I’m going to get out of debt someday.
I want to get out of debt.
Should I really work at getting out of debt?
We’re guessing these thoughts have gone through your mind multiple times as you’ve reviewed your account balances. It’s frustrating. One the one hand, you want to get to the point where you’re no longer in a financially stressful situation. On the other hand, you’re scared — all right, terrified — that setteling on a program to become debt free is going to cause additional harm. Well, let’s ease your mind somewhat. Your fears aren’t justified.
Fretting about getting out of debt is unwarranted. No one should live a life where they feel the next turn could empty their bank account or put them in such a precarious situation they declare bankruptcy or have to foreclose on their home. Regardless of what some “financial experts” say in the various media outlets, having even the smallest amount of debt is not good for your credit, your standing, or your emotional outlook. On the other hand, being in a situation where you don’t owe any money to anyone, including the mortgage company, is quite uplifting.
So, how does one get past the point of fretting about getting out of debt? We have a few suggestions for you.
I won’t be able to afford my current lifestyle
Yup. Well, at least for a bit of time. Some sacrifice is needed in order to free yourself of debt, and that may be fewer stops at Starbucks or meals out. Should you be married and have kids, they may complain about the changes to your lifestyle. You have to be patient and realize you’ll be able to do the things you want, and feel less guilty about them, once you’re debt free.
I’m not going to have any money for an emergency
That’s why we ask you to build up an emergency fund ahead of time. At least one thousand dollars should be able to stave off any serious financial issues. Now, I’m sure you next statement is “It’s going to take a long time to save that money.” True, but that’s why you need to pull back on your other spending. The less you pay out for incidentals, the more you’ll put into the emergency fund. And if there are situations which require more money, consider asking the repair shop or other organization to work out a payment plan.
It’s going to take a long time to get out of debt
That may be true. Yet, once the last bill is paid, you can sit back and feel the wave of serenity wash over you. You can also look at your bank account and plan the next level of attack — building up that emergency fund.