8 Attainable Steps That You Can Do In Getting Out From Debt

By: Ermz

8 Attainable Steps That You Can Do In Getting Out From Debt

Getting out of debt is not an easy journey to take on. But decision need to be made in order to break free from it.

Seven (7) long years, I’ve been paying off debts. Being the breadwinner in the family is tough. I am the eldest of six siblings. My parents were hard-working people but because of their limited education, no matter how hard they work with, money was never enough for all our needs. But this does not stop them to send us to school. They make night into day to make our ends met. I graduated from college, find work right away and promise myself that my siblings will finish their college education whatever it takes for me to do.

Years passed, one got married earlier and 2 were able to graduate from college, while another 2 siblings still in college when our mother got sick. We were in and out from the hospital for more than a year before she joined heaven few days before my youngest brother got his college education.

While all of this is happening, my credit cards is max out and I borrowed money in order for me to sustain the medication of my mother and at the same time sending off to school my siblings, the combined family’s income could not simply sustained us without any savings to get from.

Then assessing our finances, debt is sure big enough. Life storms simply drench me, wrong decision in managing the finances – borrowing money in order to pay off some debts. With a very poor knowledge on how to handle my finances during that time, leads me to bigger debts.

The journey is painfully difficult that I have no choice at all but to face it with determination that this would end one day. And I was not prepared for the compounding interest the loans would give me. Then several wrong investments and business venture.

MY field of study deals with number being an Accountancy graduate, wew… little did I know that I have zero knowledge in handling personally my finances. I live from pay check to pay check to pay off debts and borrowed again when pay check would not be enough to cover up the payment. Wrong moved again. Only a fraction of what I owe is being paid in full and there were still a big chunk left.

But as what they said, you can always change your destination and finish it strong.

Decision now is a must.

Here were the things that I do in order to slowly get out from debt:

1. Invested in learning on all about money and investment.

a. Found mentors when I enrolled in Truly Rich Club program. Here I learned about investing the right way, starting the business, develop my personality and spiritual journey and further know the importance of paying it forward.  

b. Attended seminars, training and webinars.

 2. Learned to say NO when family members would ask for help for money matters as long as I can see that they can manage it, if they really wanted to. Tough love is a must.

 3. Cut down unnecessary expenses as much as possible.

a. No movie time for a while, except for some rare moment that I can’t resist, this time would ask my sister to treat me. 🙂

b. Stop eating out at restaurants with friends, except for some occasions that needs too, but have to make do within my budget.

 4.  Do away in shopping malls.

a .Buy only the things that I need not the wants. Delaying gratification has its price of its own.

 5. Write a letter to creditors, asking for a reprieve for a time being while fixing up additional income stream.

 6. Bring packed lunch and snacks from home rather than buying in a nearby mall while at work.

 7. Gassing up full tank instead of partial filling, save around 40% in a month.  

 8. Most of all, I must forgive people who have hurt me along my journey and do forgive myself for all the wrong decisions that I made, realizing that in this state of unforgiving emotion I am just making walls and hindering blessings to flow directly towards me. And I am grateful for my mentors for these.

For now I am taking one baby step at a time, and soak myself in learning all the stuff that I need to learn in creating and growing wealth. Having the right mentor or wisdom giver on my journey to financial freedom is very crucial in order for me to avoid costly mistakes in making the wrong decision again, in order for me to focus on the right destination that I set to achieved.

Recalling from one of the wisdom giver from the super conference that I attended, says: “When the student is ready, the masters appear.” Now, I am ready to receive the limitless blessing and overflowing of abundance from the Giver of all, my God.

May you always find comfort that in this difficult journey of breaking free from debt; you are not alone. And as you decide to make a complete turnaround for your financial life, stand firm, believe in yourself, and claimed it. At the end of the day, when you find yourself exhausted, rest if you must but never quit. 

Make things happen!

Now, be a blessing magnet.

Photo Credit: calvarync.org

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