Inside: Wondering what it takes to get a paid off credit card? Here’s what our family did to claw out of debt and what we learned from our journey.
In early 2016, my Hubby and I sat down to set our family goals for the year, when we realized that our credit card debt was worse than we thought. In fact, it was so obnoxious that the best we could do was go round and round in circles. Pay down the balance… watch it go back up.
Too much of our money was going towards that debt, but somehow the balances never seemed to get any smaller.
Why should hundreds of our dollars be handed to a credit card company every single month for the privilege of…what? Owing more money? We weren’t getting anything out of this deal.
Being in debt is the worst! Back when we began our journey to get out of credit card debt, I couldn’t have imagined what it would look like. We’ve paid off half of our credit card debt now, but we’ve still got a long road ahead of us.
We have changed everything about the way we view spending. In fact, we don’t really like to spend too much unless we decide that it’s totally worth our money. That’s given way to some crazy ideas to get out of debt.
Now the word “crazy” is rather subjective. Some of you will read this list and say, “Nope. Too crazy for me. I’d never do these things.”
Others will read it and say, “Psssh. She didn’t once mention rinsing out generic Ziploc bags and reusing them. This list is dumb.”
The money challenge that will set you up for success in paying off debt.
One year ago, my Hubby and I discovered a fatal flaw in all of our carefully laid plans. We were good at setting goals for ourselves each year, but we were struggling to meet them. Something was holding us back from everything we wanted to accomplish.
That something was a nasty habit called Debt.
We could see in black and white that nothing could really be accomplished until we knocked out our credit card debt. Only then could we make big changes in our lives.
The longer I blog, the more important it is to pay attention to the things that are working. With that in mind, I wanted to know which of my posts were the most read in 2016. After all, I need to write about the things that interest you the most!
In case you’re a little curious, too, here are some of the most read posts at Medium Sized Family of the year.
Not long ago we watched an old home video of Christmas morning when our oldest child was just turning 2. It was adorable, of course, and I loved looking back at how simple our life was then. But the most striking thing was watching him enjoy his gifts.
Santa had brought several toys. But only one gift held his attention. His new basketball hoop. He picked up that ball over and over. “Basket! Basket!” I watched a younger version of myself show him the other toys he’d received, but none of them held his attention like that basketball.
Watching the balance on our biggest credit card shrink over the past year has been…how should I put this? Ah-maz-ing! Our main goal in our #yearofno has been to knock out this debt every chance we get. It’s gone so well.
But there is one thing that I wish we had done differently. Something that could have made a bigger difference in our debt payments.
It’s called a sinking fund. It’s a genius (but uncomplicated) idea that prepares you for those nagging expenses that add to debt.