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Mantras for Getting Out of Debt

If you can imagine it, you can do it. After all, everything human beings have ever created was first an inkling in someone’s imagination. Here’s the thing though, before you can do anything, you have to believe you can. In other words, the way we think ultimately determines our ability to achieve.

This is true for many aspect of our lives, including eliminating debt. With that in mind, repeating these mantras for getting out of debt will help you learn to believe you can live free of debilitating financial obligations.

  1. “I Will Stop Borrowing Money.”

This one is key. Making a conscious decision to stop financing your lifestyle with borrowed money will help you get rid of debt and stay out of it. This means no more signing up for “hot” credit card deals and no more buying furniture and appliances “on time”. Once you make the decision to live within your means, you’ll find many ways to enjoy a satisfying life without borrowing.

  1. “I Will Save at Least $1000 as an Emergency Fund.”

We often wind up getting into debt to stave off an unexpected expense, such as a car accident for which we must pay a deductible or to replace a worn-out appliance. In these circumstances, having an extra $1000 in the bank could be the difference between handling the sudden expense outright—or borrowing the money to do so.

  1. “I Will Create a Budget Within Which I Can Live and Stick with It.”

Debts often accrue because we don’t pay attention to how much money we’re spending every month. We get paid and we go buy—without any idea of where we really are financially. This practice is guaranteed to keep your finances upside down. You’ll see exactly where you are when you stop and create a formal budget.

This will then position you to live within your means. It might even suggest the need to find a way to supplement your income, so you can get ahead. This is so effective, debt settlement companies leverage it on your behalf, as these Freedom Debt Relief reviews will attest.

  1. “I Will Organize my Debts.”

This is also known as mapping out a debt elimination plan, one of the most effective of which is called “Snowballing”. Prioritize your debts based upon the amount you owe. Make minimum monthly payments on the largest ones in order to maximize payments on the account with the lowest balance. When you pay it off, take the total amount you were applying to that account and add it to the minimum payment you’re making on the next lowest balance. Continue working your way up through your accounts in this fashion until all of them are cleared—taking care not to borrow again as you eliminate debt.

  1. “I Will Apply ‘Windfalls’ Toward Eliminating Debt.”

We sometimes get “unexpected” cash like tax refunds, pay bonuses, inheritances and the like. The temptation to “reward” yourself with a new trinket is great when money “falls into your lap”. However, a much better reward is to put yourself that much closer to living debt free. After all, the more cash you put toward killing debts, the sooner you can use your money to make money for yourself instead of others.

Repeating these mantras for getting out of debt and living your life by them will find you well on the road to enjoying an existence in which you have no financial obligations to anyone other than yourself. Key to achieving financial independence, living without credit is absolutely doable. You just have to believe you can.

FYI:  I worked at a dead end cubicle job from 2005-2011 for about $30,000 per year.  I went self-employed in July 2011 and make between $70,000-$90,000 through blogging, professional pet sitting, hubby's reffing, and our rental home.  If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you, PLUS a free custom header banner from me!).  Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!
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