My husband and I are no stranger to debt unfortunately. There are a few big reasons why we have debt, medical, car repair, you name it, LIFE! We have determined though to not let life happen to us, but to be intentional in life. So we are on our journey of being debt free, and this week I will share will you a few ways we got started:
- Number one, your spouse and yourself need to be on the same page about getting out of debt. Sit down, have a talk about your goals, and set new goals together. This is very important.
- Set a realistic goal. This means make your goal doable. For example we have set a goal to be debt free within 5 years (this does not include our house). We are on year two of this goal. The reason it needs to be doable is so that you can do this without feeling like the world is ending tomorrow. Your anxiety can get the best of you sometimes. This does not mean you can be a procrastinator though, remember be intentional.
- Write a rough budget down on paper. Go over this budget several times a week and add all the little things you forgot to add on day one. To really get a good idea of what you actually spend it may take a few weeks or months, but make sure within 90 days you have this pretty close to what is actually coming in and going out in your household.
- Look at what you can do without. This is not fun, but it is needed. I still have things I waffle back and forth with. Once you find those things that can be eliminated, take the extra money from those and start throwing it at your debt.
In the coming weeks I will be sharing more tips on how to eliminate your debt, save more money, and get you on your own debt free journey!
Disclaimer: I am in no way an accountant or know your situation. I am sharing with you what is and has been working for my house. Please seek any extra advice you may need for your situation.