I thought I'd give some extra 'get out of debt' motivating challenges every once in a while to help people see how much difference a small change can make.
So the challenge is:
1. Go through all your bills and add up all your debts.
-That would be anything you owe to a bank, car dealership, school, health care provider, etc. (Anything that is not a monthly living expense--utilities, rent/mortgage, groceries, etc).
2. After you have added them up, now multiply that number by 3 months, then 6 months, then a year.
-Remember that doesn't even include all the interest you'll be paying them over time too!
3. Answer this question: what would you be doing with that money if it wasn't going to the person/company you owe it to? What would your family be able to do with that money if you had it each month or within a year?
4. Start to dream. Would you be able to quit that second job you don't enjoy? Maybe you'd have enough to take that family vacation you just can't ever afford. Would you be able to set aside more toward your retire or savings for your future? Could you be more generous and give to people/organizations you've been wanting to help, but just don't have the extra money to? Maybe you'd finally have the money to fix/remodel a part of your home or yard.
Amazing how quickly it can add up, isn't it? It's just as amazing how quickly you can pay it off when you are ready to have the money to realize your dreams. What are you willing and ready to give up to make that dream come true?
That's a motivating way to think about it!
ReplyDeleteI know isn't it?!?! Especially when you see how much money you could have in a year if you weren't paying someone else! We can't wait to have all our money back! ;) Thanks for swinging by and leaving a comment.
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