After the emergency fund challenge, which was very successful in motivating me to become more well-disciplined in handling my finances and in being more productive with my time for the benefit of my finances, I’m launching another money challenge for myself, the Zero Credit Card Debt Challenge.

I am in the process of eliminating credit card debt chunk by chunk every month. The money I owe amounts to an approximate of $850. Why didn’t I use my emergency fund to get rid of this credit card debt? The reason’s here.

How do I plan to finish paying off all of that $850 and how much time am I giving myself? Same way as how I earned money for my emergency fund challenge - being thrifty and getting jobs for extra income. Those two are the methods that I found to be very effective, especially the extra job thing, so why not just rinse and repeat, right? However, this time I’m giving myself three months to come up with that extra $850. An extra $850 may not be that much of a money for you, but it is for me mainly because as I’ve mentioned on my response on a comment on the post about why I’m only needing $200k for my retirement fund, one dollar gets multiplied to about 45 times in my country - Philippines. So this should be a big feat if I accomplish it.

Join me?

Tags: credit card debt, debt challenge, pay debt