Time management and credit card debt can mean more than how long will it take to pay off the money. Sure, if you assign AA dollars per month, then it would take BB months (or years) to pay off that credit card. But that is not time management. That is budgeting, and a little discipline.
The time management we are talking about is managing your time so you get out of debt and so you do not get back into debt. It is about making the time to arrange your big picture so that credit card debt is taken out of it, and is not part of your long term picture. Does this sound impossible? Like a pipe dream? Well, you are in the credit card debt problem because you never took the time to think about it. It makes sense that spending some time to look at your credit card use and debt could get you out of it and keep you out of it.
Here are 3 suggestions for dealing with credit card debt, from a time management perspective:
1. Assign time to review budgets. Your time each week is probably pretty regulated. You may not have it scheduled out on a written schedule. But you know that you are going to spend AA hours per day at work, and BB hours at the gym. Probably CC hours watching a favorite show or game. Probably DD hours food shopping, and EE hours for other shopping. So this week – and every week – take 1 to 2 hours to look at your finances. Look at your income. Look at your bills. Look at how much money you spend and what you spend it on.
2. Convert spare time to cash. This may mean picking up a part-time job. Or selling stuff on eBay or another such site. Or learning about internet marketing and selling things on a website. It may mean your spouse or significant other gets a job and brings money into the household.
3. Be time efficient at work. Management above you really does value efficiency, even more than staying late or working weekends. Some companies figure that if you are staying late, it is because you can not get your work done during regular hours (not that they have given you too work. Oh no! That would never happen!). So focusing on your main job and doing it more efficiently can bring you to the positive attention of management. It may also free you up to work on other projects or work more overtime.
Getting into credit debt by not paying attention is like gaining weight by not paying attention. It creeps up gradually and over a long period of time. Adding 4 ounces to your weight each month is 4 pounds per year, which is 40 pounds over 10 years. Now who is going to notice 4 ounces? In the same way, putting an $ 8 dollar lunch on the credit card each business day does not sound like a lot. But that is over $ 170 per month, which is over $ 2,000 per year! Just by not paying attention!
If you follow the 3 pieces of advice above, you could catch and stop those lunches. You could replace them and bring your lunch to work. You could sell a $ 170 item on the internet. Or you or your partner could work a weekend and pick up the extra cash. Using time management in this way can take a significant chunk out of your credit card debt, and relive you from some stress.