Near the end, especially during GOTV in the final 72 hours, most campaign will spend whatever it takes to win. Sometimes this puts your campaign in the negative. The harsh reality of the campaign world is that sometimes your campaign doesn’t raise as much money as you initially predicted. It’s easy to overspend, especially when your campaign depends on it and if your opponent is gaining momentum. Running a campaign can be difficult and keeping up with spending at the same time isn’t easy. It can be overwhelming seeing those numbers, but don’t panic. There are ways to pay off your campaign’s debt reasonably in a time-efficient manner.
One method to pay off campaign debt that isn’t commonly thought of is post-election fundraising. Typically, candidates that won the election have an easier time gaining support of the donors and PACs that helped them get elected. However, if you lost the election, it may be difficult to garner support post-election. Re-targeting your most generous supporters may actually garner some contributions. Applying those contributions directly to your debt will ensure it is paid off in a timely manner. Your supporters will give you money post-election to pay off debt if you just ask.
Another method that works well for paying off debt is the debt snowball. The rule of thumb is typically to pay off debts with higher interest rates first. Once paid off, apply those payments to the next loan with the next highest interest rate. Through time, your debt will be paid off in a shorter time than initially predicted if you paid the minimum amount possible. Use MoneyMail to send out a fundraising email today and tackle that debt!
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-RTM Team