Mistake #4 Giving up too soon
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It does take some time to master a budget and still have the funds to do what you wish.
However, sticking with it will cause the momentum to start rolling. Soon you will be able to leverage your income to do some amazing things.
When your mind is no longer stressed out, fearful, and worried about providing for your family, there is peace and a strong tenacity that grows.
I absolutely know you can thrive on any size of income.
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Like this post? Check out all the rest in :
- Successful Budget Tips Series
Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!
Brigitte Pepin says
Hello! I need help making a decision. I read all I could about budgeting. I start to collect all the info. Now, I know you say that to “snowball” the payment of your debts stat with the smallest one. I understand the concept but I have debts that are interest free and some who are high interest. Do you still advise me to pay the smallest one first? Thank you for your encoraging e-mail and all the research you did to help us live free!
Charissa says
Hi Brigette, I’m so glad you are encouraged and have found a lot of information! Yes, I still advise listing your debts smallest to largest, regardless of the interest rate for a couple of reasons. You will have quick wins in paying off the little debts first. This emotional win does amazing things by showing you that you ARE making progress, that you CAN pay off all your debts, and to encourage you to keep going on the larger ones.
As you snowball the payments (making minimum payments on all but the smallest one- throwing every extra dollar on that one), once you finish paying off the first debt, you will then take the same payment and add it to the payment for the next debt. This cumulative effect will help you move very quickly through your debts, paying them off for good!
The final reason for ignoring the interest rates is that I want you to pay off all your debt as fast as you possibly can. If you are consistently adding more to each payment from snowballing and adding any extra dollar you can find, you will pay off the debt so fast, that the interest rate won’t matter because you are knocking out the debt faster than the interest can accrue.
You got this!! I am so excited for you!