How To Get Out Of Debt Without Ruining Your Credit

How To Get Out Of Debt Without Ruining Your Credit – I recently read Atomic Habits by James Clear and everything it says about building good habits and eliminating bad habits relates to my debt resolution journey.

I’m like every page I turn..YES! YES! YES I AM! I was doing it but didn’t know it, thanks for putting it into words!

How To Get Out Of Debt Without Ruining Your Credit

For example: I don’t keep junk food in the house, I have to go out if I want.

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That’s a lot of friction for an 8pm ice cream craving, isn’t it? What do I do most of the time? I eat fruit.

I didn’t have much time and I needed something to activate, to tell me what to do in that little time.

You show up with a leg strap, sometimes with cans, and Courtney (the teacher) sometimes shows up with her kids or just feels like a mess.

Do 15 minutes of exercise that raises your heart rate, builds your pelvic floor, and makes you feel like a normal person.

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Debt repayment was the same. The pandemic was when I started paying off debt and it was a great time to reevaluate my spending because there was so much friction in spending money.

To spend money you had to go to a store with a mask and constantly worry about contracting a serious disease.

When is the best time to start paying off debt? (You can read how I paid off over $20,000 in debt without giving up the fun here).

I was able to pay off debt with as little friction as possible by setting up budgeting software and checking it every day. All I had to do was log in, check my budget, and see if I was on the right track.

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I didn’t have to worry or think about my expenses, with the budget I had already made at the beginning of the month.

The research for you: What other habits do debt-free people have, and how can you install them with as little friction as possible?

The next time an emergency occurred here, my credit card arrived to save the day. But that’s not what credit cards are for.

Credit cards are designed to be used as a tool to earn points and repay as we build our credit scores, not as a savings account.

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The best way to stay debt-free is to set up a savings account FIRST and pay off your debt SECOND.

Debt-free people know that a savings account is what keeps them debt-free, and they always keep one.

Want to know how to create a six-month savings account even if you haven’t saved a dime?

None of those “hopefully debt-free this year” goals. I mean a goal like “I’m going to set up a savings account, I need 3 months of expenses, here’s how much I need to save.”

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Every year my husband and I sit down and have our financial goals very clear, down to the penny, and then we plan how to achieve them.

My goals were simply… “If I get that amount of money, then yes, I will achieve my goals” I blamed it all on the variable income of entrepreneurs.

I should have done this first and then planned my income goals around that amount, which would have made more financial sense. I could understand why it might be difficult for a first year entrepreneur, it may be hard to do, but by third year you can have a general idea of ​​what you can do at a minimum and it’s much easier to plan your financial goals.

My financial and income goal is defined there. All I need now is to stay on that path << that will be the hardest part of all this.

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Does the word budget make you shiver? It’s like one of those things where you think… well, no, no! Anything but that, please! I think we need a new word for budgeting… something that isn’t restrictive because budgets aren’t really about limiting spending.

Let’s think of it this way: your budget isn’t the thing that limits your spending, it’s your money that limits you.

You have to choose where you want your money to go instead of letting your subconscious decide where your money will go.

Being debt free is not something that happens by magic. It’s strategic, it’s a daily decision, and it requires discipline.

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It should be an ongoing choice to choose to direct your money towards your financial goals. It’s hard to do this when you don’t know where your money is going, so a budget can help.

Here’s a video I created on how to go from paycheck to paycheck with my favorite budgeting software: You Need a Budget. This is the PERFECT place to start budgeting. Find out what you can do with your money when you set your budget and allocate it.

Speaking of budgeting… Using You Need a Budget helps my husband and I save 66% of our income each month. YES 66% OF OUR TURNOVER!

This brings me to my second point: people without debt live below their means, or another fun way to put it is that they keep their expenses below their income. When my husband and I save 66% of our income, I’m sure we can imagine eating rice and beans every night and buying almost nothing new.

Lavoy Finicum Quote: “no Country, State, Town Or People Can Run Into Debt Without Losing A Corresponding Amount Of Freedom,” He Would Say. “th…”

But this is far from the reality we live in, because we both decided that if we wanted to maintain our lifestyle but save money, then we would decide to do one thing: earn more.

We’ve started new businesses, undertaken procurement and consultancy work and yes, we think about our purchases, but in reality our lives are like this:

This is possible because we have worked to increase our income while keeping our expenses within a certain amount each month. When we started earning more money, we made sure our expenses didn’t increase or “lifestyle drag” because we were on a budget.

Living below your means isn’t forever rice and beans, but it can be for you. There are many ways to live below your means.

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This means that your expenses do not increase along with the increase in your income. This is what gets most people into debt.

I touched on this point above, but does it make sense if you want to be debt free or not? If you increase your income, paying off debt can be easier and will happen faster.

Cut as much of your current expenses as possible before you start to feel unhappy. I like the idea of ​​increasing my CASH income by reducing many of my expenses. I make sure to balance both, increasing income and decreasing expenses.

Plus, if you put time and energy into growing your income, you’ll avoid debt and save more money.

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There are many ways to increase your income, here are some things you can do right now:

Fundamentally, though, starting an online business or freelancing means using the skills you’ve learned or acquired over time and turning them into money.

My first business was a wedding floral design business, I started doing this as a hobby, took a course and worked my way up to freelancing and interning in the wedding industry.

You can also ask for more money through simple everyday things you pay now, like bills or interest you’re paying on a mortgage or credit card.

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PSSSTTT: If you’re starting a coaching business, let me save you a lot of time and show you how to start making money with your business NOW. Here’s an in-depth blog post on creating a $5,000 coaching package and selling it immediately.

It’s when you buy something you don’t need, and in some cases, don’t really want, because you feel stressed, bored, undervalued, incompetent, unhappy, or any other reason.

I’m an emotional spender, but as a money mindset coach I had no idea…until I wanted to pay off my debt.

I realized how much I spent when I was upset, frustrated, or unsure, or when I felt any other negative or positive emotion.

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After I got my spending under control and started paying off debt, I saw that much of my spending was motivated by emotions in the moment rather than what I wanted my future to look like.

This move was probably my biggest move to pay off my debt and keep it paid off. Another trait that most debt-free people use to keep emotional spending under control is discipline.

My emotional spending was the result of a lack of discipline. The lack of discipline was due to the fact that I did not think about my future and only thought about the present

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