My 2014 Debt Repayment Plan

Catchy Title eh?

I bet most of you are thinking you will see some colorful pie charts, fancy bar graphs, motivating line graphs, or sexy spreadsheets analyzing down to the tiniest detail my 2014 debt repayment plan.

I hope I don’t disappoint too many of you (although longtime GMD readers will know that charts, graphs, pies, cakes, spreadsheets, blah blah aren’t really my style) but in this post I will reveal in full detail my plan to get out of debt.

My plan is so simple that anyone can do it as well. It’s also so effective that chances of failing are slim to none. What’s the secret behind a simple and effective debt repayment plan that never fails? *drum roll please* 

JUST DO THE BEST YOU CAN…(and make more money!)

Doing the best you can means giving 110% effort. All the time. No excuses. It’s not a race, so run at your own pace until you cross the debt-free finish line.

It won’t be easy. There will be roadblocks that will set you back and disappointments that will make you feel like giving up but you just don’t.

You pick yourself up, write a blog post about it, and move on.

I’ve always been a debt blogger who leans more to the side of making more money rather than living in extreme frugality to pay off debt faster but I think a mixture of the two works best.

Side hustling will mean sacrificing some of your valuable free time so try to pick something that you enjoy. Are you a dog person? Try dog-walking. Math Nerd? Tutoring pays well.

I am fortunate enough that my hard work with Girl Meets Debt has given me the opportunity to monetize it a bit and in turn accelerate my debt repayments. Remember how I paid off over $18,000 in 2013? That could have been possible without the blog, but in having the blog, I was still able to live my life the way I wanted, minus a few dinners out, and still buying the occasional pretty little things.

What does debt freedom feel like? I have no clue, but I imagine not having to worry about money to being the closest thing to financial paradise.

I thought I would end this post with some of my favorite “just do the best you can” type quotes to help you feel inspired and motivated about paying off debt this new year.

If you try to do your best, there is no failure – Mike Farrell

Never give up on something that you can’t go a day without thinking about. - Unknown  

My philosophy is that not only are you responsible for your life, but doing the best at this moment puts you in the best place for the next moment. - Oprah Winfrey

Doing your best means never stop trying. – Benjamin Franklin

Your debt isn’t going anywhere. Do your best to pay it off now. Your future self will thank you. – GMD

47 Comments on My 2014 Debt Repayment Plan

  1. lizNo Gravatar
    January 4, 2014 at 9:04 pm (4 months ago)

    I like your plan. I would be satisfied with myself if all I did was do my best. I am going for a similar strategy in 2014. We have a figure in mind for the amount of debt we would like to pay off.. but we will do what we can. Who knows what’s in store for 2014! Best of luck!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:34 am (4 months ago)

      My debt goal for 2014 is to pay off $20,000 and I will do the best I can to make it happen but if I happen to fall short, I won’t be too disappointed because I know I gave it 110% of my best effort.

      Reply
  2. Done by FortyNo Gravatar
    January 4, 2014 at 9:39 pm (4 months ago)

    Shouldn’t there be some chart showing how much effort you’re putting into your debt repayment?

    I agree with the idea that using frugality and maximizing income, together, is the recipe for success. We all gravitate towards one or the other, and I guess that’s why so few blogs try to combine the two.

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:37 am (4 months ago)

      LOL at the chart showing effort. :P

      People do tend to gravitate towards making more money or living in extreme frugality and I think both are fabulous but it’s true that you rarely see both ideology combined on blogs…

      Reply
  3. Clarisse @ Make Money Your WayNo Gravatar
    January 5, 2014 at 3:54 am (4 months ago)

    I really do believe in this quote “If you try to do your best, there is no failure”. Great plan, for sure many of your readers will follow this strategy.

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:38 am (4 months ago)

      Thanks Clarisse. I hope they do!

      Reply
  4. Kasey @ Debt PerceptionNo Gravatar
    January 5, 2014 at 8:07 am (4 months ago)

    It’s kind of sad that debt is something most people can’t go a day without thinking about. :/

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:38 am (4 months ago)

      I know I never go a day without thinking about my debt. :(

      Reply
      • La Tejana @ Debt Free TejanaNo Gravatar
        January 5, 2014 at 9:53 pm (4 months ago)

        Haha, that quote resonated with me the most. At least we know we’re all thinking about it everyday!

        Reply
  5. Debt HaterNo Gravatar
    January 5, 2014 at 10:32 am (4 months ago)

    I like your get out of debt plan for 2014, seems like a pretty solid way to keep making progress ;) And like you said, there are no excuses as the execution of the plan comes down to one thing; the effort that you put in yourself!

    I’m definitely the opposite when it comes to numbers, as I like to see all the numbers in front of me and do all the comparisons and different ways that things could go. I think I’ll keep it simple for my overall repayment goal for 2014 though. When it comes to the different loan amounts, interest rates, etc is where I’ll spend most of my time deciding the actual repayment strategy!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 11:26 am (4 months ago)

      As long as you keep doing the best you can, progress WILL be made! I look forward to hearing more about your debt repayment strategy!

      Reply
  6. Dear DebtNo Gravatar
    January 5, 2014 at 11:12 am (4 months ago)

    Love this! I like keeping things simple. I also can’t go one day without thinking about my debt. For me, it’s all about making more money. I live pretty frugally, and yes I could cut out all the dinners and travels, but I would be even more miserable. I’m always on the look out for a side hustle. This year my plan is to refine, go on frugal fun adventures, and hustle. Hope you are having a nice weekend. We can do this debt repayment thing!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 11:28 am (4 months ago)

      The more simple the plan, the less likely to fail right? Or I should rephrase that – the more likely to succeed. :P This debt repayment thing doesn’t stand a chance against us M!

      Reply
  7. moneystepperNo Gravatar
    January 5, 2014 at 1:36 pm (4 months ago)

    Love the plan, love the quotes and love your attitude for 2014. However, you are right that I’m disappointed about missing pretty graphs!! :)

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 2:10 pm (4 months ago)

      I hope the quotes made up for the lack of pretty graphs! :P

      Reply
  8. LNo Gravatar
    January 5, 2014 at 4:05 pm (4 months ago)

    good luck on the debt repayment, I’m sure you will kick some butt :) Looking forward to reading all about it!!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 4:19 pm (4 months ago)

      Thanks for reading and cheering me on L! :)

      Reply
  9. Tonya@Budget and the BeachNo Gravatar
    January 5, 2014 at 4:47 pm (4 months ago)

    Always good to provide yourself and readers a little inspiration to start off the new year!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 4:53 pm (4 months ago)

      I think so too Tonya. :)

      Reply
  10. annaNo Gravatar
    January 5, 2014 at 6:49 pm (4 months ago)

    Not quite a doing your best quote, but a great motivational quote nonetheless – “Nothing is impossible, the word itself says ‘I’m possible’!” (Audrey Hepburn). You definitely gave it 110% in 2013, and I can only see your blog grow even more this year! You got this, girl xo

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 7:01 pm (4 months ago)

      Ohhh love that quote. Love Audrey Hepburn as well! I hope Girl Meets Debt continues to grow in 2014…fingers and toes crossed. :)

      Reply
  11. MichelleNo Gravatar
    January 5, 2014 at 7:19 pm (4 months ago)

    Love your plan-simplicity at its best! Am looking forward to reading about your progress.

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 7:30 pm (4 months ago)

      Thanks Michelle. It is simplicity at its best eh? :D

      Reply
  12. AliciaNo Gravatar
    January 5, 2014 at 7:38 pm (4 months ago)

    That is a great way to go about it! I’m a numbers person myself (and so engines go over the top with it), but I like your approach. Progress is progress. That being said, I really hope to meet my debt repayment goals.

    Good Luck for $20k Wendy!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:48 pm (4 months ago)

      I like your fancy charts/graphs Alicia. ;) Good luck with your debt repayment in 2014. I’ll be following your progress and cheering you on!

      Reply
  13. Michelle @fitisthenewpoorNo Gravatar
    January 5, 2014 at 8:06 pm (4 months ago)

    With my husband unemployed, our motto has to be the “do the best that we can.” But with your resilience I can easily see you paying off 20k!

    Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:49 pm (4 months ago)

      Thanks Michelle. :) I sure hope you are right!

      Reply
    • GMDNo Gravatar
      January 5, 2014 at 9:59 pm (4 months ago)

      Thank you Le Tejana! I will do it! :D

      Reply
  14. Holly@ClubThriftyNo Gravatar
    January 6, 2014 at 6:17 am (4 months ago)

    Great plan GMD. You should always do the best you can to pay off debt…it’s not going anywhere until you do! =)

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 9:09 am (4 months ago)

      Nope. Debt won’t go anywhere until you do something about it.

      Reply
  15. Laurie @thefrugalfarmerNo Gravatar
    January 6, 2014 at 6:26 am (4 months ago)

    We have the same exact debt payoff plan, GMD, and doing things the best that you can, for your own situation, works so well, doesn’t it? Here’s to awesome success for you, us, and all of those out there working toward debt free. :-)

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 9:10 am (4 months ago)

      I second that success to me, us, and all those out there working hard towards being debt-free!

      Reply
  16. Grayson @ Debt RoundupNo Gravatar
    January 6, 2014 at 8:30 am (4 months ago)

    That is the relatively the same plan that I used when I was in debt. I cut expenses enough, so then I focused on making more money. That was the only way it was possible without taking forever.

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 9:11 am (4 months ago)

      I hope to mirror your success with debt repayment Grayson! :)

      Reply
    • GMDNo Gravatar
      January 6, 2014 at 9:39 am (4 months ago)

      Possibly. But I think there are even more people out there who really are just trying their best with debt repayment. Or maybe I had too much optimism in my coffee this morning. :P

      Reply
  17. therandompathNo Gravatar
    January 6, 2014 at 9:41 am (4 months ago)

    “Your debt isn’t going anywhere. Do your best to pay it off now”. So, so true. I am determined to make some headway with my consumer debt this year!

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 10:03 am (4 months ago)

      Go Mackenzie Go! :)

      Reply
  18. AliNo Gravatar
    January 6, 2014 at 10:21 am (4 months ago)

    i just love your positivity!!! I have a break in my work contract coming up, where are 30 years old I have decided to move home to save money on rent for a few months. Whilst I have a little saved up, I still have CC-debt looming so I know I can’t rest on my (pretty bare) laurel’s. Your blog is great motivation for me to be creative when looking for extra income. Happy New Year beautiful girl!

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 11:33 am (4 months ago)

      Thank YOU Ali for your sweet comment. Comments like this is why I continue blogging. :) Happy New Year to you too and good luck with your credit card debt repayment!

      Reply
  19. Hayley @ A Disease Called DebtNo Gravatar
    January 6, 2014 at 1:07 pm (4 months ago)

    Love this GMD! I intend to make more money this year through the blog and any other side hustles I can manage! Love the second quote about not giving up on something you think about every day – I definitely think about my debt every day without fail. In a good way though these days… as I’ve now gotten a handle on it at last. P.S. Happy New Year! xo

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 3:44 pm (4 months ago)

      I miss seeing you around the blogisphere Hayley! Welcome back. :) I think about my debt everyday too…I can’t wait to never think about it again!

      Reply
  20. catherineNo Gravatar
    January 6, 2014 at 6:10 pm (4 months ago)

    I want to pay off 20k in principal. My minimum payments are almsot 20k per year so I want to make at least enough extra to couterbalance the money wasted on interest!

    Reply
    • GMDNo Gravatar
      January 6, 2014 at 6:25 pm (4 months ago)

      I want to pay off $20k in principal as well! Good luck to both of us! :)

      Reply
  21. KK @ Student Debt SurvivorNo Gravatar
    January 7, 2014 at 3:20 pm (4 months ago)

    Blogging has been such a powerful and beneficial tool for me. When I was paying off student debt I had a whole host of supportive blog friends who helped me keep plugging along. Now that I’m student debt free, I’ve focused my attention to saving and the same “Just do the best you can” mantra works just as well now as it did then. Great advice.

    Reply
    • GMDNo Gravatar
      January 7, 2014 at 3:27 pm (4 months ago)

      My supportive blog friends really are priceless! :)

      Reply

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