The downturn in the economy made lots of people take stock of their debt load. I was one of them. I looked at my debt to income ratio and decided something had to change. To clear my debt, I had to make serious changes to my lifestyle. I was living beyond my means in small but significant ways. Each month I’d add a little more to the credit card balances. I’d tell myself that I was OK because I was paying more than the minimum payments on those balances.
I looked into credit card debt relief, thinking to find debt help from outside sources. While there are some great programs out there, and people like Debt Busters, I realized pretty quickly that to clear debt I needed to set goals. My goals on my terms. It will sound unconventional to most people but I’m using television to help me pay of debt.
When you set a long term goal, something that is going to take a few years, you have to set small goals that, in time add up to the larger goals. This goes for losing weight, getting in shape or getting out of debt. Clear debt solutions start with clear goals. My goal: pay off a $20k student loan and a $100k mortgage. If I stick to my goals, I can do it in just under five years. Five years is a long time, so to make it palatable, I broke it into weeks. I will be completely debt free in 238 weeks. And to reward myself for each week that goes by, I am watching a Joss Whedon television episode. Joss Whedon is the genius behind Buffy the Vampire Slayer, Firefly and Dollhouse.
Finding out how to clear debt is not hard. There are tons of books and sites devoted to helping you get out of debt. The part that matters is between your ears. You have to be ready to slough through a few years of sacrifice and believe me, that is all mental. Give yourself small goals to start. Pay off your smallest debt first and see how that feels. As you take these steps towards financial freedom, your relationship with money will change. You will begin to enjoy saving money. You will look for ways to spend less. You will name every dollar before it is spent. You will indeed become a debt free junkie.