Hi Guys,
So I have been reading this book on money management. It is my desire to become debt-free in the next few years or at least cut my debt in half. I decided to learn as much as I can about debt-free-living. So far, I'm in chapter 8, a section on credit scores and credit reports of the book.
Taking the time to understand debt basics and having gone through multiple sessions of debt counseling, I have learned a lot.
By learning and applying these simple tools, I have been free of credit card debt for five years. I had major credit card issues and one of my projects within the last five years was to eliminate unnecessary credit card use. In which I have done.
My motto is "if I can't pay cash for it, I will not buy it." I HATE owing debt, I simply hate it, and it does not justify the means to owe the world and barely live. Seriously, the "struggle is REAL."
So, I decided to take on my debt as a personal project and see if the end results would change, if I took becoming debt-free, seriously. The book I'm reading will not be mention at this time, because it's a bit premature to recommend a current read. However, once I have completed the book and decide if the remaining strategies in the book have helped my financial situation. I, then, will share the strategies from the book that offers a step-by-step approach (author reference, 2006).
So meanwhile, for those of you who are interested in the beginning stages of becoming debt-free, here are a few tips
1) Sit down, set an hour or so aside and write down all the debt you owe-the list will give you an immediate financial picture of your personal debt.
2) Of all the debt, select the smallest debt and begin to make arrangements to pay on that debt first-the larger debt is not going anywhere, so be cognizant of it, but don't focus too much on it temporarily.
3) Meditate and give your mind rest from the round-robin thinking, 24/7, worrying that your mind does when you feel like you owe the world.
4) Give your self-time to become debt-free, it took time for you to 'GET IN DEBT, IT'S GOING TO TAKE TIME TO GET OUT OF DEBT.'
5) Whether it's a $1, $5, $10, $15, $20, $30, set aside the amount in an envelope or a separate account to pay off your selected debt. This way you can see progress aside from your monthly income. Don't intermingle 'the money.'
6) Once you hit an amount to pay off a credit card or extra money to pay down a bill, due so in increments or possibly all at once. If the latter is not an option, spread the payment out so you can see the progress of the debt payment and this in itself will be a reward, because you will have accomplished a short term goal overtime.
Well, this is enough to get you started, so blessings to becoming debt-free and keep focus, try not to get off track and forge ahead.
Until next time, be sure to be kind, be a blessing and as always show love to one another
Lavi
So I have been reading this book on money management. It is my desire to become debt-free in the next few years or at least cut my debt in half. I decided to learn as much as I can about debt-free-living. So far, I'm in chapter 8, a section on credit scores and credit reports of the book.
Taking the time to understand debt basics and having gone through multiple sessions of debt counseling, I have learned a lot.
By learning and applying these simple tools, I have been free of credit card debt for five years. I had major credit card issues and one of my projects within the last five years was to eliminate unnecessary credit card use. In which I have done.
My motto is "if I can't pay cash for it, I will not buy it." I HATE owing debt, I simply hate it, and it does not justify the means to owe the world and barely live. Seriously, the "struggle is REAL."
So, I decided to take on my debt as a personal project and see if the end results would change, if I took becoming debt-free, seriously. The book I'm reading will not be mention at this time, because it's a bit premature to recommend a current read. However, once I have completed the book and decide if the remaining strategies in the book have helped my financial situation. I, then, will share the strategies from the book that offers a step-by-step approach (author reference, 2006).
So meanwhile, for those of you who are interested in the beginning stages of becoming debt-free, here are a few tips
1) Sit down, set an hour or so aside and write down all the debt you owe-the list will give you an immediate financial picture of your personal debt.
2) Of all the debt, select the smallest debt and begin to make arrangements to pay on that debt first-the larger debt is not going anywhere, so be cognizant of it, but don't focus too much on it temporarily.
3) Meditate and give your mind rest from the round-robin thinking, 24/7, worrying that your mind does when you feel like you owe the world.
4) Give your self-time to become debt-free, it took time for you to 'GET IN DEBT, IT'S GOING TO TAKE TIME TO GET OUT OF DEBT.'
5) Whether it's a $1, $5, $10, $15, $20, $30, set aside the amount in an envelope or a separate account to pay off your selected debt. This way you can see progress aside from your monthly income. Don't intermingle 'the money.'
6) Once you hit an amount to pay off a credit card or extra money to pay down a bill, due so in increments or possibly all at once. If the latter is not an option, spread the payment out so you can see the progress of the debt payment and this in itself will be a reward, because you will have accomplished a short term goal overtime.
Well, this is enough to get you started, so blessings to becoming debt-free and keep focus, try not to get off track and forge ahead.
Until next time, be sure to be kind, be a blessing and as always show love to one another
Lavi
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