This is the 6th installment of our Financial Makeover Series featuring carefully selected personal finance subjects. We hope talking about these basic principles can allow you to figure out what can help the most in your own unique situation.
We talked about avoiding fees in Part 1 and how using a no-fee online checking account could help you so.
Part 2 featured spending more on things you truly love using a fun budget approach.
We continued in Part 3 with the amazing freedom of budget choices that can allow you to realize more of your projects and dreams.
Part 4 talked about emergency savings and having a personalized contingency plan.
Part 5 suggested to hammer down boring big recurring expenses.
After these, we now feel ready to abort an even more challenging subject. So, let’s put on our armor, sharpen our sword and face on the dreaded debt beast.
The Right Mindset
Having too much debt is probably today’s biggest financial problem of too many families. We did not start our Financial Makeover Series here because we believe it’s better to have developed some tools before tackling on dreaded debt.
With some confidence in your abilities, getting out of debt can be quite straightforward. You just have to allocate money in the right way to achieve it.
We know getting out of debt may seen difficult or even impossible for some. Many are even addicted to debt. They know extensive use of it is bad for them yet became comfortable bathing in it. Sadly, they are so afraid about getting into that battle.
But after you get over that steep psychological hurdle, getting rid of debt becomes basic math. You have to believe and decide you can get out of debt. No one can do it for you. You have to commit and do it for yourself and your family. The good news is that you have that power in you.