When getting out of debt I started with my credit card debt. I had 5 cards with balances ranging from $500. to $2k, The snowball method worked best for me because I liked the instant gratification and it motivated me to keep on until I paid them off.
When I got out I f debt I started with Dave’s baby steps. It worked for me because of the burning need for me to achieve the goal that I needed to get out of debt for. We were moving and I moved 5 months ahead of my family. For us to be reunited I needed to eliminate the debt. So I did.
I definitely did a "custom" approach. At the time I really didn't have a "method" I was following. Just went with "logic." I had a zero interest card I tackled first so I didn't accumulate interest (it was for dental work). And I had some credit cards, I am not sure I even knew the interest rate, and I actually tackled the highest balance on those but that was because of how large the payment was (so Kiyosaki?) And then student loans cause they were pretty low interest, I consolidated so I wasn't making 4 separate payments.
That's awesome Meghan- your method makes total sense to me! But you could have chosen another method and I probably could see the "why" behind it too! I'm just glad you did it the way that works best for YOU! And congrats on getting out of debt!
When getting out of debt I started with my credit card debt. I had 5 cards with balances ranging from $500. to $2k, The snowball method worked best for me because I liked the instant gratification and it motivated me to keep on until I paid them off.
When I got out I f debt I started with Dave’s baby steps. It worked for me because of the burning need for me to achieve the goal that I needed to get out of debt for. We were moving and I moved 5 months ahead of my family. For us to be reunited I needed to eliminate the debt. So I did.
I love that for you! Congrats on your financial progress!
Right. Fractured focus slows us down. In money and in business!
"fractured focus" - great alliteration! And yes, applies to business too!
I definitely did a "custom" approach. At the time I really didn't have a "method" I was following. Just went with "logic." I had a zero interest card I tackled first so I didn't accumulate interest (it was for dental work). And I had some credit cards, I am not sure I even knew the interest rate, and I actually tackled the highest balance on those but that was because of how large the payment was (so Kiyosaki?) And then student loans cause they were pretty low interest, I consolidated so I wasn't making 4 separate payments.
That's awesome Meghan- your method makes total sense to me! But you could have chosen another method and I probably could see the "why" behind it too! I'm just glad you did it the way that works best for YOU! And congrats on getting out of debt!
Are you going to do a video on debt management? This one was pretty good. Great advice!
I can certainly add it to the list!