Gather Little by Little

I often struggle with my weight, eating properly, getting exercise and all that goes with it. I have learned the one way to motivate myself is to visualize the goal. To think about how it feels to bend over and tie my shoes without losing breath, to imagine being able to button one’s pants without holding my breath and to imagine not having the extra weight on my knees.

I am asking everyone to take a minute today to visualize debt freedom. We all have the goal and sometimes we all need a little encouragement to keep on fighting. To help with the exercise, take a pencil and a piece of paper and write down the monthly payment for every debt for which you have to make a payment. These are not my payments, but just a few examples to get us started:

• School Loans: $225
• New living room furniture installment: $45
• House payment: $1,100
• Car Loan payment: $300
• Home Equity Line of Credit: $122
• Credit Card #1: $75
• Credit Card #2: $105

Fill in your own numbers and add them up. Then sit back in your chair and close your eyes. In your mind, appropriate the money that you are no longer sending to creditors. Figure out how you would save the money you now have in your bank account every month:

• Contribute $300 toward a six month emergency fund
• Max out employee retirement match: $200
• Start saving for your next car: $300
• Let your spouse spend a little extra on whatever he wishes: $50
• Start giving your kids an allowance: $20
• Buy some more life insurance: $50
• Contribute toward a health savings account: $200
• Get Lasik eye surgery: $852

The possibilities are endless and hopefully the goal of debt freedom is inspiring. For some of us, debt freedom might mean that we could be a single income family once again. Aaah  . . . wouldn’t that be nice. I feel rested and invigorated.

Now wake up and get back to work! Do not stop until your debt is gone!

Article by Stew

Photo by goosmurf