With my husband back at work, I plan to budget and reduce debt in 2018. I have three tactics planned:
- Live off our hump. This is a strange phrase, but it make a lot of sense to me. It refers to the camel's hump of stored fat, which feeds the desert beast in the times when fresh food is scarce. I have plenty of yarn, fabric, books, and tea. Entertainment covered, right? I also have, from my Vine days, a lot of shampoo and conditioner, cleaning supplies, and office supplies. Possibly a year's worth. I have plenty of clothes at the moment. I also have a well-stocked pantry and freezer, though it won't by any means last me a year or even a month. But I think it will be fun and not too difficult to use things from my stash and my cupboards and pantry creatively to reduce my cost of living.
- Do the Debt Snowball. List your debts in order of their minimum payments, from smallest to largest. Choose the one with the lowest minimum. Pay the minimum on all the others and devote your extra funds to that first debt. Once it's paid off, apply that minimum to the next debt on the list. And so forth, until all your extra funds are going to pay off the debt with the largest minimum payment.
- Use a budget. This tells your money to stay or go, rather than allowing it to rampage around at will.