When it comes to getting rid of debt most people believe that making enough money will be their ticket to freedom. Unfortunately, and as many of you know, money doesn’t grow on trees and unless you win the lottery you’re stuck paying off your debt the old fashioned way.
If you have assessed your debt, started making payments, and are on your way to zero debt there are a few things you will want to make sure you do to manage your debt. These traits are common amongst those who have gotten out of debt successfully.
- Find a support system. It’s likely that no one will be giving you the money to get out of debt, but having a support system to help you through your struggles can help you stay on track. Having people who encourage you and share your successes with can keep you motivated to continue to manage your debt.
- Change your lifestyle. If reassessing your budget was part of your debt management strategy, you might have already adjusted your lifestyle. However, anyone who hasn’t should reassess how they live and spend their money. Getting rid of debt may be a one-time thing, but you don’t want to fall back into the same patterns that put you in debt in the first place. Don’t be afraid to re-think how you spend and save.
- Check up on it. Sometimes seeing small amounts of progress can be very motivating. Check on your owed amount once a month to see how you’re doing. It might be useful to create a graph that shows how your debt is decreasing and post it somewhere where you can see it every day as a reminder of your goals.
- Focus on the positives. Everyone has emergency expenses and if you don’t have emergency funds anything could set your debt progress back. Don’t let minor setbacks stop you from reaching your goals. Holidays, birthdays, and anniversaries are just some of the reasons you might need extra funds, but don’t let the extra spending deter you from continuing to pay off your debt. Spending a little more this month doesn’t mean you have to continue spending more each month. If your support system knows what your goals are they’re more likely to be understanding of why you might have to skip a few gift-giving situations.
Getting rid of debt is about more than just hitting the number zero on your credit card and loan statements. You need to be mentally ready as you do monetarily. In some cases getting rid of debt may be as easy as getting a debt consolidation loan, but for some it may involve credit counseling. Whatever your needs are to get out of debt, AmOne can help you get started. Contact AmOne today to learn more about debt management strategies.