In the meantime, keep being a rockstar and kicking ass out there.