Secrets to Helping You to Get out of Debt Quicker
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Those of you on a journey out of debt, or contemplating a journey to debt freedom, most likely know what you need to do. Every person who’s made it successfully out of their debt bondage does one or more of the following things:
Snowball or Avalanche Methods for Eliminating Debt
Blah, blah, blah, you’ve heard it all, right? But have you? I’m here to tell you that, along with the very important basics listed above (Yes, they are crucial. You won’t get out of debt without using most or all of the above tips) there are also other important tips that can help you to reach your debt-free date sooner than you might think. What are they?
- Eat right and exercise. And not just so you can save money on healthcare costs. Eating healthy and exercising regularly will do profound things for your getting out of debt journey. Why? Because when you are living a healthier lifestyle, you are less likely to make emotional or impulse spending decisions. A healthy body helps keep your emotions in check, and helps you to think more clearly about the ways and the means of your road to debt free.
- Regular assessment of your budget allocations and spending habits. This is tough emotionally sometimes but going back and assessing what you’ve spent in the prior month is a huge help in finding leaks in your financial ship. When you look back, after the fact, to see what you’ve spent money on in a given month, it helps you to have that “hindsight is 20/20” attitude and see where you might have spent cash unwisely. This will help you to reassess your budget allocations and see if they might need adjusting up or down in certain areas, and it will also help you to avoid past spending mistakes.
- Continued pursuit of a higher Personal Finance education. Yes: learn, learn and learn some more. Read personal finance blogs. Read personal finance books. Read stories of those who’ve achieved debt freedom. Find out what successful people’s individual tips and tricks are for staying the course to financial independence, and choose to never, ever stop learning from others. The best part? It’s a largely free education, with the use of the Internet and your local library.
- Get a strong support system. Newsflash, friends: your support system may or may not come from those you’re closest with, and if not, you’ve got to seek out support elsewhere. For us, the PF blogging world has been instrumental in helping us to stay on track with our getting-out-of-debt journey. They’ve been there, done that, and they know the benefits of achieving debt freedom, as well as how to avoid the common pitfalls that can take you off course. We also have certain friends and family members that we can go to when we’re struggling, knowing that they will encourage us to stay the course.
By following these tips along with the basic getting-out-of debt steps, your debt free day is closer than you think. So why not start on your road to financial independence today?
Photo courtesy of: Images_Of_Money
John is the founder of Frugal Rules, a dad, husband and veteran of the financial services industry whose writing has been featured in Forbes, CNBC, Yahoo Finance and more.
Passionate about helping people learn from his mistakes, John shares financial tools and tips to help you enjoy the freedom that comes from living frugally. One of his favorite tools is Personal Capital , which he used to plan for retirement and keep track of his finances in less than 15 minutes each month.
Another one of John's passions is helping people save $80 per month by axing their expensive cable subscriptions and replacing them with more affordable ones, like Hulu with Live TV.
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