One Option to Conquering Your Debt: Self Help Never Felt So Good!

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One Option to Conquering Your Debt: Self Help Never Felt So Good!

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So you realize you’re in too deep with your debt.  What are you going to do?  The good thing is there are several solutions, but they all take action on your part to successfully become debt free.


Your first and most important option is to help yourself out of the situation you’ve gotten yourself into.  Sometimes the hardest part is to just get started. 


Where do you begin?  I suggest writing down everything that you owe.  Sometimes we are sending out so many payments to so many different creditors that we’ve completely lost track of exactly how much we owe. This usually is a sobering experience.


Now you need to figure out if your debt is a problem you can handle yourself.  If you are current on your payments and the interest rates on your credit cards are reasonable, there is a good chance that with a little budget tightening, you can pay off your debt completely on you own!  But get started paying it down as soon as possible before it gets out of control.  You must commit to stop using your credit cards, reduce your spending and save a little each day for an emergency savings fund to handle life’s little unexpected challenges.


Let me tell you, it’s not easy to make major lifestyle changes, but I make little changes in my spending each week to keep my finances on stable ground.  If you’ve read any of my past blogs, you’ve seen some of the strategies I use to reduce my expenses.  Here’s a few more that may help you too:


  • Write down the total amount of money that you owe on a piece of paper and post it on your bathroom mirror or refrigerator.  This will remind you of your commitments, so you are not tempted to spend money on items that are not needed. Update your total each month so you can see your progress, as your debt gets lower and lower!
  • Pick three items out of your budget – maybe it’s your morning coffee, your afternoon soft drink at work or the magazines you purchase on the weekend – calculate the cost of those items for one week.  Place that amount of money in a piggy bank or a savings jar.  You can try to omit these items from your budget, or you can find a cheaper substitute that you can afford with the remaining money in your budget.  Make your own coffee in the morning.  Take a case of sodas purchased on sale to work.  Go to the library and read your favorite magazines for free! The key is to get started saving a little bit of money per week so that it becomes a habit.  This practice will also show you that you can still fill your life with your favorite things and save money! Each week, try to pick another item that you can omit from your spending plan.
  • Add one fun, cost-free activity to your regular schedule each week.  Instead of planning dinner out or entertainment that may be costly, commit yourself to finding ways to enjoy yourself without spending money. Take advantage of free activities in your community. Go for a walk or hike a local trail. Visit your local library to check out movies, magazines and books. You will be amazed at how much fun you can have for FREE!


I’ll have more great ways you can “live large” on a tiny budget in my upcoming blogs.  Next week, I’ll talk about the financial solutions available to consumers who need a little extra help from an outside source to get their finances back on track! 

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  • I look at all the things I could purchase with cash if I wasn't spending all my money on credit card debt. That is my current motivation.

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