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Getting out of debt quickly requires making sacrifices daily. One of the best ways to sustain that momentum over time is to get angry. I mean you need to be disgusted with your financial situation. That disgust will fuel you to escape your financial mess.
Get all your bills and look at the balance of your debt. When I looked at all my debt, I realized that the minimum monthly payments I made did not decrease the principal balance. For years, I was paying capitalized interest only. I felt ashamed, disgusted, and disappointed. I was sick and tired of being in debt. I could not continue to live that way anymore. I got angry and developed a plan to punch debt in the face. I encourage you to look at your debt, get mad, and create a plan to knock it out.
Create a Strong Why
Now that your upset, think about why you want to change your life. Are you living pay check to paycheck? Are you unable to afford an emergency? Do you want to have money for retirement? Do you want to buy a home with cash? Do you want to become a millionaire? Do you want to travel? Do you want to quit your job? Do you want your kids to have a better life? Do you want to get on the same page with your spouse? Do you want to fix your marriage?
Dig deep and start dreaming about what you want your future to look like. Grab a piece of paper and write it down. I want to get out of debt so that I can ____. I want to be debt free because ____. Really focus in on your dreams and think about why you want to change your life.
One reason I wanted to become debt free was to change my career. I was sick and tired of working a job I did not enjoy to finance a life I was no longer happy living. I used my desire to escape an unhappy situation to power my desire to get out of debt.
Get an Accountability Partner
Find someone who can walk with you on this journey. Preferably someone who is not afraid to be honest with you and has good intentions. If you are unable to find an accountability partner, I suggest listening to your favorite finance podcast on a regular basis.
Read Debt Free Success Stories
Previously I thought I would be in debt forever until I found debt free success stories online. I found people who also paid off $80,000 and I realized that I could do it too. Just search “debt free success stories” online and you will find tons of inspirational stories from everyday people.
Get Off Social Media
This tip only applies if you are not using social media to promote yourself or your business. If you are on social media for long periods of time, you may need to cut back. Watching other people’s highlight reel can make your life feel inferior. Right now, you need positive motivation. If you do not want to completely sign off, maybe just cut back. Be mindful of the pressure to get up with the Joneses. Do not fall into that trap.
Regardless of where you are on your journey to financial freedom, I believe in you. You can achieve your dreams. Keep going because your hard work will pay off.
By Simone, creator of Slim Fit Wallet
Thanks for reading!