hello lifestyler it’s lucian if you just found my channel welcome and if you are returning welcome back thank you so much for supporting me here on sean’s lifestyle i truly truly do appreciate you um all this year all last year since i started this journey i am truly truly appreciative so today’s video is my 2021 debt elimination plan so yeah i’ve done really well with my debt um thus far and i want to kind of revise and kind of go hardcore a little bit with my debt for 2021 and this is my consumer debt um that i i had started with um i did end up getting a vehicle but i’m gonna add that into like a new plan um kind of with my auto and my mortgage that’ll be a whole different thing but um as far as credit cards personal loans um that michael that is what i’m considering my consumer debt that i want to get rid of so for this year or for the coming year 2021 there are two items that i am currently tackling to get paid off and because i ended the year 2020 doing so well paying down my debt um i decided to go super hardcore with these last two remaining consumer debts and just be done with them so i mapped out a progressive plan that i want to share with you all that will get me done with them um is as fast as humanly possible for 2021 so if you are interested in what i will be doing to get rid of those uh pesky little consumer debts for 2021 please continue to watch let’s jump right into this debt uh elimination plan for 2021 this is my new my new plum paper planner that i will be utilizing for all of my financials for the new year and i am going to go ahead and hop right into this um i did get it unbound so that i could utilize the happy planner disc method um i’ve been using coil for my planners for the past two years and just wanted to do something a little different so that’s why i switched over and i’ll be utilizing the paper mate flare and medium for my um writing uh needs so we’re going to go ahead and switch to the turn to the notes section or the what they consider the line notes in oopsie in the planner so let’s go ahead and turn there and i’ve already set up the page um i want to shout out megan at her courage to plan for sending me some uh freebies this is super super nice of her to do so i decided to froof up my plan for 2021 make it cute and interesting so that i will go back to it but what i’m going to do is i’m going to go ahead and remove this page this is so wonderful to be able to do that and just work with the page and we’re going to move the layer off to the side there and let me bring you all in a little bit bring my camera back over real quick so you can see what i’m writing and yeah this is from my etsy shop so again i’m going to be putting a lot more things out there so uh yeah if you’re into that glam or just want a little pop of something on your desk or your dresser or anything like that yeah i’ll have those out there all right so let me get back into the dead illumination plan i totally went sideways with that all right so what i did was just labeled it 2021 dead elimination plane and this is for my two current consumer debts that i’m trying to get rid of which is my american express card and my bbva compass personal loan i currently owe for my american express hundred and 4650 dollars and i owe ten thousand two hundred and thirty five dollars for my bbva compass so i am boldly going where everyone has gone before with their consumer debt and i’m trying to get this done in a 12 month period using the snowball method for those of you who are not familiar basically the snowball method is you take your lowest balances and we pay all of your minimum payments but you start from your min your lowest balance to your highest and as you pay them off you whatever you would have paid on that lowest balance the minimum payment you keep adding to your concurrent uh bills until you keep growing and growing and growing your snowball until it’s enough to pay off that debt and any extra money that you may come into you pay that off as well so what i’m doing with my american express which is now my current snowball i’m going to be kicking um the the i’m going to be kicking about 635 dollars towards it and that includes the minimum payment which i paid 165 dollars and then also my debt snowball right now is at 470 of the debt that i paid off so that equates to 635 dollars that i will be paying towards american express every month so i’m just going to go ahead and mark that it’s 635 dollars for january which then would take my balance approximately down to three thousand nine hundred and eighty dollars so i’m going to go ahead and write that in all the way down now mind you there is finance charges so this may this is just an estimate just what i’m my plan to go about it so um i may have to kick in a couple of extra hundreds here or there to get it all the way down to zero but uh i think i’ll be able to manage that through my budgeting i’ll make it work this is just the plan to get it going so that i can get rid of these so for january february march um i’m paying again the 635 dollars so it’s taking my balance down quite a bit each month and what i want to end up doing um i had and originally thought i’d be able to get it done in four months but when i really sat down and started working with the numbers realized that unless i come across some additional income or see what i can sell that could be kind of difficult to do and i don’t want to stress myself out i want to make sure that it’s doable so that i am success successful at getting it done so here we see at the end of june which is one two three four five at six months i should be at about 805 and i feel like in july i’ll just kick in that whole amount and pay that off so by doing that that would get rid of my american express goal by july which would be super awesome then what i’m going to do to pay off my bbva compass is now take of course because i’m using utilizing the snowball method is take that 635 now that will go over to there but in the mean go over to the bbva compass but in the meantime i’ve been paying i’ll be paying my 7 15 that is the minimum payment so as we’re going to go ahead and i’ll go ahead and put that in to see exactly where i will be when it’s time to increase the snowball so here that puts me at 95 february oopsie one okay i can’t write numbers all of a sudden so that’s i don’t have my notes in front of me so i’m kind of looking there and looking down and looking at the camera to make sure i’m in frame and totally multitasking here with this video so so i’m going to continue to pay my minimum payments on my bbva compass and get that down to where i will be adding in my snowball from when i pay off american express gold and you guys here i’m sure if you’re returning you know i say it all the time i’m paying my american express all the way down but i’ll never get rid of it because i like the perks of the card and although it has a 250 dollar annual membership fee it pays for itself like i i get it back in like within two months so um i’m not really um pressed about that because the rewards far far far outweigh um what i’m paying for the membership kind of like a amazon you know amazon’s 120 and everybody’s like oh that’s a lot to have but when you look at free shipping you know so you look you have to weigh you know the pros and cons of if you’re going to pay something if it’s worth having that membership and for me american express um paying that membership fee is worth having it all right so when we get to july we’re gonna still pay our minimum but that’s gonna as you can see brings us way way way down with the balance um for july and did i write something wrong i think i wrote something wrong i did i messed up so i should have written here and you know what it’s okay because it’s my planner so i don’t mind so here it should have been why y’all didn’t stop me 8090 so 80 90 here should have been 73 75 see that’s what happens when you run your mouth then this should have been 660 and this should have been 59.45 okay so when i get to here i’m at 52 30 real time planning it out y’all real time it is what it is all right so now i’m going to take that 6 35 that i have been paying and added to the 715 so now in august for my bb ba compass it becomes a payment of one thousand three hundred and fifty dollars so that takes my balance down to three thousand eight hundred and eighty september takes my balance down to 2530 and then october takes my balance down to 1180 and that’s what i would pay in november to pay it off again i know there’s finance charges so um i may have to tweak these numbers i know i will have to but this is the plan to get it down as much as possible and pay it off so in november i would potentially be done with bbva compass personal loan um so yeah that gets me to the point where i can potentially have both of these paid off uh for the month i mean for the entire year and have them paid off in november which would be super duper cool and i can move on to bigger brighter other things so yeah that is my 2021 dead elimination plan for my american express and for my bb ba compass personal loan so yeah so lasted this long thank you so much i appreciate you riding along with me within this journey comment down below and let me know if you’ve made a plan for what you’re paying off if you are on a dead elimination journey or if you completed it in what you did maybe it can give me some different ideas to tweak it but this is what i have going so far and it’s been working so kind of sticking to it so yeah if you’ve lasted this long you are a lifestyle thank you so so so much subscribe to my channel if you haven’t done so already hit the notification bell so you don’t miss any of my videos and until my next one hugs and love bye
Read More: How to Create a Debt Elimination Plan | How to pay debt Fast
