When is the perfect time to start paying off debt?

When is the perfect time to start paying off debt? The answer: There is rarely going to be a "perfect time."

You can always make excuses for why you shouldn’t pay off your debt, but there are only a few situations when holding off is an advantage to your overall financial health. The majority of the time, I believe people that ask this question are in a good position to start paying off debt.

That is why you need to start now! Stop waiting and just take a step.

The idea that we need to have everything in alignment in order to move forward on our financial progress, is what holds us back from realizing our financial potential. Do not buy in to this level of perfectionism. How many times have you held off on the first steps toward a goal just to end up in the same exact place the following year? I know this from personal experience. I used to wait for the perfect time to start, but I stopped this habit in 2015. I started paying off my debt at the lowest financial point of my life. I had to leave my job due to illness, which led to a lot of medical bills. My debt was the highest it had ever been in my life.

I started a new job and in desperation I took whatever I could. As a result, I was making $20k less than the year prior. Even at that low point, I still decided to pay off my debt. I committed to a strict plan to change my financial situation. I could have waited. I could have said, “I am making $20k less and it is no time to make money plans.” Paying off debt at $20k less lit a fire underneath me. Within five months I took a position that got me back to the original salary that I was making the year prior. Before starting my new job, I had already paid off one credit card and started on my medical bills, which made me a believer in my capabilities.

You need to take a chance on yourself. Discomfort is inevitable in the process of moving forward with your money goals. Work to eliminate your perfectionism. There will always be justifications that will stop you from starting your financial journey. My clients and I could come up with tons of reasons. It is your job to create the justification to start. If you need help starting your financial plan, click here to schedule a free 15 minute consultation.