Secrets to Debt Reduction
The secret key to debt reduction is for you, the debtor, to be absolutely committed, totally 100% committed, to reducing your debt or getting out of debt entirely. Have you ever been totally obsessed in achieving anything? Take just a moment, look back on your life and think of a time when you were that obsessed.
Getting Excited About Debt Reduction
Maybe it has been a while since you were in college, and you were obsessed about getting decent grades. You attended every class and seminar, and you took lots of notes. You read ahead in your assigned studies and focused clearly on your assignments with great intensity. You studied early in the semester so you weren’t caught short at mid-terms or finals. Your friends and family knew better than to expect you hang out with them or to slack off.
Maybe it was a car you were excited about. You looked up pictures of it on the Internet and read reviews about it. You read the owners’ club pages and rubbernecked every time you saw a car like it drive by while you were cruising around town in your boring old car. You sacrificed, saved, and put away all the money you needed to buy your dream car. And then came the proud day when you owned that car, and it was yours.
Get Really Obsessed About Debt Reduction
Debt reduction takes a certain kind of commitment, dedication, and, yes, obsession. You should be thinking every day, 24/7, about how you can reduce your debt. As you board the bus or train to commute to work instead of driving, congratulate yourself on all the money you are saving on gas and parking.
During lunchtime, when your co-workers spend upwards of $10 or more on sandwiches, salads, hot dogs and hamburgers take out your sandwich or salad from your brown paper bag you brought from home and congratulate yourself saving $50 or more per week. That is over $2,600 per year you can apply toward debt reduction!
After getting home from work, enjoy a movie….on DVD. Save up to $20 or more by watching a movie at home rather than going out to see one. Have dinner, and indulge in dessert if you wish, at home. Is there someone who can teach you how to cook if you don’t already know how? It is definitely worth asking!
Keeping Track Of Your Changes
Keep a notebook or log of your journey toward debt reduction. Record every cent you save so you will know that what minor efforts have been made are worthwhile. At the end of the week, total up your savings and write a check for the amount you have managed to save. Apply that money toward your goal of debt reduction by paying that sum to credit cards with the highest interest.
