get out of debt http://www.wisebread.com/taxonomy/term/11294/all en-US Best Money Tips: 5 Golden Rules for Getting Out of Debt http://www.wisebread.com/best-money-tips-5-golden-rules-for-getting-out-of-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-5-golden-rules-for-getting-out-of-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple_in_debt_000053716910.jpg" alt="Couple using golden rules to get out of debt" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on the golden rules of getting out of debt, habits of considerate people, and where to find extra income.</p> <h2>Top 5 Articles</h2> <p><a href="http://blog.readyforzero.com/the-golden-rules-of-getting-out-of-debt/">The 5 Golden Rules of Getting Out of Debt</a> &mdash; It isn't enough to have a monthly budget &mdash; you also need to map out how you will accomplish your goals! [ReadyForZero]</p> <p><a href="http://www.popsugar.com/smart-living/Habits-Considerate-People-35402792">29 Habits of Extremely Considerate People</a> &mdash; Considerate people don't interrupt or talk over others. [PopSugar Smart Living]</p> <p><a href="http://canadianfinanceblog.com/find-sources-of-extra-income/">Where to Find Sources of Extra Income</a> &mdash; It's easier than ever to make money online as a freelancer or consultant. [Canadian Finance Blog]</p> <p><a href="http://www.csmonitor.com/Business/Saving-Money/2015/0804/If-you-own-a-chrysler-jeep-dodge-or-fiat-you-need-to-read-this">If you own a Chrysler, Jeep, Dodge, or Fiat, you need to read this</a> &mdash; Can your car go online? If so, hackers may be able to get in and control your car.&nbsp;[The Monitor]</p> <p><a href="http://couponpal.com/blog/how-to-be-prepared-for-the-next-big-earthquake">How to Be Prepared for the Next Big Earthquake</a> &mdash; When an earthquake hits, it's important to know when and how to turn off your utilities. [CouponPal]</p> <h2>Other Essential Reading</h2> <p><a href="http://moneyning.com/life-style/can-you-afford-to-get-a-pet/">Can You Afford to Get a Pet?</a> &mdash; Be sure to factor in boarding costs for the times when you need to be away from home and can't take your pet with you. [Money Ning]</p> <p><a href="https://www.listenmoneymatters.com/how-to-protect-your-money-when-traveling/">How To Protect Your Money When Traveling</a> &mdash; Don't carry too much cash, and split up the cash that you do have on you so you won't be broke even if your wallet is stolen. [Listen Money Matters]</p> <p><a href="http://www.aspiringmillionaire.com/2015/07/managing-all-of-your-resources.html">Managing ALL of Your Resources</a> &mdash; Money isn't the only resource you have for getting what you need. Learn how to use your knowledge and skills, your community, and your time to live a balanced and happy life. [Aspiring Millionaire]</p> <p><a href="http://www.carefulcents.com/save-money-as-freelancer/">Create a Savings Habit: 5 Proven Ways Freelancers Can Save Money</a> &mdash; You can use an app like Digit to automatically deposit money into your savings account based on your current bank balance. [Careful Cents]</p> <p><a href="http://parentingsquad.com/10-things-you-need-to-know-about-children-with-food-allergies-from-a-mom-who-knows">10 Things You Need to Know About Children With Food Allergies (From a Mom Who Knows!)</a> &mdash; Labels can be tricky! Even if an allergy trigger isn't listed as an ingredient, the product may have been cross-contaminated at the processing facility. [Parenting Squad]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-5-golden-rules-for-getting-out-of-debt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-do-a-spending-fast-in-16-easy-steps">How to Do a Spending Fast in 16 (Easy!) Steps</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/debt-free-living-is-attainable-if-you-want-it-you-can-have-it">Debt-Free Living IS Attainable: If You Want It, You Can Have It</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/get-out-of-debt-first-then-focus-on-saving">Get Out of Debt First, Then Focus on Saving</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-getting-out-of-debt-is-like-running-a-marathon">Why Getting Out of Debt is Like Running a Marathon</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards">The 5 Best 0% Balance Transfer Credit Cards</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management best money tips get out of debt Wed, 05 Aug 2015 19:00:13 +0000 Amy Lu 1515077 at http://www.wisebread.com Best Money Tips: Freeing Yourself From Debt http://www.wisebread.com/best-money-tips-freeing-yourself-from-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-freeing-yourself-from-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/relax-5077649-small.jpg" alt="freedom" title="freedom" class="imagecache imagecache-250w" width="250" height="169" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some awesome articles on freeing yourself from debt, reasons to not send professional emails after dark, and renting vs. buying stuff.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.girlsjustwannahavefunds.com/10-vital-steps-to-freeing-yourself-from-the-burden-of-debt/">10 Vital Steps to Freeing Yourself from the Burden of Debt</a> &mdash; Cutting out luxuries is a vital step in freeing yourself from the burden of debt. [Girls Just Wanna Have Funds]</p> <p><a href="http://www.savvysugar.com/Should-I-Send-Work-Email-Late-Night-16738190">6 Reasons to Not Send Professional Emails After Dark</a> &mdash; It's not a good idea to send professional emails after dark because you are more prone to making mistakes. [PopSugar Smart Living]</p> <p><a href="http://freefrombroke.com/is-it-better-to-rent-or-buy-stuff/">Is it Better to Rent Or Buy Stuff? Renting Items To Save Money</a> &mdash; When deciding whether to rent or buy items, consider whether or not you've used the item before. [Free From Broke]</p> <p><a href="http://wealthyturtle.com/6-ways-to-deal-with-stress-as-a-work-at-home-parent/">6 Ways to Deal with Stress as a Work from Home Parent</a> &mdash; If you are a work from home parent, deal with stress by finding time to exercise. [Wealthy Turtle]</p> <p><a href="http://moneyqanda.com/facebook-social-media-ruining-career/">Why Facebook And Social Media May Be Ruining Your Career</a> &mdash; Your social media accounts may be ruining your career if people know too much about you. [Money Q&amp;A]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.freemoneywisdom.com/five-things-that-are-way-more-important-than-money/">Five Things that are Way More Important than Money</a> &mdash; Your health and your family are more important than money. [Free Money Wisdom]</p> <p><a href="http://notmadeofmoney.com/blog/2013/05/safe-ways-to-earn-money-in-your-retirement.html">Safe Ways to Earn Money in Your Retirement</a> &mdash; To safely earn money in retirement, look into bonds. [Not Made of Money]</p> <p><a href="http://www.beatingbroke.com/carrying-too-much-debt/">Signs You Are Carrying Too Much Debt</a> &mdash; If you have been denied new credit or use every paycheck to pay bills, you are carrying too much debt. [Beating Broke]</p> <p><a href="http://www.freemoneyfinance.com/2013/05/do-you-share-your-salary-with-others.html">Do You Share Your Salary With Others?</a> &mdash; Today's younger generation is more open when it comes to sharing their salary with others. [Free Money Finance]</p> <p><a href="http://parentingsquad.com/5-ways-to-help-your-child-take-frequent-meds">5 Ways to Help Your Child Take Frequent Meds</a> &mdash; When helping your child take frequent meds, be patient and understanding. [Parenting Squad]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/best-money-tips-freeing-yourself-from-debt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/debt-free-living-is-attainable-if-you-want-it-you-can-have-it">Debt-Free Living IS Attainable: If You Want It, You Can Have It</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-inspiring-people-who-each-paid-off-over-100000-in-debt">5 Inspiring People Who Each Paid Off Over $100,000 in Debt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-fastest-method-to-eliminate-credit-card-debt">The Fastest Method to Eliminate Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-erase-your-medical-debt">How to Erase Your Medical Debt</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-dirty-secrets-of-credit-cards">The Dirty Secrets of Credit Cards</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management best money tips debt get out of debt Wed, 15 May 2013 10:00:32 +0000 Ashley Jacobs 974089 at http://www.wisebread.com How to Do a Spending Fast in 16 (Easy!) Steps http://www.wisebread.com/how-to-do-a-spending-fast-in-16-easy-steps <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-do-a-spending-fast-in-16-easy-steps" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/5209988804_157d4c108c_z.jpg" alt="woman hiding her face" title="woman hiding her face" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>A spending fast (also known as a spending freeze or a spending lock-down) is a method of getting out of debt through the elimination of all &quot;non-need&quot; spending.</p> <p>By doing a spending fast, I was able to substantially improve my financial life by paying off $23,605.10 in debt in a matter of 15 months! Now I am able to live a debt-free and autonomous life, one where my goals take priority and the debt doesn't. (See also: <a href="http://www.wisebread.com/how-to-not-be-a-debt-slave">How to Not Be a Debt Slave</a>)</p> <p>Before deciding to do a spending fast there are a few factors to consider; these are all elements that will affect how quickly you are able to become debt-free.</p> <p><strong>Factors That Will Affect Your Spending Fast</strong></p> <ul> <li>The total amount of debt you have</li> <li>Your income</li> <li>How much spending you decide to cut out</li> <li>The duration of time you chose for your spending fast&nbsp;</li> <li>How much money you can make by selling your unused possessions</li> <li>What you chose to do to generate additional income&nbsp;</li> </ul> <p>My life completely changed when I finally decided that I <em>had</em> to be done with my debt. The cycle of debt and remorse needed to end once and for all. Life is better on this side &mdash; the debt-free side. So, if you want to get out of debt and change your life by doing a spending fast, this is how it's done.</p> <h3>1. List Your Debts and Their Interest Rates</h3> <p>Make a list of all your bills. Write the highest-interest rate bill at the top of the list and the lowest interest rate bill at the bottom of the list. This will determine the order in which you will eliminate each bill.</p> <h3>2. Ask Your Creditors for Lower Interest Rates</h3> <p>Some credit card companies will actually lower your interest rate, so it's worth a shot to call them and ask.</p> <h3>3. Picture the Life You Dream of Living</h3> <p>Determine your priorities by putting actual pen to paper and by writing down your ideal life. What would you be doing if you didn't have to work for a living? How would you spend your time, and when are you the most happy?</p> <h3>4. Ask Yourself, &quot;Is There Any Way That I Can Reach My Goals With the Debt I Have?&quot;</h3> <p>If the answer is &quot;no&quot; and you don't feel good about it, then it's time to start thinking about making some serious life changes. If you find yourself making decisions about things to do (or not do) things based on how much debt you owe, be very honest with yourself. Does your debt prevent you from living a life that is true to you? Does your debt (and your obligation to it) pull you and angle your decisions in even the subtlest ways?</p> <h3>5. Decide to Be Done With Debt Once and for All</h3> <p>If you're not ready to be done with your debt, then you might want to try some other methods first. The spending fast technique requires commitment and dedication. A spending fast&nbsp;is a way to get extreme results in a relatively short amount of time, but you have to be ready to go forward full-force with it.&nbsp;</p> <h3>6. If You're Partnered, Try to Get Them to Do the Spending Fast With You</h3> <p>It's a lot easier to change your life if your partner is on board but, if they aren't, then consider doing the spending fast solo (separate bank accounts are very helpful here).&nbsp;</p> <h3>7. Set a Time-Frame for Your Spending Fast</h3> <p>I recommend a year, so you can get past the difficult beginning part (where all your habits are getting changed) and into the real benefits part (where your debt is getting paid off).</p> <h3>8. Make a Public Declaration of Your Desire to Become Debt-Free</h3> <p>Tell your friends and family about your decision to do a spending fast so you can have the accountability that comes along with it. In addition to telling your family and friends, you can take a <a href="http://www.andthenshesaved.com/get-out-of-debt-pledge/">Debt-Free Life Pledge</a>&nbsp;on my spending-fast site.</p> <h3>9. Create a &quot;Wants and Needs&quot; List</h3> <p>The &quot;wants and needs&quot; list will serve as the backbone of your spending fast. On the &quot;needs&quot; list include the bare necessities needed to live: rent, food, utilities, etc. On the &quot;wants&quot; list, put everything that is an &quot;extra&quot; in your life. Things that went on this side of the list for me were items like clothes, coffee at coffee shops, movies in the theater, gifts, bed linens, new music, new make-up, shoes, etc. (Here is my original <a href="http://www.andthenshesaved.com/spendingfastguidelines/">spending fast wants and needs list</a>&nbsp;if you're interested in seeing it.)&nbsp;The &quot;wants and needs&quot; list can (and will) be different based on each person's varying priorities in life.</p> <h3>10. Spend Money on the &quot;Needs&quot; Side of the List Only</h3> <p>This is the simple-but-not-easy part of the spending fast.</p> <h3>11. Think About What You <em>Can</em> Buy Rather Than What You Can't</h3> <p>If find yourself starting to feel bummed out when you're in the thick of the spending fast, try to shift your perspective, because it will do wonders for your morale. Remember to <a href="http://www.wisebread.com/47-cheap-fun-things-to-do-this-weekend">keep having fun</a> (just the free kind). Remember that the spending fast isn't forever. There is a light at the end of the tunnel (that's why you set a time-frame at the start), and remind yourself of why you're doing the spending fast in the first place &mdash; it's to get out of debt once-and-for-all and to change your life!</p> <h3>12. Become Immersed in a Community of Like-Minded People</h3> <p>On my spending-fast website, <a href="http://www.andthenshesaved.com/">And Then She Saved</a>, I've started a <a href="http://www.andthenshesaved.com/community">community page</a>&nbsp;where people share their questions, struggles, accomplishments, set-backs, tips, tricks, and most importantly, their getting-out-of-debt successes. It's a great place to get a reminder that we aren't alone in our dreams to live debt-free lives.</p> <h3>13. Attack Your Debts</h3> <p>At the end of the month, send all the money that is left in your account to the bill that has the highest interest rate. Continue to send the minimum due on your other bills. Once a bill gets knocked out, be proud of yourself! You're really doing it! Then, attack the next highest interest rate bill on the list. Become competitive with yourself; try to get better numbers than the previous month and&nbsp;keep track of your savings from month-to-month. To be able to see all of the savings at the end of the year is amazing.</p> <h3>14. Be Committed to the Process</h3> <p>It's unrealistic to think that &quot;mistakes&quot; won't happen so keep going even when they (inevitably) occur.&nbsp;</p> <h3>15. Continue With the Spending Fast Until You Reach Your End Date</h3> <p>Stick with the spending fast for the entire time-frame you committed yourself to. If you reach your goal of paying off your debt and you happen to do it before your predetermined end date (um, awesome!), then why not keep going? Squirrel away the extra money and prepare yourself for the next step &mdash; financial security.</p> <h3>16. Be Proud of Yourself for What You Accomplished &mdash; Big or Small&nbsp;</h3> <p>When you come to the end of your spending fast, look back on all you were able to do. Being proactive and being willing to take charge of your life and finances is definitely something to be proud of!</p> <p>Throughout the spending fast, always be on the look-out for ways to cut the &quot;needs&quot; list down even more, get creative with <a href="http://www.wisebread.com/37-savings-changes-you-can-make-today">ways to save money</a>, and be willing to make things yourself in an effort to save.</p> <p>Before you know it, saving will become (unbelievably) more fun than spending and your financial life will be forever changed.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/anna-newell-jones">Anna Newell Jones</a> of <a href="http://www.wisebread.com/how-to-do-a-spending-fast-in-16-easy-steps">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-personal-finance-skills-everyone-should-master">12 Personal Finance Skills Everyone Should Master</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-only-6-rules-of-frugal-living-you-need-to-know">The Only 6 Rules of Frugal Living You Need to Know</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-budgeting-isnt-fun-youre-doing-it-wrong">If Budgeting Isn&#039;t Fun, You&#039;re Doing It Wrong</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-many-reasons-to-make-do-with-less">The Many Reasons to Make Do with Less</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/treat-yourself-like-a-child-to-be-more-grown-up">Treat yourself like a child to be more grown up</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living Debt Management get out of debt needs spending freeze wants Fri, 04 May 2012 10:36:07 +0000 Anna Newell Jones 926140 at http://www.wisebread.com Why Getting Out of Debt is Like Running a Marathon http://www.wisebread.com/why-getting-out-of-debt-is-like-running-a-marathon <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/why-getting-out-of-debt-is-like-running-a-marathon" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/marathon_debt.jpg" alt="Marathon runners" title="Marathon runners" class="imagecache imagecache-250w" width="240" height="180" /></a> </div> </div> </div> <p>In December 2007, I ran my first marathon. (Interestingly, in December 2007, I also ran my last marathon.) Though I&rsquo;ve decided not to be an annual marathon runner, the process of training for a marathon taught me a lot about life, money, and motivation.</p> <h3>The Motivation to Run a Marathon</h3> <p>One day I was telling stories with a friend who was on the heavier side of heavy. He was talking about some of his world travels and mentioned that he ran a marathon in Greece. The rest of the evening I couldn&rsquo;t think about anything else &mdash; HE, the big guy &mdash; had run a marathon.</p> <p>Early the next morning I started my watch and took off from my campus apartment. My plan was simply to run as far as I could to get a gauge of my physical fitness. Between three and four minutes later, I stopped a block or two from home and had to start to walk.</p> <p>This was not good news.</p> <p>Still, I was hooked. I was convinced that I could run a marathon, and I spent the next 15 months training. In December of 2007, I ran the marathon.</p> <p>So what does that have to do with finances?</p> <p>Some people love reading debt-free stories. I&rsquo;ve never quite understood that. Then I connected that with my own motivation to run a marathon.</p> <p>The accomplishments of others inspire us.&nbsp; If you read about a family that just paid off $124,000 in debt, you're going to say to yourself, &quot;if they can do that, why can&rsquo;t I?&quot; If you&rsquo;re having difficulty getting motivated to pay off your debt and <a href="http://www.wisebread.com/get-a-grip-on-your-debt-how-to-obtain-a-clear-concise-financial-snapshot">get a grip on your finances</a>, then you should read some good debt-free stories like <a href="http://personalfinancebythebook.com/debt-free-in-one-year-a-true-story/">&quot;Debt Free in One Year&quot;</a> or Fiscal Geek's <a href="http://www.fiscalgeek.com/2010/01/debt-free/">&quot;We're Debt Free!&quot;</a> Dave Ramsey&rsquo;s book <em>Total Money Makeover</em> has some great stories too. Just keep reading until you find your inspiration.</p> <p>Among many other lessons learned from running the marathon, I learned something important about myself. I had enough grit and determination to do anything that I really committed to doing. I think of the masses of people who have piles of debt: All they need is a little perspective and a lot of grit.</p> <h3>How to Run Your Get-Out-of-Debt Marathon</h3> <p>To compete in a money marathon, you&rsquo;ll need to agree to a few basic rules:</p> <p><strong>1. Act financially responsible even when it&rsquo;s hard.</strong></p> <p>There will be times when you feel like eating at TGI Friday&rsquo;s instead of having leftover potatoes and ham. There will be times when you&rsquo;re sure that a shopping binge at the local mall will heal your emotional wounds. If you have credit card debt problems, there will be times when you just want to forget about the whole idea of getting into financial shape.</p> <p>If you&rsquo;re running a marathon, you just keep training even when you don&rsquo;t want to. The same is true of finances.</p> <p><strong>2. Ignore friends who say you&rsquo;re crazy.</strong></p> <p>Your friends won&rsquo;t always understand you. Sure, they want to see you get out of debt or improve your finances, but this whole don&rsquo;t-take-a-vacation thing will seem a little too extreme for them. They won&rsquo;t always understand why you&rsquo;re so serious and intense when it comes to debt repayment.</p> <p>The good news is they don&rsquo;t have to get it.&nbsp; They don&rsquo;t have to understand it.&nbsp; As long as you&rsquo;re motivated to do it, that is all that matters.</p> <p><strong>3. Make a long-term commitment.</strong></p> <p>You can&rsquo;t train for a marathon in a few short months, and most people take longer than a few months to get out of debt.</p> <p>There are lots of false starts when it comes to improving finances.&nbsp; You might make it for a few weeks, and then it gets too hard. But if you are going to run a money marathon, you&rsquo;ll need a long-term commitment to see this thing through to the finish.</p> <p><strong>4. Get support from your social network.</strong></p> <p>Just like you need to ignore those who don&rsquo;t understand you, you&rsquo;ll need to surround yourself with those that do. Find others who have similar goals and interests for their finances, and use them to motivate yourself as you motivate others.</p> <p><strong>5. Track your progress.</strong></p> <p>You don&rsquo;t want to wait for months on end to see your progress. By keeping detailed records and getting organized, you&rsquo;ll enjoy a lot of small payoffs along the way that help you keep motivated. With this free debt-snowball spreadsheet, you can track your progress as you go along.&nbsp;</p> <p>Small victories along the way make a big victory possible.</p> <p><em>So, how many of you are ready to run your first get-out-of-debt marathon this year?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/craig-ford">Craig Ford</a> of <a href="http://www.wisebread.com/why-getting-out-of-debt-is-like-running-a-marathon">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-proactive-things-you-can-do-right-now">12 Proactive Things You Can Do Right Now</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/goal-setting-getting-out-of-debt-once-and-for-all">Goal Setting: Getting Out of Debt Once and For All</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-do-a-spending-fast-in-16-easy-steps">How to Do a Spending Fast in 16 (Easy!) Steps</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/get-out-of-debt-first-then-focus-on-saving">Get Out of Debt First, Then Focus on Saving</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/debt-free-living-is-attainable-if-you-want-it-you-can-have-it">Debt-Free Living IS Attainable: If You Want It, You Can Have It</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management achieving goals debt goals get out of debt running Wed, 12 Jan 2011 13:00:09 +0000 Craig Ford 447714 at http://www.wisebread.com Get Out of Debt First, Then Focus on Saving http://www.wisebread.com/get-out-of-debt-first-then-focus-on-saving <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/get-out-of-debt-first-then-focus-on-saving" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/money hand.jpg" alt="pay debt or save" title="pay debt or save" class="imagecache imagecache-250w" width="240" height="180" /></a> </div> </div> </div> <p>When you&rsquo;re in debt, it&rsquo;s nearly impossible to save money. To motivate yourself for the mission of <a href="http://www.wisebread.com/credit-card-guide">getting out of debt</a>, ask yourself these two questions:</p> <ol> <li>How much money am I paying towards my debt monthly?</li> <li>How else would I like to use my money?</li> </ol> <p>The money you save while paying off debt is not likely to earn as much interest as the interest you pay towards your debt. It makes much more sense financially to commit to paying off high interest debts first, and then you'll have more money to save. Sometimes, it even makes sense to <a href="http://www.wisebread.com/when-to-use-savings-to-pay-off-debt">use your savings to pay off debt</a>. Here are some tips for getting out of debt so you can save or invest the money you're currently using to make your debt repayments.</p> <h3>Designate your money with a budget.</h3> <p>This allows you control where your money gets spent rather than wondering where it all went. Stretch your budget dollars by using coupons alongside sales papers and use an allotted amount of cash rather than your debit or credit card. Also, use the Internet for numerous sites offering <a href="http://www.wisebread.com/50-best-deals-coupons-sites">coupons and freebies</a>.</p> <h3>Make your primary mission to become debt free.</h3> <p>While it saves you money to pay off debts with the highest interest rates first, sometimes it helps to pay off your debts from the smallest amount to largest. It gives you a sense of accomplishment faster. Remember though, each time you pay off a debt, that payment amount is now available to apply towards to the next debt to significantly reduce the time it will take to achieve financial freedom.</p> <h3>Consider transferring your high interest debt onto a 0% balance transfer credit card.</h3> <p>They are available for six months or twelve, introductory rate, and offer the opportunity to pay off principal debt rather than paying primarily on interest.</p> <h3>Get a new insurance quote.</h3> <p>You may very well be paying much more than necessary for your auto, home, and <a href="http://www.wisebread.com/how-and-why-to-buy-life-insurance">life insurance</a>. You can easily <a href="http://www.billeater.com">compare insurance</a> quotes online through sites like <a href="http://www.netquote.com/">netQuote</a> and <a href="http://www.esurance.com">esurance</a>. Type in your info once and get multiple quotes, for each insurance type, and do comparison shopping from the comforts of home.</p> <h3>Dining out is not a priority.</h3> <p>Until you&rsquo;re free from debt, dine out as seldom as possible. Plan your meals in advance and build your grocery list according to your week&rsquo;s menu. This will save you money on your grocery bill and on eating out too frequently. Let your slow cooker/crock pot work for you. This includes breakfast and lunch; make your own coffee and pack your lunches (yours, the kids&rsquo;, and dad&rsquo;s too). Dinner leftovers can be used for another meal or lunches.</p> <p>Once you designate where your money is being spent and strive for financial freedom, then you&rsquo;re able to consider saving for short term (Christmas club) and long term funds (College &amp; Retirement). The sooner you pay off high interest debts, the sooner you can begin saving and benefiting from the interest your savings earn.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/debbie-dragon">Debbie Dragon</a> of <a href="http://www.wisebread.com/get-out-of-debt-first-then-focus-on-saving">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/will-a-dental-discount-plan-save-you-money">Will A Dental Discount Plan Save You Money?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-to-use-savings-to-pay-off-debt">When to Use Savings to Pay Off Debt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/plan-for-your-wants">Plan for your wants</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/managing-your-short-term-money">Managing Your Short-Term Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/recession-journal-part-i-fast-money-in-the-09">Recession Journal Part I: &#039;Fast&#039; Money in the &#039;09</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Budgeting Debt Management get out of debt pay debt savings Mon, 23 Nov 2009 14:00:02 +0000 Debbie Dragon 3858 at http://www.wisebread.com Debt-Free Living IS Attainable: If You Want It, You Can Have It http://www.wisebread.com/debt-free-living-is-attainable-if-you-want-it-you-can-have-it <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/debt-free-living-is-attainable-if-you-want-it-you-can-have-it" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/3606414333_297d07820e_b.jpg" alt="Debt-Free Living IS Attainable" title="Debt-Free Living IS Attainable" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p><em>This is part two of my </em><a href="#series"><strong><em>Getting Out of Debt:&nbsp;The Essentials</em></strong></a><em> series.</em></p> <p>Before we start plowing into the specifics of paying off debt, we've got to build a durable mental foundation. This is so important that I've devoted the first two of seven parts of this series to cultivating this mindset. <a href="http://www.wisebread.com/acknowledge-you-have-a-problem-with-debt">Acknowledging you have a problem with debt</a> is the first step, but only represents half the solution. In addition, we need to recognize that living a debt-free life is actually within our grasp. In other words, if we want it...we can have it.</p> <p><em>It sounds simple, right?&nbsp;</em></p> <p>Actually, as I mentioned before, many of us have had decades of exposure to the &quot;you'll always have a _______ payment&quot; mentality. We've been conditioned that car payments, mortgages, student loans, and credit cards are not only acceptable, but actually normal. They've been touted as symbols of responsibility and status. The process of juggling the stress of these debts has been elevated to an art form.</p> <p>I can tell you firsthand that breaking through this stuff isn't as easy as it appears. You can't close your eyes and chant &quot;no debt... no debt... no debt.&quot; This isn't about positive thinking. And I'm not going to share any &quot;secrets&quot; or &quot;laws.&quot;</p> <p>But I <em>am</em> going to suggest this. <b>Certainty is the key to accomplishing any of your goals in life.</b> You've got to be absolutely certain that getting out of debt is beneficial. Even more importantly, you've got to be absolutely certain that getting out of debt is <i>possible.</i> It's got to be not a question of <em>if, </em>but <em>when.</em></p> <p>This type of <strong>certainty breeds confidence</strong>. The more confident you become at something, the more likely you will be to take immediate action. Isn't it easiest to take action on the things you excel at? Of course it is. Building confidence early will prove invaluable as we move into the planning and execution phases of this process.</p> <h2>Surround yourself with inspiration...</h2> <p>While we'll talk more about maintaining motivation later in the series, it's important that you surround yourself with inspiration when building your mental foundation. This can come in many shapes and forms, but here are some I've had success with:</p> <ul> <li><b>Personal Finance Blogs:</b> Most likely, reading this means you already find value in a site like Wise Bread. In addition to this resource, there are many other <a href="http://www.wisebread.com/top-100-most-popular-personal-finance-blogs/">great personal finance blogs</a>, as well. I enjoy reading blogs from genuine people who are either <a href="http://debtfreeadventure.com">passionately attacking debt</a> or who are <a href="http://getrichslowly.org">living examples of overcoming it</a>.<br /> &nbsp;</li> <li><b>Personal Finance Books:</b> My journey started with books before blogs.&nbsp; Although there are many choices to choose from, there are two that have had radical impacts on my life: <a href="http://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766/ref=sr_1_1?ie=UTF8&amp;s=books&amp;qid=1252564216&amp;sr=8-1"><i>Your Money or Your Life</i></a> by Joe Dominguez &amp; Vicki Robin and <a href="http://www.amazon.com/Total-Money-Makeover-Financial-Fitness/dp/0785289089/ref=sr_1_1?ie=UTF8&amp;s=books&amp;qid=1252564235&amp;sr=1-1"><i>The Total Money Makeover</i></a> by Dave Ramsey.<br /> &nbsp;</li> <li><b>Create a <a href="http://frugaldad.com/2009/08/11/create-a-dream-budget-for-extra-motivation/">Dream Budget</a>:</b> This neat trick involves literally writing out a budget as if you had no debt payment. Where would that extra income go? Where would you be spending and saving? This is a fantastic way to tangibly visualize the benefits of eliminating your debt.<br /> &nbsp;</li> <li><b>Network with people who share goals:</b> Join or create a local group of individuals focused on getting out of debt. Do a workshop at your church. Talk to people in your family who are starting a similar journey. Networking like this, especially face-to-face, can help provide an enormous amount of accountability.<br /> &nbsp;</li> <li><b>Study Success Stories:</b> Often times these are readily available on blogs, in books, and within your local community. Every Friday on the radio, <a href="http://daveramsey.com">Dave Ramsey</a> has people call in and scream, &quot;I'm Debt Free!&quot; Whenever you read, see, or hear these stories embrace them. Celebrate the success and turn it into fuel for your own fire.</li> </ul> <h2>Insource the responsibility...</h2> <p>Ultimately there are many different paths and strategies to help you defeat your debt. We are going to be diving in and tackling many of the most popular. But throughout the rest of the series, remember that even though although these tactics can help, they will only take you so far.</p> <p>Systems, strategies, techniques, tactics...whatever term you fancy. These are only going to provide you with a framework. Ultimately <strong><em>you</em></strong> are responsible for where you are now, and <strong><em>you</em></strong> are going to be responsible for your success or failure.</p> <p>As we transition to more tangible advice, work hard to maintain your mindset. Do whatever it takes to make debt-free living a certainty. Dig down deep and find some of your own personal sources of inspiration. You're going to need them for the battle that lies ahead.</p> <p>Between now and then, here are some additional resources on this topic:</p> <ul> <li><a href="http://www.fivecentnickel.com/2009/05/14/is-personal-responsibility-dead-dfa/">Is Personal Responsibility Dead?</a></li> <li><a href="http://www.wisebread.com/the-most-powerful-weapon-against-debt-your-mind">The Most Powerful Weapon Against Debt: Your Mind</a></li> <li><a href="http://manvsdebt.com/should-you-hate-debt-should-you-hate-anything/">Should You Hate Debt...Should You Hate Anything?</a></li> </ul> <p><em>What about you? Is it only a matter of time before you know for certain you'll be debt-free? Where do you find inspiration in your journey to pay off debt? Join in on the conversation by adding your experience below!</em></p> <p><a name="series">&nbsp;</a></p> <h2>Getting Out of Debt: The Essentials</h2> <p>Over each of the next couple of weeks, an additional segment of the series will be released. The links below will be updated as each new articles goes live:</p> <ol> <li><a href="http://www.wisebread.com/acknowledge-you-have-a-problem-with-debt">Acknowledge You Have a Problem with Debt</a></li> <li><strong>Debt-Free Living IS Attainable. If You Want It, You Can Have It.</strong></li> <li><i>Get a Grip on Your Debt: Obtain a Clear, Concise Financial Snapshot</i></li> <li><i>Dissect the Source: Understanding Your Income and Spending Habits</i></li> <li><i>Plan to Win: Debt Reduction Methods and Emergency Funds</i></li> <li><i>Aggressively Attack Your Debt</i></li> <li><i>The Art of Maintaining Motivation while Overcoming Debt</i></li> </ol> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/adam-baker">Adam Baker</a> of <a href="http://www.wisebread.com/debt-free-living-is-attainable-if-you-want-it-you-can-have-it">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-dark-side-motivations-to-start-saving">8 Dark-Side Motivations to Start Saving</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-dark-side-motivations-to-get-you-out-of-debt">10 Dark-Side Motivations to Get You Out of Debt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-financial-moves-you-should-make-five-years-before-retirement">5 Financial Moves You Should Make Five Years Before Retirement</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-money-moves-to-make-the-moment-you-decide-to-retire">12 Money Moves to Make the Moment You Decide to Retire</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-fastest-method-to-eliminate-credit-card-debt">The Fastest Method to Eliminate Credit Card Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management debt get out of debt goals motivation pay off debt Thu, 10 Sep 2009 13:00:06 +0000 Adam Baker 3588 at http://www.wisebread.com