Reinvent Your Debt..Dump It!

Dump your debt no matter what your income is. It seems America has lost site of the basics and the difference between want and need.

Starting somewhere to reduce your personal national debt is essential. Debt is stress; stress is unhealthy and often self-defeating. Initially do these two things start a debt-journal, any notebook will do, and there is no need to buy a leather-bound Ben Franklin –like ledger at a fancy bookstore. Of course if a friend or your mother wants to indulge that is fine.

This brings up another point, talking to someone, trusted of course, is a great idea as well as writing.

Talking and journaling are stress relievers that helps lead to other debt relieving actions that you will execute. Journal about anything related to what keeps you in debt. Yes, keep all receipts, tuck them in your journal and tally them at least once a week. Reassess, weekly or more often your income versus those receipts. Align assessments with the day you get your paycheck. Make decisions to cut excesses like those lattes or too many meals out.

Based on discovery of your financial self, make a plan. Your first question is how fast do you want to be debt free? That answer should tell you adjustments are inevitable in order to dump debt. Evaluate all non-essentials, i.e. essentials are rent/mortgage, transportation, food, utilities, and childcare.

As you cut out non-essentials, your relationship with money may become evident. Without getting into deep analysis here, you may want to deal with any deprived baggage from your growing-up years. What was your parent’s attitude about money? Were they over indulging, excessively frugal, or selfish? Face it, deal with it and put it behind you because as a child it was not your problem or cause.

Only your income, your expenses, essentials and future matter now. Pat yourself on the back at this point and move on. Where to cut and how to be frugal is next in the plan.

~ by LiKay

Reinvent Your Debt..Dump It!

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