WE ARE NO LONGER VICTIMS OF OUR PASTS OR SLAVES TO OUR DEBT
Many of us know the sting of financial burdens and have felt the repercussions of serious debt. We have known the tragic feeling of hopelessness and fear that come from struggling to make our bills. I have lived many years like this and spent many sleepless nights worrying that I could not pay my bills. Today I can finally say that things have definitely improved for me. As I look back over these years of struggling, I can assure you that if you want debt freedom bad enough, you will get there.
Where we are today with our financial situation
Today as I write this I am now 100% credit card debt free. Our debt remains in the form of a loan that my husband and I obtained to pay off my last two credit cards at a much better rate through our bank (9.9% versus 23% yikes), one car loan and my student loan. What works for me may not be the best financial move for everyone but for me this was the best solution I could find to eliminate this credit card debt for good and never look back. I still have debt and I am still actively paying it all down monthly, but we have killed so much of our debt that we are beginning to feel just a bit of relief for the first time ever. My savings account has improved and I finally have an emergency fund which is a key component to becoming debt free. My credit score which was once very low is now 806 which for me is a huge win today. All of this has also happened during a financially trying time of welcoming our brand new baby, which as you all know means a huge increase in our expenses.
There are however a few key things that you must learn to do to begin to turn things around with your finances. Increasing your income is always beneficial but not always possible, however most of these things should be possible for each of us.
Things you must learn to do to improve your financial situation
Learn to say NO a lot! You must learn to say no in many ways as you move forward paying off your debt. Learn to say no in various situations that might leave you regretting the money you just spent. Learn to say no to things that are just wants in many areas of your life. You do not have to say no all the time but you need to begin to implement it in many areas of your life, where you may have previously have lost control of your finances.
Learn to forgo some luxuries in life as you focus your time and money on your goals of paying down debt. For me this typically means no shopping or very little shopping, packing my lunch for work everyday and not stopping for extra luxuries unless I am allowing myself a one time cheat day. Financial management is not unlike a diet it is actually quite similar in a lot of ways. Limiting your splurges and learning to say no are very important in getting your finances under control. A great way to kick start this is something I call a no spend month which I implemented last year as no spend October with my friend Sarah over at Lemonblessings.com
Start saving money even if it is on a very small scale. I like to start with a more creative approach like the 52 week money saving challenge. This makes saving money way more fun and makes it so much easier in my opinion.
Prioritize paying down your debt and STOP accruing more. Simple but so much more difficult to do than it is to say.
What I hope you gain from this post and from Saving Joyfully
I want you to remember that you are not alone in your financial struggles and you do not have to remain a victim or slave to your debt.
Joy is possible even in the tough and trying financial times.
Money is not everything but learning to manage your money can help you enjoy your life more, even if it isn't due to spending more. Having less debt has made me far more content and far less stressed in my everyday life.
Even if it seems like debt freedom is still years away which it is for me you can find joy in the small successes and the big financial wins along the way.
I want you to come to saving joyfully to discover more ways to save money along the way and to be able to put these tips into action.
Would you like to share your financial story?
I would love to hear your financial stories and possibly even share them with my readers. If you have a financial story that you would like to share with my readers I would love to hear your story and possibly spotlight your story in a future post. Feel free to email at SavingJoyfully@outlook.com with your story. If you are a blogger also please include your website if you message me and I would be happy to share your website in a future post if I do spotlight your story. One thing I do ask if you chose to share your story is no links to sell products or services and no profanity please. Let's encourage each other in a positive way with our stories helping each other to realize once again that we are no longer victims of our past mistakes or slaves to our debt.
