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Welcome! If you’re tired of debt, creditors, the feelings of dread and shame, and are ready finally get out of debt, you’ve come to the right place. Let’s get started.
Are You Ready To Get Out of Debt?
1. Welcome, I’m glad you’re here. We all need support and encouragement when getting out of debt. Join my Private Facebook Group and join like-minded women and men who are serious about learning how to get out of debt. Not only will get the support you need but inspiration from those who winning the battle against debt. Ask questions, seek advice, participate in our weekly live Facebook events too – Join Here!
2. The foundation for anyone serious about getting out of debt lies in their ability to create good habits. Go review myGood Money Habitsand start implementing them right away. It’s great to read about getting out of debt, but it’s only through action and a change in your thinking that you’ll truly be liberated from debt. You can do it; you can have a money miracle!
2. Cut up your credit cards. I know it’s hard but believe me, when I say, if you’re unwilling to give up the plastic you attempt at getting out of debt will more than likely fail. Please, get your scissors and cut them up. If you need inspiration, go read my personal debt free story for a dose of inspiration.
3. Evaluate your readiness. It’s ok if you don’t want to do everything I write about. I get that. Everyone goes through different stages as they decide to get out of debt. You may just be thinking about it right now, and that’s ok. Check out the article I wrote 5Mind-Blowing Reasons People Stay In Debt and see if you recognize yourself in any of those descriptions. When you’re ready, I’ll be here to answer any questions or encourage you any way I can. If there’s anything I can do to help, you let me know by sending me an email at Maureen@ADebtFreeStressFreeLife.com.
4. Track your spending. I don’t know anyone who loves to track their spending; I know I was never a fan in the beginning. But, what I do know is everyone who has gotten out of debt realized, at some point, how important it was to track where their money was going. Click here to get my Expense Tracking Form!
Read: Does Living On A Budget Mean You’re Broke?
5. Build an emergency fund. There are a million ways to create an emergency fund. I give you some ideas in my article, The 6 Steps To Saving As A Means Of Getting Out Of Debt. No matter which method you choose to build your fund, before you do anything else, start on this process – even before you start paying off debt. If you don’t have money set aside to address those issues that are bound to arise, because heck, that’s the way life rolls, then you’ll keep incurring more debt. Head over to the bank, open up a savings account and put $5 in it. Now you’ve got it started, and you can continue to build upon it moving forward.
6. Create a spending plan. With a spending plan, you’re accounting for expenses and items you wish to buy and to ensure you will have the funds available BEFORE you make the purchase or pay a bill. You’ll need to develop your spending and income categories and subcategories, evaluate if it will work, carry out the necessary adjustments, and review and tweak it throughout the month. At the end of the month, you’ll do a month-end review. Again, if you have questions about developing your spending plan, send me an email, and I’ll answer your questions. Contact me at Maureen@ADebtFreeStressFreeLife.com.
Read: Create A Budget That Bends And Finally Stick To Your Plan
7. Pay off your debt. I write about the snowball method in my article How To Get Out of Debt {And End the Debt Cycle Forever} but the fundamental issue is to start with the smallest amount of debt, put any extra towards that payment until is paid off. Do the happy dance because you’ve just eliminated a credit card. Then take the amount you were paying on the first card and apply it to your next lowest balance. Rinse and repeat. Continue to make your minimum payments on all remaining cards while you’re using this method.
8. Continually work on your mindset issues. Whether you’re a shopaholic, recently got out of debt and fear spending money, or uses the money to puff yourself up, it’s important to challenge your thinking so you can continue to grow. Once you’re out of debt, it’s not a set it and forget it process. You’ll be challenged from time to time and working on your mindset will be beneficial to you. In my recent article, How To Stay Out of Debt, I discuss this issue and give you some food for thought.
9. Finally, celebrate your success. Tell the world you’re debt free and encourage others to do the same!
Here’s to your debt free life, Maureen
