Debt. It’s the word we all hate. But for many of us, it’s a way of life. Today a few of our Certified Financially Fit Bootcamp coaches are sharing their debt termination experiences. Here are their secrets for conquering debt:
Achievable Steps Help You Conquer Fear
The first step, says Linda Emslie, is to conquer your fear. It’s easy to act as if your debt doesn’t exist or to only pay minimum payments without taking a good hard look at where you are. But as Linda says, overcoming your fear early on is important. Don’t judge yourself for your past choices. Keep thinking about moving forward toward Financial Freedom.
“There is a little pain, there is a little fear, there is an uncanny opportunity for you to just sit and do nothing and allow paralysis to set in,” Linda said. “So the important thing is to do tiny achievable steps and keep yourself moving forward and always bear in mind the end goal here is freedom. It’s really important that you remember that what you’re striving to do here is to set yourself free from whatever cycle of debt you’re currently in.”
Review Where You Came From
Debt termination revolves around your Perfect Account Structure and your Pay Yourself First number. Putting in the time to set up your accounts correctly and automate your payments makes debt termination that much easier.
“You’ve gotten through the important stuff about identifying your freedom number and how you’re going to create the surplus to get that number and start paying yourself first,” Linda said. “And then we get to the really interesting bits where you set up the Perfect Account Structure. But to get that working for you automate your payments and then start on my favorite bit which is the debt termination plan.”
The Snowball Effect