Many of us live with the stress and weight of debt on our shoulders – myself included – so I’ve decided to join in with Jackie at The Debt Myth in her Debt Is Not Forever crusade to help encourage others who are struggling to become debt free.
My husband and I have been working hard to pay off our student loans for years now so I can understand how frustrating and discouraging it can be to see the total amount owing only barely lower with each payment. Being a single income family doesn’t make this any easier but we’re doing our best. I’d like encourage others who are also struggling because I’m confident we can live a happy and fulfilling life while working towards becoming debt free.
Becoming debt free is important to me because I refuse to feel trapped in our financial situation forever. I’m tired of spending what seems to be an endless amount of time worrying about finances when I could simply spend it living a happy life. We want to be free from debt so we can put our money towards our future and so that we can someday own a home of our own and to also provide a better life for our children.
My family deserves a debt free life!
Debt Is Not Forever – It is possible to become debt free and I know we can do it. I know you can do it too!
Tackling debt head on is the only way to reach the goals we have for the future, so my family and I are making some small changes and commitments to stay on the path to becoming debt free. If you’re trying to help your family become debt free you might also like to make some of these changes.
My tips for staying on track to become debt free
Stop ordering take out and going to restaurants
Home cooked food tastes better anyways! Preparing home cooked meals give one more control over the ingredients used and what you prepare can be stretched further for less cost. If it's a special occasion go ahead and treat yourself and your family but it's best not to make ordering takeout a frequent habit.
Stop purchasing items we really don’t need
We’ve been pretty good to keep on track with this rule however now and then I do find myself putting unnecessary items in my shopping basket! Before making a purchase ask yourself if it’s something you really need.
Create a budget
Create a reasonable and realistic budget and stick to it the very best that you can. Budgeting exactly how much you plan on spending on bills, groceries, etc is the only way to create a plan for becoming debt free. Make sure that your debt payments are included in the budget.
Keep a Record of your spending
Keep track of everything you spend in a simple notebook or using a spreadsheet on the computer. It doesn’t have to be extravagant – just make sure that you’re keeping track of your spending in whatever way is easiest to you. It’s important to be able to tally up the receipts and payments you are making so you have an idea of where you can improve your budget. If you own a smart phone you might want to look into downloading some kind of free app to keep track of your budget.
Make the Largest payment on your debt that your budget will allow
Make sure your debt payments are included in your budget and as you pay it down try to gradually increase the amount you pay. Putting down as large of payments as possible on your debts will be better for you in the long run.
Make largest Payments on the debt with the highest interest rate
The debt with the highest interest rate needs to be the top priority because this will increase fastest. The next largest payment should be on the debt with the second highest interest rate and so on.
Only spend the money that you have
Stop making purchases using credit. Credit debt can quickly get out of hand if you’re not extremely cautious. If you’re in debt don’t continue the cycle.
If you’re struggling with debt I hope that these tips will help you stay on the right track. My family is doing our very best to commit to these changes and become debt free.
Please join me in the Debt Is Not Forever crusade by sharing a photo of your reason for wanting to get out of debt on Twitter or Instagram using the hash tag #DebtIsNotForever.
Debt is definitely not forever and it's important to encourage each other to stay on track! 🙂