Paying Off Your Debts: Avoid these Stumbling Blocks

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Are you currently paying off your debts? Maybe you have some credit card debts that you’re uncomfortable with, or perhaps you’re trying to get out of debt entirely. Either way, there are always stumbling blocks that can keep you from conquering those debts.

My wife and I spent 14 months paying down an $18,000 debt (plus, we paid $6,000 cash for a used car), and we know every distraction in the book. When we started to pay down the debt, it was new and exciting, but after a few months, eating peanut butter & jelly wasn’t all that fun anymore. This is where many people fail. They feel like the progress is incredibly slow, and their life just isn’t any fun anymore. Activities outside the house were cut out of the budget, shopping is now a sin, and life is all-around d-u-l-l dull.

Follow Me Through the Minefield: Debt Freedom Awaits

A few months into the process of paying off debt, there are many distractions that can come your way. I call these “stumbling blocks” because they can really trip you up and get you off the course of debt freedom.

My wife and I went through this “minefield” of debt-repayment and would now like to let you know what to look out for so that you can get through unscathed and debt-free as well!

  1. Don’t Run a Paper-Thin Budget – A budget is essential when it comes to debt repayment, but don’t go crazy and allow only $100 for food each month. Be realistic and don’t be afraid to alter the budget from month-to-month if it’s not working for you. If you love to golf or shoot guns, make sure to include those activities. You may have to cut back a bit, but don’t cut them out of the budget entirely.
  2. Don’t Look at Your Friends’ Toys – If your friends aren’t on the debt-repayment plan, they will inevitably buy some “toys” while you’re selling some of yours. Don’t become envious. Rather, think about the future and imagine all of the things you’ll be able to do with your cash while your friend is still paying for that new toy that he bought on credit.
  3. Do Have Regular Budget Meetings – It’s very easy to assume that you’re doing great with your monthly expenses, but unless you sit down and crunch the numbers, you really don’t know. Talk over different expenses that may have been unexpected during the previous month with your spouse (or someone you trust). Decide how you can better prepare for them in the future.
  4. Do Earn More Money – Without some added income, sometimes you won’t be able to pay any extra money toward your debts. This can get frustrating in a hurry! So, get out there and make more money! I offer countless examples of how you can do so in my new eBook. Just click on the book to the upper right of this page and subscribe. The book will be available for you to download for free!

Keep it Up! You’ll Be Debt Free Soon!

Paying off debt is hard work! It can get boring, and you’ll no-doubt be distracted from time to time. But, there have been quite a few people that have freed themselves from the bondage of debt, and I know that you can too! Keep up the great work, and as always, if you need some help or have a question, please contact me at derek [at] lifeandmyfinances*dot*com.

Are you paying off debt, or have you paid off debt? What are some of the biggest stumbling blocks that you’ve come accross?

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