Taking Care of You While Paying off Debt


4 Tips for Taking Care of You While Paying off Debt

Browse the web for advice on getting out of debt, and you're likely to see a lot of the same. Everywhere you turn, some blogger is offering the same few bits of simple advice. Take on a few extra hours. Reduce expenses. Pay the debt with the highest interest first. Et cetera, et cetera.

Obviously, these are all good ideas, however, they also miss an important point that plays a crucial role in your success or failure: you! Even though you might not hear it quite as much as some other pieces of advice, remember that taking care of you is one of the best things you can do when attempting to reclaim your financial life. Here are a few simple and concrete ways that you can do just that.

  • 1. Find your support network. Being in serious debt can sometimes feel rather isolating. You want to save money, and you may even feel rather embarrassed. This can make going out and interacting with people seem like a real chore. However, making contact and spending meaningful time with friends and family is an important part of being healthy and happy. Even something as simple as inviting your best friend over for a cup of coffee can be a great life decision.
  • 2. Eat right and get your exercise. This is another one of those pieces of life advice that you hear everywhere all the time, so we won't dwell on it. Just remember that, with a bit of willpower and creativity, cooking healthy meals, hitting the gym, and staying in shape can also be both fun and affordable.
  • 3. Consider snowballing. Paying off your debt from the highest interest rate to the lowest interest rate is the most mathematically sound manner of paying debt. but it's not the only way. Many experts now expose a philosophy known as snowballing, which consists of paying down the smallest debts first in order to reduce the amount of monthly payments that you are making, thus providing a psychological/motivational boost.
  • 4. Set goals. Creating goals for your life is a great way to help you look forward to each and every day. So set some goals -- and don't make them all about money!

Looking to learn more about getting out of debt quickly and effectively? Visit Madison Monroe and Associates online today to learn how.

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