One of the goals my husband and I have is to pay down the majority of our debt this year, which is a mix between student loan debt (approximately 65% of our debt) and credit card debt (approximately 35% of our debt) that was acquired while my husband finished his Ph.D. We are in gazelle intensity mode, paying down as much as we can as quickly as possible. Thus far, we have paid down approximately $5,000 in 11 weeks. However, this intensity is not sustainable over the long haul.
While Dave Ramsey speaks endlessly about gazelle intensity, when you have debt that is tens of thousands of dollars, you may not be able to be gazelle intense for the entire time you are paying down debt or you will face burn out. If you are aggressively paying down debt, take the time to recoup occasionally. Here are some tips to remember for avoiding gazelle intensity burnout:
-Taking a break is better than burning out. Gazelle intensity can be stressful on a family. There may be little family time because so much time is spent making extra money to pay down debt. Sleep may also be in short supply, leading to grouchiness and petty arguments. It is much better to take a break for a few weeks or a month, continue to make your regular payments, and then pick up gazelle intensity when you feel refreshed. If you don’t take a break, you run the risk of burning out and not making any progress or incurring new debt.
-Slowing down is okay. Maybe you are working hard enough to pay an extra $1,000 a month on your debt. If you find that your life or family life is suffering, perhaps cut down on the extra hours of work and only pay an additional $500 a month on your debt. True, the debt won’t go down lightning fast, but you are still paying extra and making better progress than you would be if you just paid the minimums.
-Remember that the debt will eventually go away if you aren’t incurring new debt. If you stop taking on any more debt and make your monthly payments, the debt will go away eventually, even if you are not gazelle intense.
-Take advantage of snowflaking. If you have to slow down on your gazelle intensity, you may still be able to pay down your debt more quickly in a less time intensive way than working an extra job by snowflaking any extra money you get. If you are going to get a big tax refund this year, why not put the entire balance on your debt? Save change throughout the month and snowflake it as well as any money you save by using coupons, for instance. By doing this, you are still making a positive impact on your debt.
Gazelle intensity is something Dave Ramsey endorses and millions of people try to do as they get out of debt. For a few months, pure gazelle intensity is possible. However, if you have so much debt that even with gazelle intensity you may face 18 to 24 months or more to get out of debt, gazelle intensity for the entire time may not be possible. Be willing to take breaks occasionally or lighten your workload when necessary. Getting out of debt is not worth sacrificing your health or your personal relationships.
This post was written by staff writer Melissa.
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I love this post. I think another strategy to insert is to set interim milestones and give yourself a small reward when hitting them. If you’ve going for a payoff of a $10k loan, set a milestone at $9k, then another at $7.5k and then $5k and so on. Reward yourself with something small when you hit them. That will keep you focused and you’ll then re-group to hit the next goal. Before you know it, the whole thing is gone!