Posts tagged ways to get out of debt
Money Makeover
May 10th
I have about 10 months to get my financial situation under control. We aren’t broke, but we are spenders not savers. Being in my early twenties, I’m hoping to develop good financial habits now so that I can be financially stable my entire lifetime. I’ve tried countless times to try and get my situation under control but once I do, I end up back in the same old spending habits.I’m taking a stand. I’m getting over my debt and my spending today.
Right now.
Right this very second, I’m putting my foot down.
Image Courtesy of Brains That Work
“I like to spend money.”
Over the course of the next few weeks, I’m going to discuss a few financial programs that others have recommended to me:
Total Money Makeover – Dave Ramsey
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously – Jerrold Mundis
The Everything Get Out of Debt Book – Cheryl Kimball
I’m going to talk about the values and techniques that I learn and how it is changing my financial future day by day. I hope that this will be an informative and fun journey. Good Luck!
Get Out Of Debt: Steps to Change
Jan 5th
Getting out of debt is not only making payments. In order to stay out of serious debt, you must change your mentality on spending and learn how to manage your debt behavior.
Take it slow.
Its impossible for you to make all the changes you want to at one time. If you try to take them all on at once, you are bound to fall back into old habits discouraged. Paying off debts is not an instant fix; its a lengthy process towards a new financially stable. Take a few weeks to monitor your spending to find where your habits lie. Take another few weeks to try and curb your spending and form a budget that will benefit your lifestyle. Once everything is in check, then you can take all of your new found knowledge to begin your debt busting regimen.
Don’t forget to be realistic in your thinking.
Short term goals are extremely beneficial. Once you accomplish these you will have new found confidence in yourself and you will push yourself even harder to accomplish your long term goal of paying off all of your debts. Stop accruing debt first and then begin paying it down. Depending on the extent of your debt situation, it could take a few years to be debt free. Reward yourself every time you achieve one of your goals so that you can encourage yourself to continue. How happy will you be when you can open your credit card statements without a shock, or you can answer the phone without wondering who is on the other end of the 800 #?
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