Debt Reduction and The Secret of How to Get There
The true secret to debt reduction is for you, the debtor, to be totally committed, absolutely 100% committed, to get rid of your debt entirely. Have you ever been absolutely obsessed about achieving something? Anything? Stop for a moment, reflect back on your life and consider a time when you were 100% obsessed.
Get Very Excited About Debt Reduction
Maybe it was while you were in college, and you were obsessed with getting good grades. You attended every class, and you took copious notes. You read ahead in the syllabus and focused on your assignments with feverish intensity. You started studying early in the semester so you weren’t caught short at Finals or mid-terms. Your friends and family knew better than to expect you to slack off and hang out with them.
Perhaps it was that new car you were very excited about. You looked at pictures of it in Road and Track or other car magazines or looked it up on the Internet and read reviews and specs about it. You read the owners’ manual and craned your neck each time you saw a car just like it go by while you were riding around town in your boring older car. You saved and sacrificed, and you put away all the money you could need to buy that dream car. Then came the memorable day when you purchased the car, and it was yours, all yours.
Getting Obsessed About Debt Reduction
Debt reduction takes that kind of commitment, dedication, and, yes, obsession. You should be thinking 24/7 about how you can reduce your debt. As you step onto the bus or train to commute to work instead of driving, congratulate yourself on the money you are saving on gas and parking.
During lunchtime, when your co-workers spend upwards of $10 or more on sandwiches, salads, hot dogs and hamburgers take out your sandwich or salad from your brown paper bag you brought from home and congratulate yourself saving $50 or more per week. That is over $2,600 per year you can apply toward debt reduction!
After getting home from work, enjoy a movie….on DVD. Save up to $20 or more by watching a movie at home rather than going out to see one. Have dinner, and indulge in dessert if you wish, at home. Is there someone who can teach you how to cook if you don’t already know how? It is definitely worth asking!
Track Your Changes
Keep a notebook or log of your journey toward debt reduction. Record every cent you save so you will know that what minor efforts have been made are worthwhile. At the end of the week, total up your savings and write a check for the amount you have managed to save. Apply that money toward your goal of debt reduction by paying that sum to credit cards with the highest interest.
Last 5 posts by L. B. James
- What Debt Consolidators Can Do For You - May 9th, 2008
- Debt Assistance. Reduce Debt & Save Money - May 6th, 2008
Leave a Reply
You must be logged in to post a comment.