facebook-icon instagram-icon twitter-icon pinterest-icon google-plus-icon youtube-icon

Four Strategies For Getting Out Of Debt

Four Strategies For Getting Out Of Debt

If you’re looking for some quick magical way to get out of debt, good luck finding it. The sad truth is that it’s quite easy to get into debt and very difficult to get out of it.

The reason why most people get into debt is usually irrelevant. Some of the various reasons include, wanting to keep up with their higher-earning peers and wanting to buy things they know they can’t afford. One common reason is not knowing how to manage their money which leaves them moneyless at the end of the month, and the list could go on.

If you’re in debt, it’s important to know how you manage to get out of it. However, you also need to know that if you want to get out of debt for good, you’re going to have to eliminate the cause, otherwise the cycle will continue. So, here are four tips to help you get started on this path.

1. Credit cards are the greatest enemy of progress

Credit card debt is not only the most common type of consumer debt, but is extremely dangerous. The sad thing is you’ll only realize you’re in over your head when it’s too late to get out. In fact, most of the time, you’ll be in denial, and not even realize how much debt you’re actually in.

The first and most important step in this process is taking charge and eliminating credit card debt. Start by destroying those cards and paying off the cards with the highest interest rates first. Also, refrain from getting more credit card debt. Pay for everything using cash or debit card. Credit cards are not meant for basic purchases.

2. Set achievable, yet challenging goals

If you don’t set goals for yourself, especially when it comes to financial issues, you won’t succeed. When you set clear goals to pay off certain debts within a specific time frame, you’ll be more determined to complete it successfully. So, track your progress and reward yourself for paying off some debt of your debts.

3. Save money for big purchases

You know you want a new kitchen appliance. So, when you plan on making that big purchase, start saving ahead of time. If you do this, you won’t end up making the purchase on credit. Tell yourself that you won’t buy something you can’t afford and everything will become much easier.

4. Get disciplined and reduce expenses

Focus on reducing and paying off your debt and look for ways to save where you didn’t before. Track your spending like never before and establish a budget that allows you to prioritize paying off your debt. You can’t make any excuses.

Share

Tags: , , ,

Comments (5)

    • Avatar

      Shimanga

      |

      Thanks for stopping by Veronica

      Reply

    • Avatar

      Trish

      |

      Agree Veronica
      Well done on them

      Reply

  • Avatar

    Nthabiseng

    |

    You’re so right! People like to live by the “standards” of their peers and this can end up in them having a lot of debt. Also, I think what makes it harder for people to stay away from debt is lack of financial education and also how credit providers call ALL THE TIME to offer debt! But this article is suuuper helpful in trying to reduce your debt! I love that you Tatar’s that you need to figure out what the root of the problem is otherwise the cycle will never end – True indeed! Also we’re in a century where people want INSTANT gratification and they forget they can even save for the big purchase they want to make!

    Thank you for this!

    Reply

    • Avatar

      Trish

      |

      HI Nthabiseng
      I agree with you whole heartedly. We are all so conditioned to “keep up with the Jones’s” so to speak.
      I have just been listening to an amazing Podcast explaining that the only things that can ever make us happy are within us.
      All the material goods that we accumulate to feed our egos, only bring us temporary satisfaction.

      Reply

Leave a comment

Follow Us On Instagram

  • Happpppy Birthday to you ❤️ my Kerri-lee Fairy Daisy Jasmine Taylor... You are my favourite sister in the whole world! ;) Thank you for everything you are and everything you do for me! I love you! #bffe #sisters #favouritesister #iloveyou
  • Oh how wonderful it is to have a friend like you ❤️♾❤️
  • 🎉 GIVEAWAY: WIN 1 of 3 MASSIVE WORLDWIDE LUXURY RETREATS🏝
.
🏝Together with @berrycocobymina &  @nefelinineretreats, We are giving away 3 days of Luxury Wellness and Fitness Retreats to you in Three different Countries! (🇿🇦🇬🇷🇨🇾)
————————-————————-
🏝RETREATS that you can WIN in this GIVEAWAY:
————————-————————-
🇿🇦: SOUTH AFRICA:
————————-————————-
“Rejuvenate and Relax Luxury one day Retreat in the Cape Winelands curated by @liferetreat_ ” consisting of:
.
(1) Yoga/ movement class to start the day off @liferetreatstudio ;
.
(2) Full Body Massage @wellnessinthewinelands ;
.
(3) Lunch at the world renowned @millhousekitchen ;
.
(3) A visit to the @artcuratorsa ;
.
(4) Wine and chocolate Pairing @lourensford Cellar;
.
(5) A small gift from the @lifestyleshopsa ;
————————-————————-
🇬🇷:GREECE:
————————-————————-
“One Day Luxury Fitness Retreat with @nefelinineretreats ”
.
-> in The Ancient Marathon area of Athens consisting of:
.
(1) a guided 2.5 hour nature hike with scents, sounds and gorgeous views;
.
(2) open air Ancient Greek Marble Museum tour;
.
(2) a lavish Mediterranean lunch inspired by the healthy Blue Zones of Greece.
————————-————————-
🇨🇾: CYPRUS:
————————-————————-
“Luxury Island Retreat for you and one friend with @berrycocobymina:
.
(1) a Hike in the Mountains of Troodos, or to the Blue Bays of Cavo Greco Park;
.
(2) followed by a seaside Mediterranean inspired Picnic;
.
(3) Consultation with Mina of @berrycocobymina who will also give you a free detox guide and health consultation and a foodie gift!
.
—————-—————-—
🏝HOW TO ENTER:
.
1. Follow @nefelinineretreats @berrycocobymina and  @liferetreat_ on Instagram;
.
2. Comment below the name of 5 friends and the country/countries you want to win the retreat in!
.
3. You can enter as many times as you want as long as you don’t tag the same people;
.
4. BONUS ENTRY: double your entries by sharing this picture on your story and be entered into the giveaway for a Yoga Mat from @liferetreat_ !
.
🎉🏝Winners will be announced on 17 MAY 2019!!
.
.
.
#luxuryretreat #fitness #fitnessretreats #giveaway #health #heAlthblog #yoga #hiking #hike #capetown #greece #cyprus #healthygirl #fitnessgirl #fitgi

Life Retreat

You have successfully subscribed to our mail list.

Too many subscribe attempts for this email address

Keep Up To Date With Our News & Views

Sign up to receive our newsletter for free!

* indicates required