In college I took accounting. Read as: I know debits and credits and I learned enough to pass the class. This in no way prepared me for the real world of personal budgets, 401k's, life insurance and so on. Let me just put this out there - managing money is scary if you don't know what you're doing - especially if it's your own money. A while ago I started following The Everyday Minimalist. Reading her blog, partnered with the awesome advice of my friend Nikki I've created a budget - and am sticking to it!
My goal is to pay off my student loan an entire year early - and I think I can do it!
Along with sticking to the budget - I've started getting rid of things. For a twenty-something I have a lot of things. I started with the closet donating everything I haven't worn in the past year. It was hard.
This is going to be a slow process - but, I'm determined.
Not needed line items that are now obsolete: $100/month - Cable - I have regular channels thanks to some bunny ears from Nikki's husband (blog, twitter) $30/month - Ozarka home-delivered water - I invested in a $30 Brita filter
This $130 now goes to my student loan debt. It only be $130. But, $130 x 12 = $1,560.
I need advice though - what do you do to stay on budget? What are your motivations?
Update: Chris from Man on the Door has a spreadsheet to help you snowball your debt. It's pretty nifty.