Get Out Of Debt In 30 Days
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Can You Really Get Out Of Debt In A Month?
Could you go a whole month without spending in an effort to help get out of debt?
Yes, you read that right, a whole month without spending any money. Although, of course, there are things that you still need to pay for, like rent/mortgage, bills, and food. I wouldn't want you to starve, or live without shelter and electricity. That's crazy talk.
But to stop spending on those other little things that are not essential for survival, just for one month.
Do you think you could do it?
I do have a confession to make. You would think that I would know better, considering I've written books on personal finance, but I'm embarrassed to admit that, over the past few months, our credit card bills have been getting higher and higher, and we have accumulated about $10,000 in credit card debt.
I know.
Now, I don't want to make excuses here for why it happened (but it has involved a crappy stock market, a hubby being out of work, breaking a collarbone, and not being able to write much - because two small children at home doesn't exactly give you much time to yourself) but I freaked out a little bit.
Okay, a lot.
So I stopped spending for a month to see if would make a difference.
Now 30 days probably isn't long enough to get completely out of debt, but there is still a lot that you can do in a month that can kick start your journey to becoming debt free. And that's what this page is all about, those things that you (and by you, I really mean me) can do, in just 30 days that will help you get out of debt faster.
So let's get to it then ...
Yes, you read that right, a whole month without spending any money. Although, of course, there are things that you still need to pay for, like rent/mortgage, bills, and food. I wouldn't want you to starve, or live without shelter and electricity. That's crazy talk.
But to stop spending on those other little things that are not essential for survival, just for one month.
Do you think you could do it?
I do have a confession to make. You would think that I would know better, considering I've written books on personal finance, but I'm embarrassed to admit that, over the past few months, our credit card bills have been getting higher and higher, and we have accumulated about $10,000 in credit card debt.
I know.
Now, I don't want to make excuses here for why it happened (but it has involved a crappy stock market, a hubby being out of work, breaking a collarbone, and not being able to write much - because two small children at home doesn't exactly give you much time to yourself) but I freaked out a little bit.
Okay, a lot.
So I stopped spending for a month to see if would make a difference.
Now 30 days probably isn't long enough to get completely out of debt, but there is still a lot that you can do in a month that can kick start your journey to becoming debt free. And that's what this page is all about, those things that you (and by you, I really mean me) can do, in just 30 days that will help you get out of debt faster.
So let's get to it then ...
Firstly STOP SPENDING
Seriously!
I know it sounds simplistic to tell you to stop spending, but in reality the only way to become debt free is to either earn more money (often hard to do) or spend less.Spending less is far easier than finding more money hidden under your mattress.
Of course you'll still need to buy the absolute basics: food, shelter (rent/mortgage) and utilities. But for one month, if you are really serious about saving more money and getting out of debt, then you need to go cold turkey and stop all unnecessary spending.
It can actually be quite rewarding to go without for 30 days because you'll start to recognise how much of your spending you don't really think about. It's the little purchases that you make without thinking that is getting you into trouble. The $4 coffee here, the $2 chocolate bar there. It all adds up and pretty soon you've spent one or two hundred dollars in a week with nothing to show for it.
By going on a 30 Day Spending Detox then all that money that you would have normally used on 'stuff' can go straight on the credit card.
Try a Spending Detox
This book gives you all the rules to your own no spend month
Gain Back Your Financial Freedom
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Doing a Spending Detox Can Help
A Spending Detox can help kick start a new financial plan and give you a big boost to savings.
Get Out Of Debt Fast
How Quickly Can You Get Out Of Debt?
Ok, so studies have shown that it takes around three times as long to pay off your debt than it does to get yourself into it in the first place. That means if you racked up three grand over six months, it will take you eighteen months to pay it off.
But don't despair just yet, because there are a few ways you can boost your savings plan and get out of debt faster. Of course that means that you are going to have to go super frugal for a short while, but once that debt is paid off it'll be worth it right?!
Of course it will.
Ok so what do you need to do?
Make yourself up a budget meal plan (or look for one online). Your first step is saving money on groceries so you start with your budget here. Yeah it means you might miss out on chocolate eclairs and fresh salmon for a while, but it's only for a short time while you save up some extra money,
Next you are going to have to cut back on regular spending. Yes it sounds drastic but it's the only way to get out of debt quickly.
But don't despair just yet, because there are a few ways you can boost your savings plan and get out of debt faster. Of course that means that you are going to have to go super frugal for a short while, but once that debt is paid off it'll be worth it right?!
Of course it will.
Ok so what do you need to do?
Make yourself up a budget meal plan (or look for one online). Your first step is saving money on groceries so you start with your budget here. Yeah it means you might miss out on chocolate eclairs and fresh salmon for a while, but it's only for a short time while you save up some extra money,
Next you are going to have to cut back on regular spending. Yes it sounds drastic but it's the only way to get out of debt quickly.
Paying Off Your Credit Cards
Which Order Do You Do It In?
The reason I like the second method (paying off the lower balances first) is that everything you pay off a card it gives a confidence boost that you can actually do this rather than feeling overwhelmed. And with that confidence boost comes more determination to pay off the rest of your cards and wipe them out as well.
Sure you might end up paying a few extra dollars in interest this way since you are not tackling the highest interest rate debt first, but over the long term I think it's better to stick with your savings plan and having mini milestones along the way will help keep you on track.
Giving yourself a reward (non-monetary of course) can also help keep your spending on track as you pay off your debts.
Remember that this is a long term commitment if you want to be totally debt free. It's not something that you'll be able to do in just 30 days. But having a massive advantage and boost to your savings really will help you on your journey.
About Me
by TraceyE
Tracey is a mother, writer and author. She creates squidoo lenses for a little extra fun and cash.
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