There is simply no way to avoid stress when you are living each day wondering how you will ever get out from under a mountain of debt. Even if you have eliminated other stresses in your life, money or rather the lack of it, is a constant reminder that your life is not yet your own. As long as you owe money to credit card companies and other lenders you will always have to worry about their payment before your other financial goals.
With that in mind many people feel it is too much of a challenge to get out of debt and therefore continue the cycle for years. In some cases the years turn into a lifetime and you find yourself facing retirement still bogged down with high interest debt.
Here are a few tips to help you eliminate debt and begin living a simpler life.
Make a commitment
Similar to weight loss or kicking other bad habits, the first thing you must do to eliminate debt is make up your mind that you will be successful. Once you have the correct mind-set you can establish a debt elimination strategy that works with your current financial situation and your ability to repay your financial obligations.
Take action
It sounds like simple advice yet countless people continue the cycle of debt without making any real attempts to make a change. They know they should work toward a lifestyle free of debt but lack the discipline or knowledge to do so. Use your new debt elimination strategy and take action today to eliminate debt once and for all.
Track your progress
Whenever you begin a new process in your life, it is important to track your progress. Not only will this serve as a reinforcement as you see your debt begin to disappear, it will also help you recognize when you are faltering, therefore enabling you to get back on track quickly with the least amount of damage to your long term success.
Reward yourself
Eliminating debt often requires a lot of sacrifice and hard work which can become overwhelming over time. To avoid debt elimination “burnout”, be sure to schedule tiny rewards in your budget to help maintain a positive attitude and keep you on the right path toward financial freedom.
Getting out of debt often is a long and discouraging (short term) process making it difficult for some people to stick to the program. Fortunately at the end of the process you will be rewarded with a life that is less stressful, more rewarding and the ability to focus on living simpler and enjoying the things that are most important to each of us.
What will you enjoy the most when you get out of debt?
Kelly says: The thing that has always stressed me out the most about money, more than not having a high salary, more than having a lot of debt, is thinking about how much I owe in payments every month and wondering about how to meet them. It was only by going through a process similar to what Debbie describer here (and starting to write Almost Frugal) that I began to feel better and more in control of my debt… and my life!
Debbie Dragon is a freelance writer providing articles for Billeater.com, a site that helps its readers save money with unique money saving tips and tricks for your busy lifestyle.
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{ 5 comments }
all good reminders to keep me on the straight and narrow. thank you. i needed it this morning.
Like you mention it’s similar to dieting or exercise in any manner. If you don’t have a plan and keep track, you will lose your head with it. Keep some sort of goal, that way you know there is motivation to keep going.
Really fantastic blogging about avoiding debt from life. If everyone follows these tips it will really helpful to all the people to find themselves away from the buddon of debt. Here is another link about this
http://letterdash.com/saver/How-to-Avoid-Debt-Know-the-Tricks
Stop buying what you cannot afford Pay cash for normal expenses
Do not buy what you do not need Create an Emergency Fund Stop Getting Credit Cards .Just paying careful attention to the amount of debt you accumulate and of course, paying it back, will yeild postive results for you and your future!
🙂
Keep blogging
Yours is a very informative article. IMO, it takes a lot of discipline to resist the temptation of shopping to our hearts desires. Once you get yourself caught in a web of debt, that's when the real problem begins.
A mountain of financial liabilities is sickening. I know the feeling well having been in that predicament before. It sure was a difficult climb to get over the debts. For my part, I took extra part time work, scrimped, saved, paid my bills, even went to a debt elimination center! But, most importantly, I vowed never ever to stumble into that sticky situation all over again. Never never never again!!! Lolz. Now, I'm debt-free and –HAPPY!!!!