Achieve your dream of financial freedom sooner!
There’s nothing more liberating than being free from debt…as much as possible. It’s true that unexpected expenses come up but it’s not impossible to start minimizing your debts with a few thrifty tips and habits! Here are our tips to help you get started and in the money saving frame of mind!
- Write it down and make a list. The best way to start tackling debt is to see where your money is going and where it needs to go. Try listing your smallest debts at the top of the list and you’ll get the satisfaction of seeing them disappear faster. It can be a good little trick to help you stay positive and feel accomplished.
- Review your expenses and question your purchases. Take a look at your spending from the past few months. Are there any patterns of spending? Were all your expenditures completely necessary? With the journal and/or lists that you make for your spending habits, you can easily see where the money goes, evaluate, and more easily plan your next move.
- Make change and make cuts. This isn’t always the fun part of saving and dealing with debt but if you see a pattern of unnecessary spending, be ready to make a cut and change your habits. In order to save money or pay off debts, some sacrifices may have to be made for a while.
- Pay down debt with your extra cash. If you’ve got the extra cash, forgo those coffees or that new gadget or dress and put it towards your debt. The sooner you pay it off, the sooner you can enjoy the money you earn.
- Make a budget. Keep your future spending organized and in check with a budget. Making a plan for your monthly costs can help you keep track of your money flow and help you follow through on your new resolve to reach financial freedom.
- Be patient and remember your goals. Remember that just as it takes time to accumulate debt, it also takes time to pay it off. When you are struggling with any spending cuts you made for yourself, remind yourself of the who, the what, the where, and the why of saving money and paying off debts. Do what you have to do to keep yourself motivated!
Positivity, planning and patience will get you to you future of financial freedom!
(Image: “Financial Freedom” by keep_bitcoin_real; Creative Commons Attribution 3.0 Unported License)