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Today’s topic will help declutter the debt that has been weighing you down. Debt has a way of straining relationships, draining your health and stealing the peace around you. It doesn’t matter what kind of debt you might have, it all comes down to owing money. Take these steps and make a change today. Your future self will thank you.
HERE ARE 5 PRACTICAL TIPS FOR PAYING OFF DEBT FASTER THAN YOU THINK POSSIBLE.
1. FACING THE TRUTH
Saying you want to get out of debt is one thing but before you can start, you need to fact the truth and understand how much you really owe and to who. Get a sheet of paper or open excel and write it all. Once you see and read it, it is as real as it gets. A lot of time people tend to ignore their monthly statements just so that they don’t have to face the truth. It is a harsh reality but if you are serious about getting out of debt, this is the first step.
2. TRACKING YOUR EXPENSE
Everyone needs a budget and I mean EVERYONE. Feel free to use my FREE printables that will you manage and visualize your goals better. I don’t understand why people feel that budgeting is a bad thing and that it is limiting and controlling. For me, a budget is freeing instead of restrictive and it keeps me on track. I don’t have to be in denial. Every month my husband and I have a budget meeting, it’s a way of keeping us on track with our financial goals because not every month will be the same.Life does happen and you need to have a plan. With a simple budget, you’ll be sure you are spending less than you earn and you’ll have a clear picture of where your money is going. Not only is budgeting important for keeping you with your goals, it is crucial to maximizing your debt repayment.
3. MAKING SACRIFICES
Making sacrifices ties in when you are going over your budget. You already know where you have to make cuts. Do I need to remind you of that gym membership that you haven’t used or the tv package that you know you don’t use. Try buying the generic brand instead of the big brands. Before you spend money, ask yourself if this is necessary or if it can wait a little bit. You need to think outside the box when coming up with ways to minimized your spending. Have you heard of the word “FRUGAL”? Guess what, being frugal is not a bad word. Being frugal will help you become debt free and that is the best feeling. Challenge yourself. Remember, we all need to make sacrifices in life, in order for you to get out of debt, you need to do your part. You are strong and you’ve got this!
4. EARNING MORE CASH
While saving is a good start, you increasing your income will make this work faster. When it comes to earning money, the sky is really the limit. Go ahead and google “passive income”. Put your creative thinking hat on and get cracking. The possibilities are endless especially in today’s online world. Do you have something that you can do or a service you can provide? If so, open an Etsy shop or get on a freelancer website like Fiver where you can get paid for your service. Do something. Do anything. Whatever extra money you can make will help you reach your goal faster and trust me, once you get in the rhythm, things will flow so much better. Just please don’t fall into the trap of seeing extra money as a way of spending more. All the extra cash goes straight to your debt.
5. STAY ON COURSE
No one says that this will be painless. You will feel the itch but stay on course. It will all be worth it. Paying off debt takes longer than getting into debt. Celebrate every bit of success and most of all, try talking to your partner or friend so that they can cheer you on. Keep your eyes on the prize and that prize will set you free. Never doubt yourself. Your goal is within reach and you will be in a happier place in your life. Show the haters that you got this and that you will come out of it.
