Erase Debt in 3 Easy Steps
Change your mindset about debt
There are no tricks, secrets, or silver bullets that will wipe away debt. Overcoming debt takes many months. It requires hard work, consistency, and determination. Unless you make paying off your debt a priority, you will have to live with the burden of debt the rest of your life.
However, there is good news! If you begin to consistently work toward overcoming your debt, you absolutely can erase it fairly quickly. With a simple strategy, quality support, and an uncompromising commitment to getting out of debt, anyone can erase their debt and begin to thrive financially!
Take an inventory of your finances
Make a list of your debts: how much do you owe, who do you owe it to, what is the interest rate, and what is the minimum required monthly payment?
Make a list of your other necessary financial obligations and what they cost per month. By necessary, we mean things that you literally cannot go without. Examples include rent, doctor bills, groceries, and minimum required debt payments. Exclude items that you want but are not necessary for your survival (entertainment, “going out” on weekends, the beauty salon, cable bill, etc.).
Subtract both your required debt payments and your necessary expenses from your monthly income. How much is left over? Half of that money should be allocated towards paying off your debts faster and the other half towards your non-necessary expenses.
Take time to list out all the non-necessary items you will spend your money on and how much you will spend on each item per month.
Congratulations! You just made a quality budget. Your budget shows you how you will accomplish your goal of getting out of debt fast AND allows you to allocate money to a few things that are not necessary but extremely important to you!
Download the 3 steps here:
Stay focused on your goal
Now that you have a new mindset about your finances, you know that success takes a commitment. You can’t just create a quality plan and then coast to becoming debt-free. But if you spend just 2 minutes at the end of each day checking in on your progress, you WILL begin to erase your debt extremely fast and start feeling great about your finances! Here are 3 things we recommend doing on a regular basis:
DAILY: Track your spending (especially on the non-necessary expenses) each day. Identify the problem areas where you struggle to keep your budget and brainstorm creative ways to have fun without spending more than you budgeted.
WEEKLY: Take a few minutes to close your eyes and picture your life debt-free. What will you feel? How will you celebrate? How will your life change for the better?
MONTHLY: Total up your spending on non-necessary items for the month. If it is less than you budgeted, use the difference to reward yourself! If you spent more than you budgeted, plan how you will do better next month. Also, keep a log of your decreasing loan balances each month. Seeing your progress will encourage you and motivate you to keep going!
How to erase debt faster and save $10,000+ on interest payments!*
As you know from step 1, erasing debt requires a major commitment. If you are serious about getting out of debt, you will greatly increase your chance of success by enlisting the help of a professional. Doing so will benefit you the following ways. You will:
Stop feeling frustrated and confused by trying to do it alone
Learn how you can get out of debt while continuing to spend money (guilt free!) on things you really want
Get out of debt much faster – in as little as 6 months!
Save thousands on interest payments
Learn more strategies for thriving financially that will benefit you the rest of your life
As part of the Money Managed Method, a money expert will perform a detailed analysis of your debts and spending habits to help you create the optimal budget that will 1) enable you to erase debt as quickly as possible and 2) continue spending money on the things you love most. We’ll also teach you how to build good financial habits so you can accomplish your goal quickly AND thrive financially the rest of your life!
Stop wasting your time and effort trying to figure out how to overcome debt alone. Don’t risk becoming overwhelmed, giving up, and letting your finances spiral out of control.
*If you owe $10,000 or more in debt, the Money Managed Method will help you save $10,000+ in interest payments when you compare the amount you actually pay to the amount you would have paid making minimum payments.