We have had a lot of people ask us questions as to our last blog posting. In particular, they asked us to share some more suggestions as to Financial Freedom in the New Year. We got our Micro-Loan Team together to come with some Crowd-Sourced suggestions for you.
1- Don’t focus on zero debt, focus on financial freedom: Debt is at worst slavery, at best willful indentured servitude. If your family takes home $2,500 per month from your job after taxes, but your credit cards, loans, and rent or mortgage total $2,000 each month, you work only one-fifth of your hours for yourself. The remaining four-fifths of your time at your job are exclusively for your creditors. Make a repayment plan with a licensed credit management team or a trusted accountant so as to maximize your payments while reducing the impact it may have on your life.
2- Have Fun while getting out of debt: The concept of “fun” is personal. One thing that some people here found fun was looking at the colorful monthly reporting graphs in Excel as they got closer to crossing the x-axis of $0 net worth. Although it may not be everyone’s cup of tea, a visual aid can really make your progress to Financial Freedom more palpable.
Another way to make repayment fun is treating yourself to a movie night every time you pay off a credit card. Celebrate at every possible milestone.
If you find that your debt is getting out of hand and need a short term loan to make ends meet, contact the Micro-Loan team today.