Most women who face mountains of debt are looking for a doable get out of debt plan!
That may be easier said than done. Why?
Because, regardless of where you live, the global economic crisis has likely affected you in one way or the other.
The costs of living keep rising and making ends meet is steadily becoming more and more of a challenge.
Consider these 5 ideas for building a rock-solid get out of debt plan.
Your main stream of income is probably sufficient to sustain your family and cover monthly bills. But in addition to income to cover current living expenses, you are also going to need money to pay off your debts.
A fundamental part of your get out of debt plan must therefore be a strategy to develop additional streams of income. You can then direct all income from your secondary income sources toward paying off your debts.
Your get out of debt plan should include having an emergency expense fund. Even small deposits can add up to something big before you know it. Life is full of unexpected events and emergencies, and having an emergency fund to tap into can make all the difference between "financial survival" and relapsing back into additional debt.
Even if you can only afford $10 or $25 at a time, over the long run this really adds up and can keep you from accumulating additional debt during an emergency.
We live in a fast paced world where one set of skills that are in demand today can easily be outdated by tomorrow.
You should always be on the look out for opportunities to improve your current skill set and even look for ways to develop completely new skills. This keeps you ahead of the game by providing back up career opportunities and can solidify your get out of debt plan.
Imagine what would happen if your suddenly lost your job and your main source of income disappeared. That could have catastrophic consequences for your financial health. You'll be scrambling if something unexpected happens.
Let's face it, in our world if "job security" was an animal, it would be at the top of the "endangered species" list. So don't pigeon hole yourself into one set career. Constantly looking for ways to expand your skills and career possibilities is a smart way to strengthen your get out of debt strategy.
It's never a good idea to burn your bridges or close any doors hastily, since you never know who may be able to help you progress with your get out of debt plan. I have received valuable help and leads from neighbors, old friends, and family members. I even received help securing clients from my spiritual family. So remain open and make contacts wherever you can.
Be generous in helping others and others will be generous in helping you. You meet people from all walks of life on a daily basis, and you never know what kind of friendship you can develop, and how that person may be able to help you out in the future. So be on the alert for opportunities to be helpful and build good relationships with others. The good will always come back to you double, or triple fold.
I don't know about you, but I like to write things down. My mothers says I always have pen and paper in my hands. When it comes to designing your get out of debt plan, it's vital to maintain a certain amount of organization in your plans. Writing everything down really helps a great deal.
I keep separate lists for my short term and long term financial goals.
I cross off goals as I meet them. I also keep a separate "achievement journal", which helps me keeps a written reminder of my progress and keeps me motivated when I face set-backs or challenges. I would recommend you do the same.
Writing down the details of your get out of debt plan and keeping a record of your progress is the best way to stay on track.
Are you facing mountains of debt? Are you looking for a doable plan to get out of debt?
Now is the time to take a pro-active approach to your finances and build a rock-solid plan to get out of debt.
The DIY financial resources below are excellent reference sources for everyday life and for becoming financially fit. I highly recommend them.
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