Debt sucks. In fact, the word shouldn’t even be in your vocab. Why?
Because it holds you back. And unlike that hideous faux-leather easy chair, you can’t just toss it on the curb with a Free sign.
When you’re in debt, someone else controls how you live your life. I know you’re dying to sell everything and hike around Europe for three months of blissful basic living, but you can’t. You’ve still got the Mastercard bill hanging over your head from how you used to shop.
You know you need to ditch that shit. Fast. But right now you’re freaking out about how far you are from the life of your dreams because you owe so much money. Take a deep breath. You can do this.
Make a plan
How much money do you owe? If you’re scared to write it down, now is the time to face up to what you’ve done. You’re going to conquer it – you just need to know how much ass you’re going to have to kick first. Start tallying, sugar. Once you’ve got the magic number, decide the date you’ll make the final payment. You’re calling the shots now.
Minimalism is all about being intentional with how you use your money and spend your time. So if you haven’t yet, it’s time to set a budget and stick to it. This lovely little document lets you decide where you’re money goes. There’s no more getting to the end of the month and wondering what the hell happened to all of your paycheck.
Cut the crap
Still paying for 500 cable channels? Call the company to cancel then yank the cord from the wall. Sell the TV and use that money to start paying down your debt. What else can you cancel that you don’t need? If you can’t cancel something because of a contract, you can probably lower the bill substantially. And think twice before ever signing a contract again.
Make more money
The faster you get out of debt the better. While cutting costs and funneling all of the money saved into debt-reduction, it’s only going to take you so far. You need to build momentum by increasing your income. Start a savings account. You could do this with a part-time job delivering pizza, but come on. Signing up for a minimum wage job isn’t the way to do it. It’s time to get creative. And I’ve already done it for you.
What are you going to do after you pay off the debt? Spend a month in Argentina taking tango lessons from an Antonio Banderas look alike? Fund a small business venture with micro-lending? The choice is yours. Decide what you’re working toward so you can say no when you’re tempted to spend $5 on a tall caramel mocha.
It’s time for you to control what happens with your money. Pay off your debt and don’t ever do it again. Got it? Time to get started.