Is your dream to become debt free? In these days where more people are in debt than out of debt, the idea of living debt free may seem like a fantasy. However, this is one dream that you can definitely make come true.
To desire to Become debt free is an admirable goal, but it’s pretty intimidating, too. If you’re facing a mountain of debt, you may not even know where to start. Should you save up enough money to make large, extra payments? Maybe you should send a little extra money to each of your debtors. The questions you have may cause you to hesitate when you should be getting started.
If this sounds familiar to you, try these strategies to start yourself on the track to becoming debt free:
Make A List Of All Your Debt
One of the most fear-inspiring aspects of debt is the unknown information. By listing each of your debts in one place and facing them, you can conquer your fear of the unknown. You’ll know exactly how much you owe and who you owe it to. In addition, you’ll be able to console yourself with the knowledge that this is the worst your debt will ever be because you’re going to become debt free.
Commit to paying a specific amount towards your debt each month
Look at your budget (and create one if you don’t have one) and decide how much you can send to your debtors each month and do it. Don’t be tempted to short that payment one month because you want to do something else with the money. Stay strong and keep plugging away at your debt.
Reward yourself for progress towards your debt free goal
Now, I’m not talking about taking a vacation you can’t afford when you pay off the credit card bills from your last vacation. However, if you’ve struggled for six months to pay off your Visa card, you should recognize your progress with a little reward. Take the kids to a movie (matinee, of course) or treat yourself to a new pair of shoes (from a discount store). Everyone likes to be rewarded for their hard work; just make sure that your reward doesn’t wreak havoc on your progress.
With some careful planning and an eye towards your goal, it is possible for you to become debt free.
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{ 4 comments… read them below or add one }
Debt is the biggest problem of our society, I think. When you get so buried in it that you can’t find your way out or remember what life was like before your last credit card you forget that there’s a way out, and you quit trying.
Once we get the second car paided off it is save for Disney World time.
All of our non-mortgage payments will not be paided off but the snowball will be big enough to pay for disney quickly and the really start hitting the last of the debt.
I have had all of these debts in a spreadsheet for 3 years and by year 4 it will be time for a big party. Of course we will have plan to pay for it and not go deeper in debt over it.
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Good advice: I would also recommend paying off the smallest debt first. The feeling that your “one down” is an incentive to go further.