Here are 12 strategies to help you get out of debt so you can soon be on your way to your destination freedom;
- Declare war on debt today.
Debt is bondage. Make a decision that you’re not going back to a place where you can’t afford to live anymore.
- Make a plan.
Write out all the credit cards and their interest rates. Make minimum payments until you get all debts paid off one by one.
- Change your habits.
Limit your Starbucks expenditure if you go there daily. Instead of dining out, invite friends over for a game night.
- Sacrifice to save.
Sacrifice your dinners out with friends or have barbecues at your house and assign who brings what.
- Plan for your fun.
Plan out those nights of fun with your family and set a budget in advance. This is important because, without a plan, you may just end up eating out, driving thru, or ordering pizza.
- Plan your meals.
If you plan for your meals, you will save money and that saved money can be applied towards your credit card debt. Make a list before you head to the grocery store of all the meals you’re going to have in the next 1-2 weeks.
- Consider repositioning equity positions.
Refinancing your debt with a lower interest rate debt. Or take out a 401k loan or refinance your home to pay off credit card debt.
- Make a plan to pay off your debt.
Make sure that you have a plan to get it paid off and you don’t go back to the credit cards.
- Create a game out of paying off your debt.
Reward yourself every time you either pay off a credit card or you pay down debt. Be creative with it – make a debt thermometer or create some milestones.
- Turn your clutter into cash.
Go back to your closet and put all those things you no longer use or need on Facebook marketplace.
- You and your partner have to get on the same page.
If you are in a relationship today, don’t approach debt with accusations. You’re in this thing together so make a plan to get out of debt together.
- Speak out your truth.
Create your own statements of what you want your life to be as if you already have it right here, right now. Ex: “I am free. I am debt free.” Focus your energy on what you want and speak it out.
If you want to learn more about how to come out of your debt quickly, check out https://marissanehlsen.com/llr009.
