Ignoring your debt and overspending instead will never make those issues go away.
In fact, failing to acknowledge that you have a budgeting problem will only make your debt situation worse in addition to giving you something I like to call a ‘debt headache‘.
Eventually, you want to get to a point where your credit cards are paid in full every month.
Let me tell you, paying off your credit card debt is liberating (not to mention great for your budget & credit).
But if you’re struggling to make the minimum payments on your credit cards, you’ll need a solid plan to help you reach this goal.
Below are 4 strategies you can use to take the headache out of debt.
Step 1: Acknowledge the problem
Be honest with yourself.
You need to admit that the way you’ve been managing your money isn’t working.
Once I acknowledged that I needed to change how I managed my credit cards, my road to debt freedom began!
Step 2: Stop using your credit cards NOW
Nothing makes the problem worse than adding more debt to an even bigger debt pile.
There is only one solution to this problem, if you don’t have the cash to pay for it, don’t buy it.
Not having my credit cards on me, forced me to just say “no.” I didn’t have a choice.
Step 3: Create a plan of attack
Make a list of ALL debt that you have. Make sure to write down the total balance that you owe.
Create a budget. Build your debt payments into your budget so that every paycheck involves a debt payment- more than the minimum payment.
A budget is the foundation on which any successful debt elimination plan is built.
Step 4: Use Visual trackers
Use these FREE progress trackers from @debtfreecharts.
She has over 50 totally FREE charts to get you started on your debt-free journey.
Being able to visually see your progress is confirmation that you ARE moving forward, even when you feel like you’re not.
These should be displayed in a high-traffic place where you will see it – and look at it – every day.
I’m hosting a *free* training, join me to LEARN HOW to build your budget in 3 EASY steps that you’ve never tried before! 🤗⠀
Remember: Financial health is restored in 2 ways- first by doing the inner work of changing how you think & feel about money and then by doing the outer work of practical money management.
Your problem has been solved- debt headache gone.
Next, Do you really need savings? This post will help you decide.