Targeting Debt

27 August of 2014

What were you thinking when you bought that third magic set? Or worse yet, in vested your money into the magic the gathering card game. With consumer debt on the rise, (isn’t it always) do you fit into the two trillion dollars of household debt floating around out there? Perhaps this isn’t the path we should all be on. And if I could see your pile of bills I could tell you that for sure.  But there are a vast number of programs out there, designed to help you, and from here all you’ll need is a really solid plan.

Spending Habits

Where better to start, than the path that brought you here. So maybe you needed to pay bills, student loans, car insurance, and all those other necessary things. What about going out for lunch every day? Ask yourself if there are certain habits that are stealing the money right out of your pocket.  If you have a solid income, you should plan by this. But just keep in mind that you’ll never be able to count on this. So you’ll want a savings, but we’ll get to that

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The Pride Cycle

This is the trap that gets us all. We get a great job and come to think that everyone depends upon us for our work. Often times, people lose their job, feel worthless and then work hard to get the job they want. We get comfortable and think that we are needed, and nothing will ever come between us and our employer. One day, maybe not too far down the road, we become obsolete.  Those things we bought on a whim or invested in without a proper savings, those are now our burden to bear.  If you hadn’t planned to save, then you could be in serious financial trouble.

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Make a Plan

Let’s get one thing certain: plans can fail. It is your responsibility to know what you spend your money on, and understand the risks of spending. However, if you cut out what you don’t need, and set dates to pay bills, you can avoid more debt.  Make a list, and a schedule. There are even tools online to help you budget. Just be aggressive. I’m not trying to be your cheerleader here, but more of a coach. It’s important to realize that being quick and concise in your payment plan is key and paying more than the minimum payment is often times the biggest win. If you have debts scattered about it may be wise to make a consolidation plan. There are a variety of sources to go to, but do your homework first.

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Once you’re out of debt, stay there! This is where most people falter. You need to start learning about safe investment. Your mortgage can be safe, so can a car, or guitar amplifier, but you need to understand value. Make sure the purchases you’re investing in will pay off and not lose so much value in the end that you’ll never make your money back. This isn’t like buying a TV and pawning it for a fifth of its value.  Stay strong and keep yourself out of debt!

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