Tuesday, January 03, 2006

Getting Out Of Debt in 2006

Now that a new year has begun, take the opportunity to eliminate the debt in your life and live worry free.

Nothing can be accomplished without making a plan and implementing it. The first step to your new year's resolution is to set goals and put them in writing. Make several copies. That way you can keep one in a safe place as well as one that you can carry with you. You can always refer to them before making purchases. Becoming debt free is a way of living. Most likely, it will take you a good amout of time to eliminate some of that debt.

Here are some tips for your goals:
1. Write very specific goals down.
2. Make sure you make short and long term goals in your plan. You must feel that there is some progress, to give you hope and encourage you to continue until the termination of your debt.
3. Cross off each goal as it is acheived and reward yourself. Find free ways of celebrating your success such as baking cookies, a bubble bath, a spa day at home or an elaborate home cooked dinner. This will inspire you to finish your goal.
4. Identify the emotions that spur you to create debt and work through them. It is important that you recognize the triggers that bring you into debt. If it is due to unplanned car trouble, then try to keep a savings account that will be used in case of emergency car troubles. If it is late child support payments, then try to keep a cushion in case they come late one month. Emergencies need to be planned for. They will get you into a pit of debt every single time.

So, good luck. I hope this helps and leave a comment if you like...

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