So often we forget that there is the human element involved in this entire process, and that it is not a straight road. In fact, I am sure that you may be reading this and saying gosh every one else seems to be able to get this done except me! We listen up, think of it as a different path to the same goal for everyone, therefore – your road map will be different to mine.
But!!! There very well may be a thing or two that may be learnt. Maybe they could be used to avoid some pitfalls or even as stepping stones along the journey, of course, even tweaking it to suit your own personality.
From where I am sitting right now and writing this, I remember one of the reasons why this site was started, and it was to highlight to others that it is possible to get through and get out of debt. For sure there were and still are nights where your mind is so busy, trying to figure out where the next income is going to come from, while the rest of the family are asleep. Then on other nights you just decide to just forget it for a little bit and have a strong enough beverage (alcohol) to ease the confusion of being between a rock and a hard place.
Surely this is no way to live and enjoy your life… even though the bank wants to rinse me out for a loan, and the telecommunication services have been throttled back, as well as your vehicle needs a new engine and your house mortgage is staggering… NOPE! We will still do what we have to do but within reason and climb our way out of this burden of debt.
Well here’s what I’ve done…
Mental Health Check – This is important, as it is one thing that very few debt or wealth sites deal with. It doesn’t make sense if you don’t do a little mental health check in… a quick walk to the park, or play around with your pet dog or chat with good friends and family that you trust is important.
Plan – If you fail to plan then you plan to fail. I know this – You know this – We all know this. So, I have started with a daily budgeting plan, which then rolls into a weekly budgeting plan, and that of course goes into a monthly budgeting plan. Plan for every cent that comes in and every cent that goes out. In between, set aside just a little bit just incase of any emergency.
For example, I do about 10% of total income, for the time being – until we see better days.
Start Executing Your Plan! – That speaks for itself. Now this also means that you should also adjust if needs be when it is called for, since there will be naturally events that we just cannot foresee. Take this current COVID pandemic situation.
What I have also done as well, is to communicate with the creditors. Each time in some form of writing, I have stated that financial circumstances are not what they were previously and due to my job being made redundant, that payments were still going to be made, but a little bit lesser monthly total. (Side note: Sometimes it feels as if being too honest is a bad thing) Not sure where that will help but, I think that if someone owed me – that I’d at least expect them to give a little heads up.
Reduce Cost – This at times is easier said than done, since there can be so many ways to leak money, that sometimes we do not realize. In fact one thing which I do – is to simply no longer go into the convenience store while filling up on fuel. They are called CONVENIENCE store for a reason, yes they are easy to step into while putting gas into your car, but they are also expensive. This is coupled with the thought process of not shopping while hungry, or anxious or such like.
I am sure many of us have done this and simply burst our budgetary spend.
Document your journey and celebrate the wins, whether big or small, a win is a win. Additionally I have set aside time and placed it within my calendar as well to simple look at the money spend and the money earned and look for additional creative ways to earn money. If you have any suggestions – please feel free to let me know as well. Heck – We can all use a little extra dollar now can’t we?
Well – I’m off to read some more, and share some more on how to climb out of this position. Stay tuned…and feel free to also share your journey here as well…