How to Start Getting Out of Debt

Let’s all admit it without hesitation now, that COVID-19’s ruined us in some way or another. Some emotionally, others physically, and especially with this economic climate, a lot were ruined financially. On that last note, some may have been lost in the whirling eddies of the fiscal field, no thanks to their financial problems causing stress and confusion, and as a single mother to an only daughter, I know that feeling very well; with me having to deal with financial problems, the debts I had to pay, the bevy of issues caused by the start of the pandemic, and the obligation of raising my only child. Trust me, that feeling overlapping a financial reality has hounded me for much 2021, but I tell you, there are many ways- simple and effective ways- of getting out of that feeling, out of that dark fiscal reality, and into the smooth sailing seas of financial stability and security. After all, I wouldn’t be writing this article if I didn’t get out of that pit; and with some of the things that I’ve learned, you can get out of that pit as well.

  • Consider Debt Consolidation – First things first, and perhaps the most obvious and threatening to us all: Debt. Debt is such an easy word to roll off the tongue; debt, is easy to say, and worst of all, easy to accumulate! So what can we do about this big letter D hanging over our heads? Well there is a quick and rather straightforward way that we can deal with debts, and that is debt consolidation; and what exactly would that be, you might ask? Well, the gist of it is simple, you take out one loan, to pay off other loans. Seems simple, but there’s a certain complexity to it that will make you want to take another look at the whole thing. I suggest learning more about it, here.
  • Start Budgeting, Start Saving – So that’s the big letter D, but what if I told you that there’s these big letters B and S that can kick it to the curb easily and that you’ve likely been doing it since the start of adulthood or earlier? These big letters are none other than the standard savings and the classic budget. We’ve all heard of budget cuts, and being told to save up money for the future, and I tell you, as simple and stereotypical as those statements may be, they are perhaps some of the best financial truths out there, tales as old as time if I do say so myself. Because if you save up money, curb spending, and budget your cash? Troubling times become less troubling, fewer loans are taken, accumulated debt is minimized, and in best-case scenarios, eliminated.
  • Set Financial Goals for Yourself – And augmenting all of this is another tip I’ve found rather helpful in my own times of trouble, and that is the setting of clear and defined financial goals, be it short-term or long-term ones. Want to build an emergency fund? Set it as a goal. Want a good retirement? Set it as a goal. Want to get out of debt? Set it as a goal.

Let it be known and not understated just how much power simple motivation has over us, and by the end of it all, we’ll be looking at our finances from novel perspectives and tackling our debt problems one step at a time.

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