Wouldn’t life be so much easier if you could push a green button and things magically happen? Aside from “erase debt” some of my other green buttons would include “lose 20 lbs,” “grow 5 inches taller,” “have more patience” and the list goes on and on
But like anything in life, if you really want it, you have to work for it! (pep sentence of the day!)
Ever since I was 18 years old and went of to university with tens of thousands of dollars in my account from student loans and a spiffy new Visa in my wallet, my
game battle with debt had begun.
For over a decade, the battle continued to the point where at times I was almost eliminated. But me being the stubborn fighter I am, I stayed in the debt game. Now, I may have stayed in the game but I was never actually winning. I may have been making the minimum payments towards my debt, but I was not making any progress in “erasing it.”
Now that I’m determined to come out the winner (10 years late but nevertheless), I’ve had to make many lifestyle changes along the way. The strategies that I’m going to offer aren’t going to be anything new, but oldies are goodies and they are working for me (a former shopaholic with massive student loan debt). Hopefully they will work for others who find themselves in a similar situation.
Here are my five strategies to get out of debt:
1) Stop using credit cards. Go on a cash diet. – This will prevent any temptation and bad habits from repeating. I can’t buy th0se adorable pair of shoes unless I have the funds for it.
2) Start tracking all your spending. - It’s so easy nowadays with all the great spending apps to choose from for your smart phone. Tracking my spending really opened my eyes to all the little things I was wasting my money on like $4 ice cream. Don’t even get me started on the Starbucks…
3) Start brown bagging your lunches. – This one was rather challenging for me since I get “bored” of food easily but honestly after a few weeks of doing it, I just got use to it.
4) Find cheaper activities to do for fun. – I’ve always enjoyed being outdoors, but trying to be more frugal has pushed me to explore the outdoors even more. Hikes, walks, beaches, parks, sports, etc.
5) Have a plan for paying off your debt and celebrate your achievements along the way. – I consolidated my two credit cards onto a personal loan and plan on paying that off in a year, then I am attacking that student loan full force like only I know I can
What are some of your strategies for paying off debt?