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Goodbye Debt, Hello Freedom!

Become debt free
  • Blog
  • Jill
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  • September 10, 2020

Goodbye Debt, Hello Freedom!

Almost everyone has been in debt at some point in their life.  It is not a fun place to be.  Owing money can be very stressful, and figuring out ways to become debt-free may contribute to that.  Being in debt makes you feel trapped.  With debt relief, you will have a newfound sense of freedom.  Here are some tips on how to become debt-free and move on with your life.

Be serious about taking on debt

If you want to become debt-free, you need to be focused.  After taking care of your basic needs, debt relief needs to be the main priority in your life.  This means getting organized.  Figure out how much debt you are in and own up to that number.  It may not be pretty, but now you know and can start making a plan to pay it back.  No matter what your debt relief plan is, it should include not going into further debt.  You need to stop borrowing money–this means both loans and credit cards.  You will never get out of debt if you keep adding to it.  That just creates a vicious cycle.  Cancel your credit cards if you can’t commit to paying the bills on time.

Create a plan

There are two major ideas when it comes to debt repayment plans, and it is up to you which one to choose.  The debt snowball plan is to pay off your smallest debt first, attacking it with as large of payments as you can afford while maintaining other debt with minimum payments.  This gives you a major victory early on, which is encouraging.  The other plan is called debt avalanche.  Here you attack the biggest debt first and then move on to smaller debts.  This requires more determination, as you won’t see the payoff as quickly, but it will also save you money on interest.

Budget

If you are serious about getting your debt in order, you need to be organized with all the money you are spending.  This means making a budget.  Every dollar you spend should be included in your budget.  Some people find it helpful to split cash into envelopes so they can physically see how much money they have and where it’s going. 

Save money elsewhere

While you are working on becoming debt-free, you can help yourself by reducing your spending.  Cancel that gym membership you never use or limit the number of times you can go out to eat in a month.  Even things like shopping at thrift stores and couponing can make an impact.  Don’t worry about what your friends are doing.  Saving money often requires ignoring that fear of missing out and choosing to prioritize debt relief over entertainment.

Make more money

This is easier said than done, of course, but if you can bring more money in, you have more to throw at your debt.  You could get another part-time job, pick up a side gig, or ask for a raise.  There is even the possibility of making money by selling things you no longer need or want.  If you are committed, selling many little things can add up.  If you have an expensive item you are able to part with, even better.

Considering bankruptcy?

If you are very deep into debt, you may be considering filing for bankruptcy.  This is not a decision to take lightly, but it can provide debt relief for extreme situations.  The attorneys at Bartifay Law Offices can help you through this process.  They have been working on bankruptcy and foreclosure cases since 1993.  Call (412) 824-4011 to schedule a free consultation.

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