Have you ever heard of SMART goals? OMG, I love SMART goals! This is a big component of how I got on the right path to make such a big dent on my debt. I just needed to figure out my WHY AND MY HOW?? SMART goals help with that.

A goal without a plan is just a wish.

By failing to prepare, you are preparing to fail.”

“Plan your work and work your plan.”

For tomorrow belongs to the people who prepare for it today

SMART is an acronym for Specific, Measurable, Achievable, Relevant and Time Based. Please see the information below for further detail:

Specific: Well defined, clear, and unambiguous

Measurable: With specific criteria that measure your progress towards the accomplishment of the goal

Achievable: Attainable and not impossible to achieve

Realistic: Within reach, realistic, and relevant to your life purpose

Timely: With a clearly defined timeline, including a starting date and a target date. The purpose is to create urgency.

I took this method and applied it to my goal of being debt free. So my SMART goals for my debt free journey went like this:

Specific: I want to be 100% debt free.

Measurable: I will know that I am debt free… when I don’t owe anyone money lmfao. My student loans, personal loans, credit cards and collection accounts will all be at $0.

Achievable: I know that this is possible because I have a job, and I can cut expenses from my budget to put more money towards my goals. Additionally, I work Monday-Friday, so if I want to pay my debt off faster, I can get a part time goal. I also know it is possible because I’ve seen and heard stories of people who make less than me with the same amount of debt or more pay all of their debt off. I’ve also watched Dave Ramsey videos of people doing their debt free screams and I’ve listened to podcast of people who have paid off their debt completely. Besides, I know that I can do all things through Christ who strengthens me!!!!

Realistic: As I mentioned above, I know my goal is achievable and realistic because other people are doing it. In regards to it being tied to my life’s purpose, I know that I want FREEDOM. I want to be truly free to do whatever the freak I want to do. The debtor is a slave to their lender. And I don’t know about you, or if you’ve seen my blog photo, but my ancestors didn’t survive just for me to turn around and be a slave to anyone – FOR ANY REASON. When you are debt free and have income coming in that covers your expenses, I feel like that’s when you are truly free. And to take it another step, I want to get to the point where I have enough passive income coming in to cover my bills so that I’m not 100% dependent on my job. How can I claim to be I-N-D-E-P-E-N-D-E-N-T when I’m depending on someone to give me money for all  my basic needs? Hashtag questions that need answers

Time-Based: How much debt did I have? A bagillion dollars. haha. I wanted to do something aggressive. I had over $80,000 in consumer debt. If I could put $2000 a month for 10 months and $3500 a month the 2 months I’m paid 3x’s, plus my bonuses/ taxes that’s roughly $27,000 I can put on my debt per year with my regular salary. If I make $10,000 in bonuses and my tax refund, that’s $37,000 a year minimum. Over the course of two years, that’s $74,000— which is only SIX THOUSAND DOLLARS shy of my $80,000 debt amount. Surely I can do something to find an additional $3,000 in income for each of the two years. Therefore, I set the expectation that between my 30th birthday (October 11th, 2019) and my 32nd birthday (October 11th, 2021) I should be able to pay off all of my debt! Anything I can do to finish faster would be greattttt!!!!

And BOOM!!! Just like that, I’d come up with a plan to pay my debt off! I’m trying to tell ya’ll, once Candra makes a plan she keeps it!!! At the end of the day… my potna BIG MEECH reminded me… MY NAME IS CANNNNNNNNNNN-dra… not CAN’T-dra.

I guess time will tell how well I do with my debt pay off journey. I can tell you all by implementing this plan and several others, I  have paid off over $34,000 in debt in less than 6 months! I can only imagine how much more I will pay off over the next 12….

 

Anywhoo… WISH ME LUCK!!!!