Become Debt Free

(Your Simple Solution for Paying Down Debt)

 

Since you’re here, I’ll do us both a favor of skipping Debt Payoff, How to pay off debt, debt, debt help, paying off debt, how to pay off debt quicklythe ‘why you need to get out of debt’ sprinkled with some ‘motivational hyperbole’ and ‘meaningless statistics’ and get straight to the good stuff:

Paying down debt does NOT need to be difficult.

In fact, your goal SHOULDN’T EVEN BE to pay down debt because, believe it or not, you can become debt free without even think about it.

But before I get into why this is possible, let’s take a step back and look at the pitfalls many fall into when attempting to become debt free.

 

 

 

 

Since you’re here, I’ll do us both a favor of skipping Debt Payoff, How to pay off debt, debt, debt help, paying off debt, how to pay off debt quicklythe ‘why you need to get out of debt’ sprinkled with some ‘motivational hyperbole’ and ‘meaningless statistics’ and get straight to the good stuff:

Paying down debt does NOT need to be difficult.

In fact, your goal SHOULDN’T EVEN BE to pay down debt because, believe it or not, you can become debt free without even think about it.

But before I get into why this is possible, let’s take a step back and look at the pitfalls many fall into when attempting to become debt free.

 

Living On The Bare Minimum Is A Recipe For Disaster

Forgive the upcoming cliché analogy, but it worked well so I went with it…

Attempting to pay down debt via living on the bare minimum is equivalent to sprinting a marathon.

And it is a marathon:

You’re tens of thousands of dollars in debt (maybe $100k+)… It’s going to take a couple of years to pay that down. But for some reason, the internet has created this diehard culture where the only way out of debt, is to get out as fast as possible.

You’ve heard their ‘inspiring’ stories.

‘Look at us, we paid off $86K is 17 months! See how we did it.’

And to be fair, their story is motivating, inspiring, and thought provoking.

You start imagining what your life can look like when you owe nothin’ to nobody.

No more car payments, student loan payments, credit card payments… $700 worth of minimum monthly debt payments would be gone. $700/month would all of the sudden become yours to spend however you wanted to spend it.

You could eat out more often. Replace your barely functioning fridge and finally have an ice maker that actually makes ice. Buy the nicest TV available. Take an extra vacations every year. Visit another country. Or at the very least, stop feeling like your drowning in your finances.

And with all this built up motivation and excitement, you and your spouse think to yourselves, we can do this. We can live on the bare minimum and get out of debt.

And you’re off!

You’re ready to sprint a marathon.

You stop spending money. No more going out to eat. No more movies. No more alcohol. Your hobbies are put on hold. You canceled your cable, Netflix, Hulu, and any other form of TV. You buy the cheapest paper towels, the cheapest toilet paper. Run your heater as sparingly as possible in the winter and your AC very little in the summer.

And the first month in? You’re feeling great! The struggle is almost enjoyable because it means you’re actually doing it! You’re paying down your debt!

But motivation is fleeting which makes not spending money difficult… like, really difficult. And how can it not be?

The reason you go to work—the reason you deal with the stresses of meeting deadlines, petty co-worker drama, and trying not to screw anything up… It’s to earn money.

And when it’s been a couple months of not spending your hard-earned cash—literally your reward for putting up with everything you dislike about your job—it becomes increasingly understandable why most people start to lose momentum when attempting to sprint a marathon…

Expenses start slipping through the cracks: Starbucks is having a buy one get one free promotion which you obviously can’t pass up. You’ve been missing your favorite restaurant and decide to eat there ‘just this one time.’ Nordstrom is about to have their Anniversary Sale, and you ‘need’ clothes… why not get them at a huge discount.

Excuses slowly become easier and easier to justify until (probably before you even realize it’s happened) you’re back to your same old spending habits,  and you’re no longer making progress on your debt.

You failed like the millions who have come before you, and just like them, you believe that getting out of debt is too difficult…

Except it’s really not.

The Secret to Getting Out of Debt

Wanna know how to make getting out of debt simple? 

Stop focusing on paying down your debt! Instead, learn to spend your money correctly. 

Here’s a boiled down version of how it works.

Instead of spending as little money as possible throughout the month and then using what’s left to pay down your debt (living on the bare minimum)… Flip the order!

Let the first thing you do be to set aside a portion of your monthly income to accomplish your financial goals (paying down debt in this case, but also building a savings and growing a retirement fund). Then whatever remains of your income, that money is for you to spend. 

Can you see how this simple adjustment allows you to pay down debt while maintaining the ability to enjoy your money? The question has switched from ‘how do I keep myself from spending money?’ to…

What is the most money I can responsibly spend (while quickly paying down debt, building a savings, or growing a retirement fund)?

When you learn to spend your money correctly, this question becomes your entire focus.  You’re not working to pay down debt anymore… You’re working to spend the money you and your spouse earn, right now, to its fullest potential.

Your goal has become to get the maximum enjoyment out of each paycheck while still putting a sizable portion towards your debt.

And when your focus is to enjoy your money, money management becomes something you want to stick with. And when you want to spend your money correctly…

Debt has no choice but to get paid down.

You work extremely hard for your money, and you deserve to enjoy spending it. Not two years from now when your debt is finally paid down, but today. (It’s honestly what keeps us all sane, anyways).

It’s time to stop letting your money be an unnecessary source of anxiety when it can just as easily provide you with overwhelming peace and security. 

When you learn to spend your money correctly (i.e. learn to enjoy your money), you will become debt free, you will have 20K in savings, and you will retire with more money than you probably ever thought possible. It’s just a matter of time.

Want To Enjoy Your Money?

Try our free 4-Day Personal Finance Workshop: Roadmap to Financial Success, and see what’s possible when you learn to spend your money correctly.

Find out how simple it is to build your savings, pay down your debt fast, and build a large retirement fund. (We’ve also tried to make it as fun as possible so that you can have a few laughs along the way).

Try our Personal Finance Workshop. Give your money the direction it needs, learn some debt pay down strategy, and see how truly simple it is to become a master of your money.

And seriously, no more sprinting marathons…

Budgeting Workshop, Budgeting Couple, Budgeting Couple Blog, How to Budget , Budgeting, Personal Finance, Personal Finance Workshop, Budgeting Couple, Budgeting Couple Blog, > Grab your spot in our Free 4-Day Personal Finance Workshop (delivered straight to your inbox) here

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