Let’s start a fun game to test your focus. Watch the following video to see if you’ve got what it takes! Keep your eyes on the green shirt people. Good luck!
Did you notice everything? Probably not, there’s too much going on at the same time! Compare life to this video; if you have too much going on & too many debts to pay out it becomes very difficult to make reasonable decisions.
The average decision typically takes less than a minute & most cards are so easy to use; just tap and go! With so much convenience to consume it’s understandable why people get carried away with indulgences!
In my case I’m offered a new store credit card with 20% my first purchase. Done, I had to by gifts for a holiday coming up anyways. My buddy calls for a beer… can’t let him down! Then its the groceries, hobbies, gas & the list goes on. Pretty soon I’m stressed out and need a vacation. So many great ideas and several credit cards to pay with. No budget but that’s life right? Well..here’s what a former employee of Apple had to say about too many good ideas.
“People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.” – Steve Jobs
You may not own your own software company but when you have too many expenses going on, your brain gets overloaded, then stressed, then you’ll likely want to indulge to feel better again.
Crystal Paine of moneysavingmom.com and author of, “Say Goodbye to Survival Mode” admits
“I unwisely said yes to numerous
other good things until I landed myself into near-breakdown state.
It was only then that I woke up to how out of control my
life and schedule were.”
I’ll outline the three ways you can use to be able to eventually pay off everything on your own.
Count every dollar that you spend
We gotta know our limitations & be realistic. Overspending is yesterday, focus & make a budget for tomorrow.
For a budget calculator click here
Look at all of your credit card & loan debts (not mortgage, not car). Find the ones with the highest interest rate & pay as much as you can to these one’s first. Once that first debt is completely paid off then focus on the second highest and third highest until all of the debts are paid in full. Pay the minimum balance to the other debts with a lower rate until you’re caught up. Note: Try to avoid refinancing your your high interest loans.
Snowball Method (Debt Stacking)
On the other side, find the debts with the smallest balance first. Pay it off first and don’t use them again. Once you complete that, continue making payments to your larger debts. Pay as much as you can afford to these until complete.
Paying off your debt’s isn’t that hard when you have a reasonable plan & stick it out. Here’s some mental tips written by Graham Young of GY Strategies. Now if you’re in a spot where despite your best budgeting, the payments are too high then you should consider contacting me. Click here
Good luck & all the best!