I’ve waited until today to take part in Women’s Money Week because although I could probably talk to you about the other subjects being discussed this week, I think my main passion when it comes to money is achieving debt freedom.
I’ve had great success paying down debt, but I also have really great success at getting into debt in the first place!! I say that without any judgement on myself. It happened, and can happen to any of us. What’s really important is how you move on from potential financial disaster, to the future, and to eventual financial freedom. Because you owe yourself that.
Being debt free (to me) is the ultimate money gift you can give yourself.
I’m not going to tell you how to do it, because we all have different ways, but I can tell you some of the things that I did (and still do now as we pay off our mortgage debt)
- Stopped using credit cards immediately
- Kept a spending diary and examined every area of my spending
- Reduced our grocery spending and started menu planning
- Increased my income – sold items, set up a side business
- Educated myself about personal finance – borrowed books from the library
- Started blogging and joined a forum for extra motivation
- Organised myself as missing payments only adds to the debt
- Taught myself how to live frugally and waste less
- Set myself goals/target to provide motivation
- Used the snowball/snowflake methods
Let me know is there anything else you would add to the list? Do you use the snowball method to pay off your debt?
This post is part of Women’s Money Week 2012. For more posts about Debt see Debt Roundup