Today I’m starting something that I’ve been wanting to start for a while.

Anyone who knows me, knows that I absolutely hate being in debt.  I hate owing people money, and I especially hate knowing that there is interest on top of (most of) that debt. Just thinking about it makes me so mad!

Unfortunately for me, I got into debt before I knew how it would make me feel.  Don’t get me wrong, we are okay.  Our bills are paid on time every time, but still, when I think about how much money we could keep in our pockets by getting rid of the debt, it motivates me to do something about it.  So that is exactly what I am going to do.

I’m calling this the debt payoff challenge because, well, you know. It’s self explanatory. However, I get discouraged easily, so trying to pay off all of my debt at once is really going to frustrate me and make me want to quit.  I don’t want to have too small of a number though, because it may not motivate me at all if I just tackle a tiny debt.  So, (and without going into details about which debts I’m paying off and how much I owe on each), I’m going to start with a total that I came up with by combining a couple of different debts that I have. Let’s do this.

The debt that I want to pay off as fast as possible equals to $45,064.53. The total monthly payments for these debts is $823.58. (This is the money that I need to pay each month no matter what). The thing is, when you pay more than the monthly amount, it is interest free, so you are able to pay down your debt more rapidly.

As some of you may know, I’ve been working really hard on Poshmark and Ebay lately, and it wasn’t for no reason.  I’ve had the idea to use these platforms as a way to earn extra money in order to pay off these debts.

I’m not going to use Poshmark and Ebay to make the monthly payments each month.  Instead, we are still going to pay them out of our 9-5 paychecks, but I’m going to use my reselling money to add extra onto those payments each month.  That way, if I don’t make $823.58 in a month (which I hope I can!), I won’t be overly stressed out.

So what I’m going to do, is each month, or possibly every two weeks, I’m going to take half of the money I’ve earned and put it toward that debt, and keep the other half for inventory.  I may adjust the numbers as my income increases, but for now I think this is a good plan.  Eventually, if let’s say I start making $1,000 a month and I know that I don’t spend $500 a month on inventory, I can choose to only take $250 for more inventory and put the rest toward the debt.

The beauty of all of this is, is that it is totally flexible.  I can put as much or as little as I want wherever I want, and it won’t matter because it is completely separate from my family’s personal money.

So I hope you’ll follow along with me as I try to tackle this nasty debt!  If you have any words of encouragement for me, or any tips I may not have thought of, please leave a comment!  Also, don’t forget to subscribe to my blog so you can get notified every time I post something new!

Happy hustling!