• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • ABOUT

The Fortunate Investor

Investing, Business, Saving, Debt, Money, Retirement, Taxes and Family Finances

  • Business
  • Invest Your Money
  • Save Money
  • Get Out of Debt
  • Make Money
  • Family & Money
  • Taxes
  • Retirement
    • Retirement Calculator
You are here: Home / Debt / 5 Tips to Create a Debt Elimination Plan That Really Works

5 Tips to Create a Debt Elimination Plan That Really Works

December 25, 2019 By The Fortunate Investor | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

5 Tips to Create a Debt Elimination Plan That Really WorksThe average American has $38,000 in debt, and that is excluding mortgages. Many people feel that working on debt elimination is a near-impossible dream.

Having no debt seems like a fairy tale that is always out of reach. If you’re drowning in debt, we are going to give you some tips to start treading water and seeing results.

Continue reading this article to learn how to pay off crippling debt.

Table of Contents

  • 1. Get Real
  • 2. Develop a Proper Mindset & Motivation
  • 3. Track Spending
  • 4. Pay Off Bills in a Wise Way
  • 5. Understand Your Spending Habits
  • Say Goodbye to Debt with a Great Debt Elimination Plan

1. Get Real

Before you can start to see any results, you need to get real with yourself. Open all of the bills and add everything up. While it might look ugly right now, it is important that you know what you’re dealing with.

If you don’t know where you’re starting, it is going to be difficult to make a plan that is actually going to work.

2. Develop a Proper Mindset & Motivation

Without the proper mindset and motivation, you’re building your house on the sand. It’s going to crumble, and you’re not going to be able to get the results that you want because you’ll quit when it gets uncomfortable.

Know exactly why you’re working on getting out of debt. Do you want to have more money to save or go on vacation? Maybe you are tired of feeling like you never have enough money at the end of the month, and you want to create more wiggle room.

3. Track Spending

Track Spending

Making a list of your bills is a good start, but you also need to know what you’re actually spending.

It’s not uncommon to spend $20 here and $50 there and not even think about it. At the end of the month, you’re living on your credit cards, and you have no idea why.

Tracking spending will allow you to notice where your money is going that you hadn’t been noticing before.

4. Pay Off Bills in a Wise Way

If you have loans with extremely high interest, pay those loans off first. Paying down loans with high interest will allow you to save a lot of money, and then you can put the money you were paying on these loans toward the others.

If you’re dealing with tax debt, you should speak to tax debt relief specialists since you may be able to get a better deal on paying back your debt.

5. Understand Your Spending Habits

Understand Your Spending Habits

Now that you’ve put everything together, you have all of the information you need to start getting out of debt.

Review your spending habits and understand your triggers. Understanding your triggers is important, so you can stop spending money you don’t need to and keep paying off your debt.

Say Goodbye to Debt with a Great Debt Elimination Plan

Now you know how to start working toward debt elimination. If you’re tired of dealing with the pain of debt, the above tips will help you as you work toward seeing the light.

Do you need more help with money issues? Our site is full of articles that can help you with investing and other important parts of being wise with your money.

Browse our site to find the best finance and investment articles, bookmark the ones that pique your interest, and come back again soon.

Primary Sidebar

Popular Articles

Tips for Dealing with Conflict in the Workplace: What You Need to Know

No one expects to be best friends with all of their coworkers, but at the same time, not getting … Read More about Tips for Dealing with Conflict in the Workplace: What You Need to Know

Final Checks To Carry Out Before A Safety Audit

Final Checks To Carry Out Before A Safety Audit

Keeping the people in your business safe and sound is one of the primary responsibilities you have … Read More about Final Checks To Carry Out Before A Safety Audit

Use Your Home to Your Benefit When You Want to Make Money

Use Your Home to Your Benefit When You Want to Make Money

If you're a homeowner, you're in a fortunate position. You might still be paying off a mortgage, … Read More about Use Your Home to Your Benefit When You Want to Make Money

How to ensure success when entering the property market

How to ensure success when entering the property market

Are you thinking about entering a new market, with the property market being high on your list? The … Read More about How to ensure success when entering the property market

Do You Know The Cost Of Your Retirement

Do You Know The Cost Of Your Retirement?

Are you already thinking about retirement? Nobody should wish their life away, but that doesn’t mean … Read More about Do You Know The Cost Of Your Retirement?

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
YOUTUBE

Copyright © 2023 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service