Student loan, credit cards, mortgage… Do you find yourself in a vicious circle and wonder if you will get out of debt soon?
Yes, you can get out of debt and you don’t have to hold finance master degree– you should take an action and be smart.
Get your notepad and write down some important bullets from the next part of the Family Finance series.
Ok, let’s be honest. How often did you use your credit card last month for the “treat yourself” tab? New boots, yes the fall season is here and you should have the right appearance when you get back to the office. Oh, right, and the new coat that perfectly matches the new boots. You see, everything goes hand by hand to make you buy more and more…
One thing is sure, to get out of debt for good you need a clear and accurate plan and most importantly- learn how to say “No”!
Of course, you should make yourself happy and treat yourself for better health. But when it comes to getting out of debt probably it is better to reconsider some of your expenses and cut off some of them.
Change Your Thinking About Debt
To get a debt-free life is not a myth. You should simply change the way you think about debt. Firstly, put the cards on the table.
List all the debts you have and prioritize them. Paying a debt in the “snowball” method is the most popular and affordable way to get a debt-free living. You should expect higher payments in the end, but at least you will get into the green level faster.
The key moment of a debt-free life is to learn how to stick to the budget and not falling into the wheel again.
Teach Yourself To Save
Let’s be honest! It is a mission impossible to get out of debt while you are spending on weekly trips, emotional shopping, and enormous grocery lists
It is time to reconsider your shopping habits in the supermarkets and to learn how to save on groceries and other expenses.
Make a long term saving plan and you will be amazed by the result. Think simple, if you prepare your coffee at home and skip the coffee shop you will save a really good amount. Imagine if you start cooking more often and cut the dinners out.
No, I am not talking about to cut your social life, but the world situation at the moment is so unsecured and it shows us staying home is not that bad.
Learn How To Earn More
Have you noticed how many free online courses are available to upgrade yourself? Well, now is your chance to get a niche and start earning from your creativity. Another great possibility is to find a remote job that will give you a fresh breathe.
Take advantage of the social media flea markets. You can sell almost everything you don’t need anymore. Even old magazines and posters.
One of the things that amazed me in the social media markets was the small kid’s rubber sticky shapes offered for free in the stores. Kids are crazy about them. Smart moms exchange them online or even sell the whole series.
As people said- a trash for someone is somebody’s treasure.
Consult With Professionals
Get a piece of professional advice from a finance consultant.
They could give you the best tips and advice if you consider refinancing your mortgage or to get a consolidation loan.