TAKE CONTROL OF YOUR LIFE!
After being shut down for quite a while and adjusting to the new “normal” has been reallllllly tough!
Some people had to start working from home, downsized homes, maxed out credit cards, lacked an emergency fund, and the list goes on…
That’s just the negative part about it and the positive part is our growth. Our growth has been helping us fight this battle of the shutdown and adjustments. We wouldn’t be where we are today without the fight and we need to pat ourselves on the back for not giving up!
For those of you who have debt and need help paying it off… Now is your time to shine so you can become debt-free!
I have 5 ways to help you decrease your debt and increase your net worth!
#1: Write down all of your debt
Gather each company you owe money to and write down every name, total amount, minimum payment with dates, and interest rate!
This allows you to see how much you need to pay back for your debt payoff plan.
#2: Find another source of income
Finding ways to increase your income will contribute to your debt payoff plan by having more money available to save and decrease your debt.
You can increase your income by creating a side hustle, getting a part-time job and/or finding a higher paying job, or creating passive income.
There are more ways to make money but those are just a few!
Check your schedule and make time to do some research on another source of income that can be beneficial for you!
#3: Adjust your budget accordingly
After doing steps 1 and 2, you need to adjust your budget to your new income and cut down your expenses.
Start with your monthly bills by negotiating with your providers to reduce your payments.
Work your way to the different insurance companies you pay each month; Shop around for new insurance every year to make sure you’re not paying more than you have to be!
The last part that you want to look at are your expenses for groceries, going out, personal, etc. Make cuts where you can so you know for groceries that you have to eat so it’s hard to cut anything down. For going out (including dining out), shopping, and personal expenses (nails, hair, etc.), cut down to an amount that you can handle but I do not recommend eliminating completely. Cutting those expenses to accomplish your goal will help you tremendously so decide to cut back!
Cutting back will not be easy but it will be worth it!
#4: Create a debt payoff plan (debt payoff in-store)
Creating a debt payoff plan will help you stay on track and have structure so what you need to pay on what day is clear.
I recommend starting with the high-interest debt first to eliminate the extra money that you have to pay increasing higher than it already is!
If you need a Debt Payoff Calculator and Payment Schedule, Mind Over Money Education has this tool for only $19!
#5: Stay on top of your payments & do not stop saving!
Make sure you stay on top of your payments by paying early, setting reminders, putting them on your calendar, etc. Do what you need to do to be consistent. Late fees being tacked on can be very annoying and can be prevented!
Just because you want to pay off your debt fast does not mean you should stop saving!
Saving can help you through the process just in case an emergency pops up and you don’t have the money available to pay for it!
These 5 ways can help you become debt-free. Try it out for yourself and let us know if any of these steps helped you!
Also, use the resources around you that were created to help you along your debt journey!