The beginning of the year is a great time to make adjustments that will help you improve your debt relief journey. Learn more in this week’s blog.
Maybe your debt relief journey has slowed and you need to make adjustments to get it going again. Or maybe you haven’t even begun your journey yet. In either case, here are 5 Ways to help your Debt Relief Journey in the New Year.
1. Take a Budget Class
Preparing a budget is a necessary step on your Debt Relief Journey. It helps you see how much money you have to spend and decide how to best spend it. I’ve got a free budget class you can take right now!
Without a budget, you aren’t on a journey, you just wish you were. Your budget is your game plan for achieving your goal to become debt free. Take a positive step by taking the time to learn how to budget your money.
2. Tell Someone about your debt reduction goal.
Goals that are a secret are not really goals, they are just wishes. When you share your goals with others, you show your commitment to completing them. You speak the words that set yourself in motion.
Another benefit of sharing your goals with other people is that they can help you be accountable to your goals. Choose someone you can trust who will help and support you. Then use that support to help yourself be accountable for all non-necessary purchases that would hinder your debt relief journey.
3. Keep a Scorecard of your expense pay downs
Your scorecard should include credit cards and making extra payments on your mortgage and car loan. The more excited you become about getting yourself out of debt, the more aggressive you will become in making sure it happens for you. When you feel like you aren’t getting anywhere, pull your scorecard out so you can see all the little battles you have won!
4. Set up goals with bonuses for yourself
One way to give yourself some extra incentive to achieve your goals is to build in some bonuses for yourself. Give yourself 6 month goals for paying down specific bills and making extra payments on large ticket items such as car payments and mortgage payments. As you achieve your goals, have predetermined bonuses ready to reward yourself with. Choose items that don’t blow your budget but are meaningful to you. You may choose to save some money from existing budget categories, then use some of that money to buy something for yourself.
Remember the goal is to keep yourself motivated, not spend a lot of money that ends up putting you farther in the hole than where you began.
5. Choose the first item you want to buy when you are debt free
Pick out something that you would like to purchase after you become debt free. Get a picture of that item and hang it on your refrigerator and bathroom mirror to keep your goal in front of you daily. This keeps your attention on the ultimate goal rather than the day to day activity of achieving it.
These 5 tips will help your Debt Relief Journey as we move into the new year and beyond. Use them to help keep yourself focused on achieving your debt reduction goals!
One of the best ways to focus your attention on the positive aspects of your debt relief journey is to make sure you have all the tools you need for your journey. Take my free debt relief workshop to make sure that you do!
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What you tolerate becomes normal to you. When you stop tolerating debt, you increase your ability to function without it. It will take you some time, but the end is worth it!
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God Bless your week!