Does shovel size matter?
Our honest answer: Yes it does! Your shovel in the debt free world is the amount of money you have to work with when paying debt. By extension ‘teamtinyshovel’ refers to low income earners who have very little wiggle room after covering basic expenses and needs. It is also for people who have a decent income but high expenses such as medical bills, lots of kids, big mortgages etc.
The truth – it is easy to tackle debt when you have high income and low expenses; so what can tiny shovelers do?!
● Be realistic, set a realistic debt free date. Your journey doesn’t need to be a quick overnight success. Choosing a ‘stretch date’ at the start of your journey could backfire and leave you unmotivated and feeling like a failure.
●Focus on small task at a time. We started our goals extremely small. Our 1st goal wasn’t even to make a debt payment. Our first task was simple – don’t use our credit cards *😱 gulp*. Completing each task gives you the boost of confidence needed to take on more.
●Find ways to increase income i.e. side hustle, extra hours, learn and start a new trade (invest in yourself). The reality for some is that you can cut and cut from now til next year but there is still no room. This is where increasing income has to become a priority.
●Create a ‘bare bones’ budget and aggressively tackle the smallest debt to free up that monthly payment. You might have to dig deep and live a bit scrappy for a period to get rid of one debt to make some wiggle room. We did this and our kids were not exempt from the scrappy life either; we were all sick and tired of the bread and peanut butter sandwiches and rice and chicken lunch but ….we had to do what we had to do!
●Sell things around the home to bring in additional income. We sold so many things our daughter asked “what’s wrong, are we poor?” The child was legit concerned 🤣
Trying the above wouldn’t get you to maximum comfort but they will give you the start needed to succeed on a debtfree journey. They are not easy but so worth it! The bottom line is that regardless of your shovel size, big/small…. Here are the facts:
You have a shovel ✔
A small shovel can still dig ✔
Do not let your current circumstances keep you from your future advances. Dig my friend and find your treasure. ⛏💰