Monday Money Tip: Debt Freedom Date

Have you ever wanted to know how long it would take you to become debt free? It’s probably a lot sooner than you think!

In today’s Monday Money Tip, I explain how to calculate your Debt Freedom Date and share some techniques to achieving debt freedom more swiftly.

Watch the tip, and then read below for a few more tips on achieving debt freedom.

Debt Tips

  1. Stop signing up for more debt! If you can’t trust yourself with a credit card, then leave it at home. Or cut it up! No amount of “rewards” can overcome a credit card in the hand of an out-of-control spender.
  2. Use cash for impulsive spending categories. Items like groceries, restaurants, clothing, entertainment, and spending money are easy to overspend on. When you prepare your budget (you DO have a budget, right?) plan the amount you will spend on these impulsive categories. Once you are paid, pull the planned amount out in cash. Once the money is gone, refuse to spend any more on these categories until you are paid again.
  3. Establish accountability. Do you know anyone else who wants to eliminate all of their debt? Establish a relationship where you can hold each other accountable to your goal. There is nothing like regular accountability check-ups!

VIDEO LINK: https://www.youtube.com/watch?v=xbyAkBz_BU0

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