I received some very good news this week which allowed me to evaluate one of my ongoing quests to become debt-free. I honestly consider being debt-free as more of a side quest as my ultimate quest will always be to become a happier person. Happiness can be achieved in so many different ways and having a side quest to be debt-free is one of those.

And it’s not just the act of being debt-free but also the journey to get there that brings on the happiness, it’s the feeling of accomplishment with every new debt being paid off, it’s the relief of stress when you see your income to debt ratio changing for the better, or knowing that with less debt we can realize some of the other dreams we have.

Becoming debt-free in our society today is one of the hardest things to do and for some, it may seem impossible. All I can advise is to do what works for you. I started by making a list of all debts, their balances, and monthly payments. For others, it may be beneficial to even add interest rates to that list.

I started by looking at which items I could knock out quickly and took care of them. Those small items may not feel like they made an impact on your overall budget but it feels good to at least get something out of the way and off your list. Next, I am tackling the items with the smallest balances but have large monthly payments. With those larger payments out of the way, I’ll be able to tackle the bigger items.

I realized after I evaluated our budget that my five-year plan will be accomplished in four years. When I realized this today it made me really happy. I know a lot can change in four years but at the end of the day, I completely understand that everything including my budget will be fluid. But having that plan helps me to realize our quests.