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Reach Financial Freedom


4 Tips for Getting Out of Debt


Debt is not always bad, but if you’re in over your head it can be an exhausting burden. If you’re struggling to manage your current debt load, please review the four tips below for ideas on how to feel more in control of your financial situation.

Pay Attention to What You Have

If debt has you frightened it becomes all you can see. However, you may already own assets that could be used to alleviate it. Have you struggled and saved to purchase a home only to find it’s not worth what you hoped? Ask yourself, could I sell my home for cash and move to a cheaper home, city or state? Radical situations may require radical decisions.

Track Your Expenses

This works best when paired with determining your true hourly income. To figure this out, total up the time you spend

  1. In the office
  2. Getting to the office
  3. Getting ready to go to the office, and
  4. Recuperating from the office

Also add in office expenses such as the morning coffee run, lunches out, fast food on the way home because you’re exhausted, and how much you spend at the bar at the end of the workday.

Now review your take home pay. Deduct the expenses listed above and divide the remainder by the real time you spend on work. Armed with this knowledge, it becomes very easy to track your expenses. If your true hourly wage works out to $10 per hour, a $9.00 glass of wine at a restaurant is just not worth it.

Pinching Pennies Will Only Get You So Far

Yes, thrift is important. However, you’ll get to the bottom of the barrel eventually. Instead, try picking up another gig with flexible hours, such as freelance writing or making tutorial videos on how to crochet. We all have skills left untapped by our jobs, so why not use them to earn?

Set A Reward Goal

Are you mad for travel? Saving for that special car? Just want to disappear into the woods for a year? Make this goal visible and post it where you’ll see it every day. Center each purchase around that goal. If you’re buying too many clothes, visualize them on the sidewalk in the way of your dream vacation. Having a picture of what you really want in front of you at all times will help you focus.

Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2

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