Finding More Money to Apply Towards Your Debt

After you have made your budget you may find that you just don't have any extra money for paying your debt off faster than making the minimum payments. Now is the time to get focused, a little creative, and crazy!

Many years ago I served as missionary for The Church of Jesus Christ of Latter-Day Saints for two years in the area south of Santiago, Chile. I began in a small rural community called Peumo. I remember visiting people in homes that were about 30 feet by 30 feet with only two interior walls enclosing a 4 foot by 4 foot bathroom (see diagram below). It was not uncommon to see a husband, wife, children, and sometimes a grandparent all sharing the same house often with only a sheet hanging from the ceiling to provide privacy for the married couple. Some homes had a television, all were older models, and most people did not have telephones. Most people rode bicycles or took public transportation anywhere they needed to go.

I tell this story so you can seriously look at your budget and ask yourself what you can do without for a while so that you can eliminate your debt! Ask yourself what do you HAVE to have versus what you WANT to have. Do you really need cable television, Netflix, a data plan on your cell phone, and to eat out for lunch? Hey go crazy, how about cancelling your cell phone for a year or two while you get rid of your debt. We had a friend co-present at one of my financial management classes and she has never owned a cell phone. Think of the money she has saved over the years by avoiding this financial stalactite.

When my wife and I decided it was time to get our financial lives in order we realized we were in a house that was too big for our britches. While we loved the neighborhood and the house the 30 year mortgage didn't fit into our financial plans. It was a sacrifice to move but the definition of sacrifice is the act of giving up something valued for the sake of something else regarded as more important. The financial peace we received by not having such a huge mortgage has been well worth it.

Your sacrifice doesn't have to be forever, just long enough to eliminate the consumer debt and get you back in charge of your finances. So if you feel like you don't have any extra money I want you to think inside the box, that is, remember a 30 x 30 box where people live very happy lives without much of the 'stuff' we 'need' in our lives!

Just Learn to Grow Debt Free!