8 Critical Steps to Debt Freedom during the Pandemic
During this season of quarantine, due to COVID-19 aka coronavirus, for many of us had to do much soul searching. Especially if you found yourself out of a job or significantly having to readjust your lifestyle. Fortunately, I was able to keep my job and received more flexibility. Although many would have been excited for the opportunity. It made me desire to seek my own personal freedom…financial freedom. With this journey I’m learning to retrain my perspective on money by listening to a variety of experts…my preference is a few good rags to riches stories.
Since I am restarting this process, I really want you to join my journey to debt freedom. I know you may be tired of spending your extra on an unncessary bill or not being able to meet a financial goal because you have debt out the whazoo. If you don’t have ANY motivation at all take a look at these 8 tips to start your debt free journey...and keep going. (in no specific order)
Pray
If you don’t know already, I am a believer in the risen Savior Jesus Christ. Wholeheartedly believe and experienced the promises of the written word aka the Bible. Therefore, I know I can’t do anything outside of my faith in God. So, one thing my spiritual mentor, Tiffany Johnson, taught me was that when I didn’t know what to pray, pray back God’s word. Here are some links to scriptures to help on your debt free journey. God speaks alot on money and how we should handle it. I encourage you to continue to seek further past the scriptures and put them into practice.
2. Find Inspiration
Some days will get rough and discouraging, but you need to have some inspiration in your back pocket to keep going. Whether if it’s a quote or an actual person. Some of my favorite financial influencers I follow are Dave Ramsey, The Budgetnista, His & Her Money, and many others. The beauty of influencers is that you can find someone that you relate to or you’re inspired. Start looking around internets and find your individual group of inspiration to keep you going.
3. Let’s Be Real
Okay, this is the not so fun part, but one of the most necessary parts of the journey. YOU HAVE TO GATHER ALL YOUR DEBTS AND WRITE IT DOWN! Many of us can’t conquer our debt because we find a temporary peace in ignoring them. I specifically remember being unknowingly trained to not answer debt collectors or throw bills away that came in the mail. Take a look at negative behaviors that hinder your financial growth. In order to attack it, we have to be honest with ourselves. Let’s do it! Join my private FB group for additional resources and nonjudgemental support.
4. Understand the Law
I know, I know it’s not the most exciting part, but this will be one of the most beneficial assets during our journey. Believe it or not, 8 out of 10 of the laws is on the consumer side. With resources such as the Federal Trade Commission and Fair Credit Report Act. You can resolve many issues merely by understanding our laws on financial consumer protections. As with creating your group of influencers include a person that is well versed in putting these laws into laymen terms. Personally, I follow is Brandon Weaver with 609creditrepair.com but there are many out there to help us along the way. Even with multiple “experts” please continue to do your due diligience and fact check their findings.
5. Locate Your Coins
Literally, locate your coins. After being honest and writing down all your bills, it’s time to locate where we are spending unncessasrily. Typically it’s those bills that are less than $50. For example, I forgot that I was paying monthly for cloud storage on an email account for months. Although it was less than $10/mo, I think about how I could of put that $10 dollars towards one of the smaller bills. Allowing me to conquer my debt quicker. A quick tip to see if you have missing coins is to perform an audit of bank and email accounts. Yes email, the bank is expected, but often times we miss those “Thank you for your payment” emails. Find your coins to begin knocking out those small little debts.
6. Celebrate Your Wins
Yep, that’s a simple and easy task. Just be careful not to “over indulge” that can throw you off your plans and goals. This more so of an incentive to stay the course. Whether a pedicure, facial, books, etc. make sure you do something for yourself to celebrate your win!
7. Create Additional Income
Easier said than done right? A big reason why many of us are unable to focus on paying off our debts is because there is an income issue. Typically having enough to just take care of the month. Good thing I already created a resource to help steer you in the right direction. My ebook provides over 150+ ideas to create additional income for your household.
8. It’s Okay to Pause
Okay, let’s be real life happens regardless of what our plans may be. Don’t be afraid to pause or even stop. Do what you have to do to resolve what the emergent need is, replan and continue to move forward. Many get overwhelmed but lets stay the course. Reach out to your support sysem, dive into inspirational resources to rev yourself back up on the journey. But please pause if needed.
