How To Gain The Discipline To Pay Down Debt

Debt Solutions

How To Gain The Discipline To Pay Down Debt

If you are reading this, you are probably feeling the crushing weight of debt. You are probably already chafing under the weight of credit card debt that won’t seem to go away regardless of what you do. You might even think you have already sacrificed a lot and cut out a lot of extras. Still, you feel pinched and you feel trapped.

The good news is that you can get out of that trap. Others have done it before you. Others are doing it now. And others will continue to get out of the debt hamster treadmill in the future. It is doable. The only question is: will you be able to do it?

It is easy to look at how others are able to get out of debt and automatically assume that if they can do it, we can do it too. While this is true, it is by no means automatic. It takes a decision, and it takes action. Decide now if you want to get out of debt. Sure, you wish you can get out of debt and you definitely hope to get the heavy load of bills coming due off your shoulders. But we are not talking about wishing and hoping here – we are talking about you deciding, once and for all, to do something about your debt. Here is how you can get the discipline to get out of debt.

Decisions need discipline

You have decided on a hard course of action. We congratulate you. If you are reading this, you have decided to stop fooling around and have decided to do what it takes to get out of debt. This means you will sacrifice whatever it takes to get out of your situation. This means you are willing to give up whatever needs to go for you to regain financial freedom. Are you clear on this?

The discipline of cutting

Now that you have decided, celebrate your decision with a bang by laying out all your debts in front of you and deciding which you want to knock out first. Please be realistic. You are not going to destroy your mortgage with this decision. Not going to happen. Start with something way smaller and way more modest.

Now comes the hard part. Lay out your current costs and expenses and decide which ones you can cut out completely to fund the payment of the debt you selected above. It might hurt but surgeries involve cutting to save lives. Do the cutting now and save your financial life in the future

Start saving

Once you’ve lived through the step above and knocked out a debt, continue to repeat the same process and scale up to your other obligations. Once you have reduced your costs to the bare bones you are comfortable with, you can then start setting aside something for a rainy day. Don’t go overboard. Save maybe $5 a day. Get used to it.

Once you’re no longer feeling the sting, ramp it up to $7 to $10 a day. Keep ramping up. Keep cutting costs. The good news is that your mind is more flexible and adaptable than you thought. Not only will you be able to live within your means, you will be able to enjoy it and regain peace of mind too.