As a stay at home mom, I jumped into the world of direct sales for more than monetary reasons.
One of the benefits of being my own boss is the opportunity to use my direct sales income to pay off debt faster.
I’m sure you have some kind of debt you would love to tackle. Maybe it’s a credit card, a car, your home, or student loans.
Whatever it is, these 4 steps will show you how to get rid of debt with your direct sales income.
Write It Down
However big or small your debts are, the first thing you will need to do is write down exactly what debt you are looking to get rid of.
You don’t need a fancy app or spreadsheet for this, just simply use a notebook, a debt planner, or even the notes section of your phone.
Make a note of the debt, how much you are looking to pay off, and if you are ambitious, a date in which you would like that debt to be paid off.
Do The Math
Here is where most people stop.
They know what debt they would like to get rid of but when they need to get into the details of HOW to get there, they become overwhelmed and stop.
Fight that urge! You can do this!
Take your goal and break it down.
Let’s say you have a debt of $500 that you would love to get rid of in 6 months. Easy enough right?
Each month, you would need to put $83 towards that debt to get it down to $0.00 (not including any interest accumulation).
Take it one step further and see how much of your direct sales income needs to go towards your debt pay off.
Want to get rid of the debt faster? Use your full paychecks solely for your debts and they will be gone before you know it!
Be Accountable
Money management isn’t something that is terribly interesting and having an accountability partner will help to keep you on track.
Find someone who will commit to checking in with you every week to see how you are doing with your goal to pay off your debt.
Set up a reminder on your phone once a week to spend 5 minutes going over your goal, how far you have come, and evaluating the best way to stay on track to pay off your debt.
Celebrate Success
Any time your debt is paid off, wiped down to 0, and you have said “sayonara” to writing those checks, give yourself a huge high five and celebrate that success!!
You did it!
It isn’t easy by any means and it does take discipline and a positive mindset. Celebrate the best way you know how.
Treat yourself to something sweet or a special drink in the evening.
Whatever it is, recognize your achievement and you will soon be thinking, “what can I accomplish next?” You will find your list of debts shrinking and your expendable income growing.
Most direct sales business have some sort of start-up kit investment. Don’t worry! There are ways to start your direct sales journey debt free! Starting your direct sales adventure debt free ensures your very first paycheck will be put to work by paying off your debts.
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[…] IT OFF: You might be using your direct sales income to pay off debt you have accumulated over time. Calculate how much of your direct sales income needs to go to […]