14 Things I Learned on Debt Management

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14 Things I Learned on Debt Management

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My last payment will be taken out of my account on September 26th.

As my graduation day quickly approaches, I sit back and reflect on the things I have learned over the 34 months that I have been enrolled in my CareOne Debt Management Plan (DMP).

WOW, and what a journey it has been!!

1. I learned right from the start to expect the unexpected. I had to remember that I didn't have credit cards to fall back on if there was an emergency. Believe me-things did come up throughout the 34 months.

2. I learned to budget and to stick pretty close to that budget.

3. I learned to say no to my family and friends and to share the reason why. It amazed me how understanding and supportive everyone was.

4. I learned to keep track of every penny I spent.  By doing so I learned that I was spending a lot of money on wants and not needs.

5. I learned that by being active in the CareOne Community, not only was I attempting to help others, but I was improving my ability to stay focused. Also, I learned new ideas from others in the same situation as myself. 

6. I learned that sacrificing while being on the DMP would benefit me in the end. It really has, as I will be graduating 27 months earlier than I originally estimated it would take.

7. I learned to live within my means. Soon I will be living well beneath my means! 

8. I learned to create small goals to help me reach my ultimate goal, which was to get out of debt within three years of starting the DMP. It also made it more fun to challenge myself.

9. I learned to treat myself if I reached my small goal. Nothing expensive, but a treat just the same. 

10. I learned to budget for a vacation. Yes, while on the DMP I went on a cruise by way of cash.

11. I learned that paying cash instead of using my debit card helped me have better control over my finances. This was a big one for me. 

12. I learned to vent during those times I wanted to give up. It helped me put things back into perspective and keep moving forward. I found most of us on the plans will feel this way at some point.

13. I have met some of the most wonderful people on this plan - people I will remain friends with long after I am finished. 

14. With that said, the most important thing I've learned is not to regret being in debt. 

If I had not been in debt I never would have learned the skills needed to secure my financial future and I would never have met these people I now call friends.

I wish all of you the same success I have had!  It truly is a great feeling to know I will be able to receive interest rather than pay it.

You can read the CareOne Cutsomer Spotlights featuring Monica below:

CareOne Community Member Spotlight - "mdavis1964"

CareOne Community Member Spotlight - Monica

Monica Davis, CareOne Services, Inc. Debt Management Plan Customer Blogger and Graduate

Monica Davis

Monica is no stranger to the CareOne Community. As a debt management plan customer, Monica has been engaging in our community forums helping others with questions about the plans for under three years.  She is graduating from the DMP this September and is ready to share how she completed her plan early, and what made her successful! Follow mdavis1964 as she shares her tips and insight in the My Journey out of Debt blog. Compensated CareOne Debt Relief Services Blogger.

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  • Hi Monica (mdavis) and congratulations on being a graduate of the DMP.  You have worked so very hard to reach this point that you should take a bit of your o wn advice and "do something nice for yourself because you deserve it"   Also congratulations on becoming a CareOne blogger.  Since I know a bit about your history, I am sure you will have tons of not good but GREAT advice for the rest of us who are still working to become debt free.  Can't wait to hear more from you!

  • Hello my friend Kim (tiquie)!!  Thank you very much for your kind words!  I am looking forward to the day I get to congratulate you as well!!  I will be taking my own advice and doing something nice for myself :-).  It was going to be a haircut but I have already done that this last Monday!! So I may just take a night away down at the ocean since it is my favorite place to be!!  Thank you again!!

  • I know this list of lessons well as I've "encountered" each and everyone of them in my 3+ years in the DMP.  Some of them are harder to learn than others.  This could be used as a "checklist" of sorts for people to look at for things to master to be successful with their finances as we all travel on our journey out of debt.

    It was such a pleasure meeting you this past week, Monica - putting the a face and voice behind all the comments that we've exchanged over the last few years was one of those experiences that has given me extra motivation to keep going down my path with a smile on my face.  I look forward to seeing what you have in store for us in your bog posts as a graduate (27 months early?!?!) as I'm sure they will be full "Zen like" advice!

    I can't wait to be staring that last payment in the face.  10 more days, my friend, and your last payment will be made.  

    I'll be at that finish line cheering you on!!

  • Thank you Travis!  It is amazing that most of us do experience so many if not all of the same things while on the DMP!!

    I am excited to be closing this chapter of my finances!!  I look forward to the next chapter even if I am a bit nervous about it!!  It will be another learning experience I hope to be able to share!  I can't believe it is only 10 days away!!

    Meeting you in person was a pleasure!!  You have been one of the key motivators for me!  I have always enjoyed everything you have written both in your blogs as well as in the forums!  Now I can say that I have met the celebrity behind the words.  I don't think you know how much of an impact you have made on me and my journey!!  I can already hear you cheering for me :-).  Now I will be looking forward to the day that I get to do the same for you!  Not that I don't cheer you on each and everyday anyway, as I really do!

    Thank you again for your advice and support!  I will be carrying it with me while building my financial security as well as in my everyday living!!  Have a great weekend!

  • @Monica Your CareOne family is so proud of your accomplishments; not only are you almost debt free but you have inspired so many to continue their journey. You are a strong, amazing person and I hope that your debt freedom is just the beginning of all the good things to come in your life. Congratulations!!!

  • Thank you very much CoachSuzanne!!  I couldn't have done it with out all of you!  I was truly blessed the day I signed up with CareOne!!  Then I was blessed again when I got the opportunity to meet you!  Thank you from the bottom of my heart for always being there!

  • Tomorrow is the BIG DAY!!!  I am smiling from ear to ear and want to extend my congrats with cheers and shouts.  YOU DID IT!!!!

  • Thank you Zandra!!  I am counting down the hours now!!  I am both excited and scared to death!!  I just need to follow through with my plan and stay focused.  Your blogs help me a lot!!

  • Congratulations!  What a HUGE Accomplishment.    I have about 9 months to go.  I feel more empowered by this experience.  I am glad I chose Careone Credit Services.  They were always steady and consistent.   Two things that are VERY important while you(me) take a walk on a razor blade.

  • Thank you mtaylor109!!  You are getting close!!  I hope you will post as you continue to get closer!!  Like you I am very happy I chose CareOne to assist me in getting out from under my credit card debt!!  I am so glad to be off of that razor blade!!  Keep up the great work and you will be where I am today....credit card debt free!!  Thank you again!

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