It’s Take Control Tuesday, and Mansa Musa from MoneySmartLife.org continues our series on breaking free from debt.
Before we talk strategy, Mansa defines the real issue. Debt is future disposable income already committed to past spending. That’s why it feels heavy. Your paycheck arrives already spoken for and your flexibility shrinks before you even start the month.
Getting out of debt isn’t just math. It’s about reclaiming control of your future income—and lowering your stress.
Before Any Plan Works, You Need Three Things:
- Disposable income after living expenses
- Discipline to stay current on minimum payments
- A small, steady emergency fund so you don’t fall back into debt
Then you build your debt service budget. Add up all minimum payments.
Calculate your disposable income. Decide how much extra you’ll consistently apply to debt.
From there, Mansa shares four strategies:
1. The Snowball Method
List debts from smallest balance to largest.
Pay minimums on everything else.
Attack the smallest first.
When it’s gone, roll that full payment into the next debt.
Momentum builds. Motivation grows.
2. The Avalanche Method
List debts by highest interest rate first.
Attack the most expensive debt at the top.
This method saves more in interest over time.
3. The Windfall Method
Commit ahead of time.
Bonuses, tax refunds, unexpected money—send it to debt instead of lifestyle upgrades.
4. The Hybrid Method
Mix and match as life changes.
Stay flexible. Stay focused.
Mansa reminds us: the best strategy isn’t the perfect one. It’s the one you can stick with consistently. Small wins. Steady payments. Growing freedom. That’s how you take control.
Listen to our Conversation Below…
