You’ve been here before.
You were rocking and rolling on paying off debt, when all of a sudden…your old spending habits snuck back in.
Maybe you set a budget, only to blow it a week later. You had money in the account, so you could spend it anyway. It was just this one time, right?
Except it wasn’t. One poor spending decision snowballed into two and then three and so on.
Before you knew it, you were hundreds of dollars off budget and nowhere near your goal for paying off debt this month. How did this happen?
Does any of this sound familiar? I know I’ve found myself in this situation more times than I can count.
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It’s time to get back on your debt payoff track. But how do you pick yourself up when you’ve fallen so far down?
The answer may be simpler than you think.
Step One: Damage Control
Take an assessment of just how much you’ve really gotten off track. If you don’t face the problem, it’s too easy to ignore and to let happen again. Dig through receipts and your bank account to see how much money you’ve overspent.
Is it worse than you imagined? Or did you spend less than you realized? Did you overspend from your budget, or did you rack up more debt on your credit cards?
These are questions you need to ask yourself so you can move on to the next step.
Step Two: Start With What You’ve Got
You wrote out a budget and planned exactly how much debt you could pay off this month. But now that you’ve blown your budget, you know there’s no way you can still hit that goal.
So what? Anything is better than nothing. Evaluate your budget for the rest of this month and see how much money you can put towards your debt payoff now. Even if it’s only $50, making that extra payment will get you back on track to making those bigger payments again.
Step Three: Find a Way to Make Your Debt Payoff Goal Still Happen
If you’re set on hitting your debt payoff goal this month, brainstorm ways you could come up with the money. Just because you’ve overspent doesn’t mean it’s not possible to make up that money in some other way.
Come up with a list of odd jobs you could do for others to earn some debt payoff money. Go around your house and sell items you no longer need. Take it a step further and DIY an old furniture piece or repair a broken electronic to instantly raise its value before you sell it.
Think out of the box and find the money to hit your goal.
Are You Ready to Pay Off Debt Again?
Having a bad month with your spending does not have to be the end of the line for your debt payoff goals. By following the three simple steps above, you can be back on track to paying off debt in no time!
Have you recently fallen off the debt payoff train? Are you ready to commit to get back on track with paying off debt again? Share your story in the comments below!