Pay More Than The Minimum Payment
The key with this point is to remember that interest is not your friend, especially when it comes to monthly payments. It takes away from the amount of money that you are putting on your monthly principal. Anytime I have paid off a debt fast, I paid significantly more than the monthly payment. Think bonuses at work, cash gifts, etc. – rather than treating yourself to something new, put that extra money on debt. Yes, I know, it is not how you want to spend the money, but the sooner you get out of debt, the sooner you’ll be free to spend your money on whatever you want – Interest free. Debt free. The eye opening moment for me was when I reviewed my amortization schedule for one of our previous homes. I had never really paid attention to it before, but when I finally took a look, I realized that our monthly payments were mainly going to interest. Which sparked a fire in me to get out of that debt cycle because our society is built for you to stay in it if you don’t take actionable steps to free yourself.