“Shannon, you’ve eliminated $27,000 of debt. HOW, SIS?!?” I gotchuuu.

I’m so excited to give you insight on what debt elimination method I am currently using on my #financialwellnessjourney. What’s dope about it? I CREATED IT! So don’t forget to credit ya girl!

Let me introduce to you the HIGHEST BIDDER METHOD.

When using the Highest Bidder Method, you pay the highest amount that you can on the debt with the highest minimum monthly payment, while paying the minimum monthly payments on your remaining debts.

Let me break it down for you. Let’s say you have three debts: Debt A, Debt B and Debt C. Debt A has a minimum monthly payment of $100, Debt B has a minimum monthly payment of $50, and Debt C has a minimum monthly payment of $25.

With the Highest Bidder Method, since Debt A has the highest minimum monthly payment and is taking the most money out of your check, you’re going to pay as much as you can towards Debt A, while paying the minimum payments on Debts B and C. You want to #OwnYourCheck, right? With the Highest Bidder Method, you’re eliminating the debt that is taking the most from your check!

Okay, so Debt A’s minimum monthly payment is $100. You decide to pay an extra $100 a month, so you’re now contributing $200 a month to pay off that debt until it’s successfully paid off!

Yesss! “WHO’S NEXT?!”

The second highest debt, Debt B! Next, you’ll take the amount that you were paying on Debt A and apply that amount to the minimum monthly payment of Debt B. Debt B’s minimum monthly payment is $50. With the Highest Bidder Method, you’ll add the $200 from Debt A to the $50 from Debt B and will pay $250 until Debt B is paid off! You’ll continue this same process for Debt C. After Debt C is paid off, you’ll have $275!! Do you know what you can do with $275?! In the words of 21 Savage, “A LOT!”

I came up with this method because my goal is to OWN as much of my CHECK as I can. Yes, the other debt elimination methods have helped me save money and pay off debt. Additionally, the Highest Bidder Method is aligned with my current financial state and goals! For almost 2 years, The Highest Bidder Method has been helping me make major strides in my #FinancialWellnessJourney!

It can also help YOU!!!

I’m SOOOO excited because I have a MAJOR announcement thanks to The Highest Bidder Method that I’ll announce soon! Stay tuned!

Also, if you want to learn more about debt elimination strategies, click here!