Getting in and out of debt works much like falling down or climbing up a mountain. Tumbling down is fast and easy. All you have to do is lean forward, and then gravity takes care of the rest. You can be down in it in half an hour or less. You don’t need a trail to make it down either, you just kind of bump along till you reach the bottom.
Climbing back up is difficult, time consuming, and exhausting. You can’t just do it in a half hour. It could take up to days, depending on the size of the mountain. Using an already cleared trail will help you get there smoothly.
Debt works much the same way. Shop until you drop has never been difficult. Anyone takes a VISA and the only thing saying no is your credit limit. Getting into debt is extremely easy.
Climbing your way back out of that debt however is much more difficult. That road is made easier when you have a trail to follow. The following is a great trail that will help you work your way up any mountain of debt you may have tumbled down.
Budget your Money
Make a workable budget and stick to it as if you’re life depended on it. The key to making a budget work is holding yourself to the plan. If you don’t have the self-control to do this, you’ll struggle your way through dead-end trails until by some miracle you stumble upon the summit or you more easily fall back down again.
If you haven’t started a budget already, make one. If you already have one but are still having trouble with your debt, reevaluate it to better fit your debt needs.
Make More Money
There are a number of ways you can make more money. Start a business, seek a promotion, or find another job. You’ll get out of debt sooner if you add to your monthly income.
Coupon, car pool, and eat at home more. You are likely living a more extravagant lifestyle than is absolutely needed for your day-to-day living. There are cheap alternatives to nearly every activity and product that would cost you money. Limit your spending on superfluous items (yes, even cable can be considered superfluous when you have a Netflix account as well.
Better budget your finances, make more money, and learn to spend less. These are three of the greatest tools to keep you on a sure, quick trail to financial independence again.
photo credit: Alan Cleaver via photopin cc