If you are looking for a way to pay off debt, fast, this budget plan is for you. You may have heard about Starve and Stack method of budgeting. The rules to this budget plan are to combine finances with your partner and only live on one income while putting 100% of the other income in savings. It’s recommended to do this for 18 to 24 months until you’ve saved enough to pay off some, or all, of your outstanding debt.  The idea behind this plan is that you will be able to efficiently save enough money to pay off debt as a team. By living off of only one income, you will be able to save a lot of money, fast. But what do you do if you don’t have a second party to “starve and stack” with? That’s where this revised, one income version comes in.  The idea is to use one paycheck, and save the next. For example, if you get paid twice a month, you would use your first paycheck for the month, and save the second one. This way you are taking a large portion of your monthly earnings and putting it towards paying off any debt you may have.

Who can use this?

Of course, this isn’t going to be feasible for everyone’s lifestyle. Not everyone can separate their paychecks into spending and savings as drastically as this plan. It’s likely that most people will have to use some of the second paycheck to make ends meet. This is an intense savings plan that is not for budgeting beginners. However, the idea is to make the first paycheck go as long as possible. So no matter what your bank account says, try to make your next paycheck go as far as you possibly can. When you make this effort, you will shocked at just how much you save. Keep in mind, this is a plan that is only meant to be done over a short period of time. This is for those who want an effective way to pay off their debt at a fast rate.

How to stick to it:

  • Many opt for moving to a small, one-bedroom apartment to save on rent
  • Learn to say no to unnecessary purchases
  • Plan free or inexpensive activities 
  • Make extra money working a side-hustle from home
  • Create a budget-friendly lifestyle
  • Make frugal habits

The “Starve & Stack” method may just be what gets you out of a financial rut. Think of it as a fun challenge to live as minimally as you can for a short period of time. It will be tough, but the payoff will be so worth it!