Friday, 10 January 2014

5 ways to get out of debt

There is more to life than money?  Really?  Nah I'm kidding of course there is but if you are like me and financial freedom is all about actually being free to do what you like then you need some cash to do it.  Here are 5 idea's I am implementing to get me debt free.  Be warned, I'm an all or nothing sort of a girl so the idea's are not for the faint hearted

1. Stop spending- thats the key, until you increase your income to exceed your expenses.   By expenses I also include, savings, extra mortgage repayments as well as bills etc.  It is tricky to do, to be honest it can be physically painful at times as well, being a consumer is a hard habit to break!

2. Review your goals daily- every morning review your goals for the year.  I look at my 2014 resolutions every morning in the golden hour and remind myself what I am trying to achieve.  This makes it easier to stick to my guns when temptation comes my way.

3. Align your lifestyle with your personal goals.  I am frugal by nature, have always loved saving, love property and gardening and have a hankering to be self sufficient.  So we live on a lifestyle block and we started a property trading business.  This work well for me as I can implement my depression era values on the farm whilst still forging a financially independent future through our property business.

4.  Get control of your mindset.  Screen out the Jones's- who are they anyway?  If you can harness the power of your thoughts, stop looking and worrying what other people are doing/thinking/saying it will allow you to focus on what you are doing/thinking/saying.  Dig deep and figure out what you want and go for it.  Ask yourself "If I was guaranteed success what would I do"?  I reckon dream big cos' we only get one crack at this life and if its not the life of your dreams its time you made sure it was!

5. Create more money- I don't mean sell your eggs for $5 a dozen (although we are aiming for a cost neutral block so will be doing this) as that won't change your situation- but create a bigger income.  Start a business, import something from China and sell it online, get a pay rise, train to increase your position in the market place.  Stop settling for less and start asking for exactly what you want- you'll be surprised once you put your expectations out there how things start to turn around for you.

Good luck to you all in your journey to being debt free.  What is your top tip for getting out of debt?

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