Whether you are trying to get out of debt, increase your score, or both, it can feel like you don’t know where to start. This is by design. If you don’t know how to get out of debt or increase your credit score when you don’t have a borrowing history, there are some things you can do. It doesn’t matter where you are financially. Do you need to take out a loan or pay back the ones you’ve already had access to? What about your credit? Do you have a credit card? Do you need to pay it off? Whatever your situation, below are the best ways to get out of debt and increase your credit score. Read more
Category: Get Out of Debt
Seven Unexpected Ways Budgeting Can Make Your Life Better
There’s more to life than having money, but it doesn’t negate the fact that a person’s financial status is essential to their quality of life. Someone with excellent credit, a high salary, manageable debt, and considerable savings will ultimately be able to afford more and experience fewer life challenges than someone with a poor financial status. That’s why people implement management practices like budgeting to help them keep their finances on track.
Six Key Tips For Climbing Out of Debt Quicker
Statistics show that the average American household has $135,065 of debt. How much debt does your household currently have? How long will it take you to become debt-free? Do you have a plan to pay off your debt in the near future? While it can be a daunting task, many people are able to achieve this through having a clear plan and discipline to attack the challenge. Keep reading to learn about a few tips to climb out of debt quicker.
Why Your Credit Score Is Important
In spite of all the credit cards that are out there, many people believe that a person will be happier if they live a credit-free life and only buy the things that they can afford. They may have no credit cards or one credit card that they use for emergencies.
Having a good credit score is important even if you do not care about acquiring the latest card. If you drive a car, you’re going to have to get insurance for that vehicle. Many insurance companies will run your credit score before deciding what premium to charge you. Read more
Tips for Tackling Holiday Debt
The holiday season is an exciting time of year for many people. It’s a time to spend quality time with family and friends, enjoy delicious food, drink eggnog by the fire, and exchange presents with loved ones! But it can also be a stressful period for some people because they often overspend during the holidays. This article will provide tips for tackling holiday debt so you can have peace of mind this holiday season.
Money Matters: How to Go From Debt to Wealth
There are people who live a wonderful quality of life making five figures and those who struggle with a six-figure income. The difference is the way they handle their money. If you are careless with money, you will live a stressful life caused by outstanding debt. Thankfully, you can change the way you handle money and end the in-debt way of life. Below are a few tips to help you achieve success. Read more
Eliminate These Things From Your Wallet for Healthier Finances
Samuel L. Jackson and company never seem to tire of interrogating you about what’s in your wallet. They do this while pressing you to add a product that almost certainly shouldn’t be there. It is not just to cure your hopeless case of Costanza wallet. It is to help you gain better financial hygiene. Not only that, but it is remarkable how much better your situation can get by eliminating the things you carry with you. That is not to imply that removing a few things from your wallet will magically fix everything. But it is the beginning of a solution.
There are two major problems that have to be addressed in every financial crisis:
- You don’t have enough money to cover your expenses regardless of what you do.
- You are spending the money you have in a way that is contributing to the crisis.
Just about every financial problem has its origin in one of those two buckets. They are both buckets of hurt. The first problem cannot be easily addressed. You will need to increase the amount of money you make or decrease your lifestyle to fit the budget you have. The second problem can be addressed. Let’s take a look at a few of the things we can remove from your wallet that will help to address the problem: Read more
5 Tips for Staying Out of Debt This Christmas
You see advice everywhere for getting out of debt after you’ve overspent during the holiday season. In reality, it would be better if you could get advice on how to stay out of debt before the Christmas season.
If you are still paying off last Christmas, consider an online installment loan to get you back in the black. So many people have allowed Christmas spending to take over their lives that they worry about the money they spend after the holiday is over, and reality has set back in, instead of worrying about it before they spend it. In this blog, you’ll find a few of the best ways to stay out of debt this upcoming Christmas season.
How to Change Your Debt Mindset
When it comes to being in debt, we all have a lot of preconceived notions surrounding the situation. After all, nobody wants to be in debt. But, in today’s society, it is very common to start out adulthood in debt right out of the gate. And even if you get to a point where you are able to get out of debt, it can be so easy to slip right back into it. So, if you are currently in debt, there are some great ways to change your debt mindset to help you finally get out of debt. And hopefully stay out of debt, while you are at it.
How you got into debt in the first place
The first step to changing your debt mindset, is to take a very hard look at how you got there. After all, if you don’t know how you got there to begin with, you can easily fall right back into debt.
So, begin really taking a deep dive into your financial past. This includes not only how you have been spending money, but how those money habits and beliefs formed in the first place. Ultimately, our perception of money begins at very early ages and grows from there. So, if your parents didn’t have a great relationship with money, or they didn’t talk to you about it, then it stands to reason you developed a similar mindset.
Beginning with your money story and/or beliefs that have currently shaped your perception of money is what can really help you get to the crux of the issue. Once you have figured out where you came from, and why you believe what you believe, then you can begin to change.
Change takes time, for all of us. But, if you don’t want to repeat the same harmful patterns, change must occur.
What’s your why?
In order for that change to not only occur, but be a permanent change, you have to have a strong why. What this means is that you need to have a very good reason why you want this change to occur. Living in the same damaging cycle over and over again can be very exhausting. It can wear you down and cause all sorts of mental breakdowns. Some of the most common include:
In order to break these cycles, a strong why is necessary. Having a strong why is not only important to break harmful financial cycles, but it can be seen a lot when people want to change their health for the better. Many people say they want to live stronger, healthier and skinnier, but when it comes down to actually doing the work, they fall short. This is because they haven’t determined their why yet.
So, determine your why to begin really reshaping how you think about money and finances. Some great reasons “why” people might want to change their debt mindset are:
- Don’t want to live paycheck to paycheck anymore
- Want to be able to travel
- Dreams of retiring early
- Want to change careers
- Aspirations of a better living situation
- Want to be able to go through day to day life without the constant stress of money
Even if none of the aforementioned speak to you, it’s important to find your driving factor in order to create the change. So, what is your why?
At this point, you have already determined how you got in the debt mess in the first place and your why to get out of it permanently. Which is awesome! However, this new mindset needs to be communicated openly with everyone in your world.
Whenever we change something foundational about ourselves or our lives, it has a tendency to throw those around us for a loop. A good example of this is when somebody who has smoked most of their life, suddenly decides to quit. This is already an extremely hard habit to break. But, if you don’t have the support of those around you, it can become exceptionally easy to fall back into old habits. Especially if anyone around you still continues to smoke.
The same can be said when people are trying to lose weight, work out more or just trying to change their eating lifestyle. Misery loves company and most people don’t want you to change because it’s familiar the way it is.
Therefore, you need to be comfortable and confident enough to communicate exactly what you are changing about your life and why you need their support to make it happen. If the ones you love can’t support you on this healthier financial journey, then that might be a bigger issue all in itself.
debt mindset summary
Overall, changing your money story and your debt mindset can be a difficult road to travel. In order to really be effective with changing your mindset and your money story, you have to start at the beginning. Dig deep into how you got where you are and why you believe what you believe about money and finances.
Then move onto your why. Why do you want to change your perception of money? What is the bigger picture you are trying to accomplish so that you can live a happier and more well balanced life?
And last, but not least, then you must communicate this information to your loved ones. Explain why you want to change your perception of money to get out of debt and what you want to gain out of it. Ask them to help you stay on track and motivate you.
Take this deep dive and begin the journey to make these changes. If you do, and are willing to put in the work, the rewards can be outstanding.
Have you ever considered changing your debt mindset to change your financial life? If so, how did you do it and what were the results?
Marriage and Money: How to Handle Debt Together
It may not be the most romantic aspect of sharing your life together, but understanding how to manage your debts as a couple is vital to keeping your marriage as healthy and happy as possible. It can be easy to delay these conversations, however, or to resign yourselves to making multiple repayments each month.
This needn’t be the case, however. Provided you both take a hands-on approach to sorting out your finances together, you can avoid the trap of resignation or, worse still, conflict. Read more below. Read more