When I started Peace of Mind Organizing in 2005, I wasn’t afraid of investing in it. Organizing is a fairly low-overhead business, but I was interested in getting lots of training and benefitting from attending educational conferences with my peers. A look at my credentials page can give you an idea of how I spent money on my business and professional development.
Trouble was, I didn’t really have the money to spend. So I accumulated credit card debt. Over the years, I ended up with three business credit cards. Once I stopped investing so heavily in the business, it was time to set my sights to paying off that debt.
I’ll never forget when my wise friend, Shannon Wilkinson advised me at the beginning of 2010 that the best way I could invest in my business (at that point in my business’s development) was to not spend money, but rather apply it to the credit card bills. That really resonated with me.
So I went to Bankrate.com and I used their credit-card debt calculator to come up with a schedule for paying off my credit cards by September 2011. I started by paying off the card with the highest interest rate first. I knew exactly how much I had to pay to each credit card each month, on top of whatever I’d put on a card that month. According to the plan, I would pay off the card with the highest interest rate first, then the next and so on.
And, glory be, I was able to stick to the schedule! I even finished a little ahead of schedule. Last week, I paid off the third (and last) credit card. It’s an indescribable feeling of achievement and relief for me.
Now that I’ve paid off the cards, the next step is to accrue some savings.
I’ve had emotional money issues all my life, so this feels nothing short of a miracle to me. If you feel like you’re in debt and you’ll never get out, please know I felt that way too. And if I can do it, so can you!