What zombies can teach us about attacking debt

What zombies can teach us about attacking debt

I blame my 19-year-old son.

He’s out of the house now, but without his insistence on watching zombie TV shows and my desire to spend some time hanging out with him, I’m pretty sure I never would have drifted into the world of living-dead entertainment. But I did, and if nothing else, it’s been an entertaining ride. Plus, it recently got me thinking about the similarities between surviving a zombie apocalypse and paying off a crushing mountain of debt. Both require a well-thought-out game plan.

Here are five rules to live by in either situation:

Acknowledge it’s a new world. Whether you’re facing hordes of roaming zombies or a growing stack of credit card bills and other debts, the first step is acknowledging that a business-as-usual approach is doomed to fail. If zombies are on the loose, you’ll want to learn your way around a pistol or rifle, regardless of how you previously felt about gun ownership. With debt, your new priorities should include making changes that allow you to craft and live by a budget. Those moves will free up additional money to fight debt.

Stockpile necessities. In the zombie apocalypse, an overturned truck filled with Twinkies, canned goods or (if
you’re really blessed) malt beverages is a golden opportunity
to build your provisions. When fighting debt, the first step is to set aside a small stash of cash so unexpected expenses won’t wreck you further.   

Travel light. If you’ve spent even a few minutes watching zombies on TV or at the movies, you’ve probably seen characters faced with “do-I-grab-the-prize-or-do-I-run?” moments. Not being weighed down can mean the difference between life and death. In the fight against debt, lightening your lifestyle could take the form of canceling services like subscriptions or gym memberships, or modifying cellphone and cable plans. (Don’t worry, you can still catch plenty of zombies if you cut the cord.) You may want to consider selling stuff to apply toward your debts. 

Know the enemy. Clearly, you’ve got to know what you’re up against to survive the zombie apocalypse. I’ve seen fast, slow, seemingly intelligent and, well, zombie-like zombies; smart survivors adapt their strategies to deal with each character. It’s the same with debt. Inventory all your debts so you can develop a plan to get rid of them.

Go for the headshot. It’s frustrating to watch a human flail away at the arms, legs or chest of an attacking zombie. Go for the head, silly. With finances, it can make a lot of sense to attack your highest-interest debts first – the proverbial headshot that will save you on interest as you knock down how much you owe.

While a zombie apocalypse doesn’t leave much room for revelry, that’s not the case when it comes to winning the attack on debt. Don’t forget to celebrate your successes, even the small ones. Sometimes the road to freedom or safety can be a long one, but it’s one worth taking.

 

J.J. Montanaro is a certified financial planner with USAA, The American Legion’s preferred provider of financial services. Submit questions for him online.