Debt Elimination and Lifestyle Change: A community blog
Linda Chavey writes about how to change your lifestyle habits in order to eliminate debt.
Starting a Plan for Debt Reduction
Linda Chavey, Community blogger
Feb 24, 2013 6:18 PM
Are you on the right path?
Do you have a detailed plan to strategize your debt elimination?
Whatever the strategy is, anyone can pay off debt and live debt-free if they are dedicated to their goal and agree to change lifestyle habits.
To become debt-free, there are basic steps that should be taken:
• Stop acquiring new debt and cut up all existing credit cards.
• Agree to a lifestyle change of not spending just to spend; not spending on impulse; analyzing spending patterns and determining what is a "want" and what is a "needs". (We really do not "need" Starbucks or Dunkin' Donuts coffee. This is a want. A generic Folgers coffee at home would be a more feasible option).
• Establish a $1,000 emergency fund (if you are unemployed, try to obtain a $500 emergency fund, if possible).
• Attack existing debt and pay it off.
If someone continues to spend what they do not have, they will most likely never achieve the debt-free goals they have set for themselves.
What does your plan look like?
Are you ready for a new you?
Tagged under debt, debt-free, lifestyle, motivation, plan, strategy
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