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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. 

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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:

  • Depression
  • Anxiety
  • Lethargy
  • Insecurity
  • Anger

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?

communicate openly

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?

Wondering how to get a hold on your finances together? Click here to read more about managing your money as a couple, and how to get proactive about debt.

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

Getting Out of Debt After Overspending at Christmas – How is it Possible?

‘Tis the season to be…in debt? Fa-la-la-la-la-la… Doesn’t quite have the same ring to it as jolly, right?

Unfortunately, however, this is the harsh reality for so many families all over the world when the festive season comes to an abrupt end. January comes around straight after the new years’ eve celebrations, and with it the harsh awakening of bills coming through the door. We’re currently in mid-November, which we’re right at the beginning of the building excitement that comes with the beginning of the festive season in a few short weeks’ time. Whether you’ve already done your Christmas shopping, or are yet to begin and are concerned about how you’ll actually afford it, there are ways of getting out of debt after you’ve overspent at Christmas, and here’s how. Read more

Get Organized, Then Get Out of Debt for Good

The only thing more challenging than getting rid of debt is trying to do so without a plan. Paying down your debts depends on knowing how much you owe, to whom, and what your options are for doing so. So, let’s turn that cluttered desktop full of receipts, bills, and credit card statements into a system you can actually use to get out of debt.

 

Here are four tips for getting your personal finances organized, so you can get out of debt for good.

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4 Strategies for Dealing with Significant Debt

Living in a wealthy nation carries several benefits, but temptation to live beyond average means might be a common relative weakness.

Approximately 80 percent of Americans carry some form of debt among student loans, mortgages, vehicle loans, medical bills and credit cards. However, it’s the last category that’s by far the most dangerous. So perilous in fact that a recent consumer survey revealed that two out of three U.S. consumers don’t know when they’ll be debt free. One quarter of respondents expect to be in debt for life.

Any balance is solvable. It all depends on finding—and committing— to a solution with which you’re comfortable.

Let’s discuss four strategies for dealing with significant debt. Read more

Worried About Reaching Your Financial Goals This Year? Try This

The New Year brings excitement for some, and dread for others as they despair over another potential year of failed goals. I can’t tell you how many years Rick and I spent making a New Year’s resolution to be better with money, and then proceeded to have ZERO success.

It took awhile, but eventually we learned some tips and tricks for making sure our financial (and other) goals truly have a chance of being obtained. Although total success may not happen, following these tips can help ensure you end 2018 better off financially than you did 2017. Read more