If you’re wondering how to get out of debt ASAP, spoiler alert: it isn’t gonna happen overnight (ugh!).
However, when I teach, Best Money Class Ever, my signature 4-week LIVE personal finance class and do money coaching, I teach a method to pay off debt (excluding your mortgage) within 36 months or less. There’s an entire two-hour lesson on this. Of course, I can’t go over it all in a blog post, but let’s dive into the basics on how to get out of debt ASAP!
It isn’t easy getting out of debt and building savings.
…but I get it! You still want to taste the financial freedom ASAP. Plus, it’s time to have your own hot girl summer traveling and doing all the things!
If you want to pay off debt, but feel stuck, then you’ll love the Spartan Method, I created on how to get out of debt ASAP! I answer the much-debated debt dilemma of whether or not to pay the smallest debt or highest interest debt first!
How to Get out of Debt ASAP!
Think about this: how many years did it take you to accumulate ALL the debt you currently have? Probably YEARS, maybe even decades, to owe what you owe now with student loans, car loans, credit cards, medical debt, and ‘I owe you’s.’
It took your years to get here, you aren’t gonna get out of debt without a good fight.
To get out of debt ASAP, you need to become a Spartan.
Sparta was an ancient Greek city-state. The Spartans were known for their discipline, structure, and endurance. The 300 Spartans fought against the much larger Persian army.
You may have seen the movie 300, where King Leonidas (or Gerald Butler) yells, “Sparta, this is where we FIGHT! AHH.”
Have discipline, structure, and endurance with your money.
To get out of debt pay $300, or more, towards your highest interest debt each month. Why pay $300 more? Be like the Spartans: few, but strong.
Three hundred dollars extra to debt is small enough pretty much anyone can do it by cutting a few things or bringing in an extra income on the side.
Paying three hundred extra monthly towards debt, is big enough to really make huge progress to get out of debt.
I do also push my Best Money Class Ever students to get out of debt within 36 months or less. It’s easier to make short-term sacrifices if there’s an end in sight.
How the Spartan Method to Get out of Debt Works
You’ll pay all the minimums on each debt, plus pay an extra Spartan amount of $300 or more to the highest interest debt each month.
When the highest interest debt is paid, you’ll take what you were paying towards that debt, plus the extra Spartan amount to pay towards your next highest interest debt. So on and so forth until you’re debt-free. And when you’re debt-free you let me know!
Here are past students who’ve paid off debt:
- Meaghan paid off $3,135 in credit card debt in three months
- Claire saved her first $1,000 for retirement two months
- Jessica and Daniel paid off over $21,000 within a year of taking the class
- Loren and Bryce tripled their net worth in two years
- Kim paid off $45,404 in 28 months
- Samantha and Stan paid for a truck with cash
- Ashley saved $10,000 for a rainy day and paid off $15,000 in medical debt
- Jessica and Matthias paid off $61,000 in debt in 20 months
Here’s an example of the Spartan Method
Let’s take what could be considered a normal debt-load. For example, Average Joe owes $39,723 in student loans, car loans, credit cards and his current monthly debt payments are $889.
By paying $300 extra towards the highest interest debt, he’ll pay $1,189 towards debt every month (even as his debts are paid off), and be debt-free in 36 months.
It’s amazing what you can do when you have a plan, with a deadline.
I know it can seem impossible to pay extra monthly towards your debt. When Best Money Class Ever starts, you’ll learn epic ways to cut your expenses and increase your revenue to pay extra to debt. Be sure and enroll now. You need this class!
You’ll see exactly what it takes to get out of debt in 36 months or less. I created an amazing debt calculator. You enter your current debt monthly payments, interest rate, and how much you owe in total on each debt. Just like that, you can see exactly when you’ll be debt-free.
With discipline, structure, and endurance you can pay off your debt and build savings.
Of course, it isn’t easy to get out of debt ASAP. It’s hard.
Because there’s your sister’s wedding coming up, and your friends want to go to Vegas, for no reason…just because. It’s really hard getting out of debt.
You need a support system, plan, and accountability.
Best Money Class Ever, my signature 4-week class starts soon. Join me in class for an entire live 2-hour lesson on how to get out of debt and see exactly what it’ll take for you to be debt-free within 36 months or less with your very own debt calculator.
Get the details here! You need this!
P.S. If you have friends, family, or coworkers who always geek out on personal finance, then share this with them. When you enroll in Best Money Class Ever, you can bring a friend for free! Don’t miss out, class is only available once a quarter. The summer class starts July 7th!