My Plan

Here’s what I’m doing to get out of debt:

1. Working as much as possible.  I have a full time job (in addition to being a full time student) and a part-time job.  I am regularly offered additional research jobs as well.  Basically, I won’t say no to paying work.  Every little bit helps me get to goal faster.  Having a plan makes it easier for me to stay motivated through all the long hours.
2. Cutting my expenses to the bare minimum.   My bills are limited to rent, food, car insurance and gas, cell phone, and debt payments.
3. Restricting spending.  This is sometimes easy and sometimes very difficult.  I am bound to mess up occasionally, but I will try to make more good decisions than bad.  That means eating in, not shopping, and not going out too often.
4. Budgeting every month.  Right now I am planning out my finances all the time and not just at the first of the month.  I want to keep my eye on my money and know where it’s going.  Every dollar should be accounted for.
5. Paying down debt using the Snow Ball method.  This means that I have listed out all of my debts and am paying down the smallest first.  The idea is that paying things off easily at first will motivate me to keep going.  I paid off my first card in December 2009 and I hope to pay off my last by December 2010.
6. Blogging to hold myself accountable, keep myself motivated, and work through some of the issues that led me to debt in the first place.