The reasons you’re still in debt are probably your own fault.
I know you probably don’t like to hear that, but we see this all the time.
You’re probably asking: “How do you know my situation?”
Well we don’t know your exact situation..
But we help provide people with the right tools to get out of debt. Because we want to see them get out of debt as quick as possible.
And we see a lot of failure at first.
Getting out of debt is a long process that needs some tweaking throughout the entire process. And you need to fail a number of times before you can succeed, right?
Well now you’ve tried. You’ve been unsuccessful. And now it’s getting annoying.
But you just can’t get the traction you need.
Well we’re here to tell you don’t worry…
Because we’ve seen many people fail to get out of debt..
And we notice the things that keep them from getting out of debt.
So we’ve created a list for those of you that still can’t find ways to get out of your debt situation.
Here are the reasons why you’re still in debt:
You Don’t Stick To Your Goals
If you don’t have any goals…Then set goals now.
It’s nearly impossible to accomplish anything without setting goals for yourself.
Getting out of debt is no different.
Figure out where you want to be a month from now. Have a goal set for each month.
And then have a goal set for the end of the year.
It’s important that you stick with your goals to be debt free.
The longer you stay in debt, the more it starts to affect your everyday life.
It lowers your credit, it invites depression and tightens up your money. You won’t be able to get approved for any good loans for a car or a house.
So set a goal for the day you want to be completely debt free. And then set smaller goals each month so you can slowly start to pay back the money you owe.
If you don’t stick to your goals, then you could be wandering in debt for years.
You Still Buy Things You Don’t Need
Most of us associate spending with emotional triggers. And we can’t help it in most cases.
We like the way spending feels. It gratifies us after a long week of work or maybe it makes us feel better about ourselves.
But these purchases are things to avoid.
When you’re in debt, you can’t spend your money on the things you want. These are unnecessary purchases.
You should only spend your money on your needs. Your needs are the things that you need to survive in this world.
Your needs include things like: rent, electric, food, gas, and water.
Notice we don’t have cable in there. That’s because you don’t need cable to survive. You’re probably paying between $100 and $150 for cable, and that is an expense you can save each month to pay off your debt.
Eating out is another thing you can save money on. If you don’t buy weekly groceries, then start now.
Buy all of your groceries once a week, and do not make another trip to the grocery store. This way you can budget exactly how much money you need for groceries.
It’s important to see what you’re spending money on. Because you can probably cut out a few things and save hundreds of dollars each month.
You Don’t Save Your Money
How good are you at saving?
Because saving your money is the best way to start paying off your debt.
Save any amount of money that you can. At the end of the month, use the money to pay off some debt or keep the money in savings.
Just like your goals, saving money is a commitment.
Successful savings is about making small additions that create a large impact over time.
It’s a commitment we make for the long haul.
Understanding this will help you see the benefit AND process of getting out of debt. You can do it a little at a time with long term resilience./span
You can start with all odds against you. Even with no clear plan. But like benefiting from jumpstarting your 401(k) plan, the advantage you have is in JUST getting started. Let nothing hold you back.
You Don’t Have Emergency Funds
Emergencies happen. They might not happen often, but they do happen when we least expect it.
And wouldn’t it be a terrible day when an emergency happens while you’re in debt?
Because it will happen.
Life won’t stop and wait for you to get out of debt. And I’m sure all of you have noticed this.
Cars break down. Air conditioners malfunction. Leaks happen. People get sick.
And it doesn’t matter if you’re in debt or not. These things still happen.
Along with your savings, you need to have an emergency fund.
Keep it wherever you know you won’t end up spending it. Get a safe for your house. Keep it in a piggy bank. Add another savings account.
You need to have emergency funds. Because if an emergency does happen./span>
Your debt will only get worse.
You Don’t Stick To A Budget
Setting up a budget is easy. The concept doesn’t stop you from enjoying life or experiencing it. A budget should only protect your from getting carried away in spending.
Budgeting ties into all of the other reasons you fail to get out of debt.
It helps you reach your goals. It helps you know what things you can and can’t buy. It helps you save the amount of money you want. And it helps you save for any emergencies.
When you’re aware of the money you have, the money you’re making and how much you need to put toward debt, you have power to achieve any goal you set. Knowing this helps you keep track of progress.
A budget helps you understand where your money is.
If you don’t have commitment to the list above, now is the time to change. Become a better person, improve your circumstances and live a new life of freedom.
So if any one of these reasons you fail to get out of debt apply to you… Then start the change today. The longer you wait to change the mistakes you made, the longer you’ll stay in debt.