Debt is dumb! So why are so many people stuck in debt? Because they don’t see a way out. Continuing on Monday’s article of 12 reasons why people stay in debt, here are the final reasons.
#7: They’ve bought into the lies. It’s totally normal to have debt. There’s no way to be debt free. These are both lies. There are many others we tell ourselves too. Speak truth to yourself and realize that debt is not your friend. There are ways out of debt and it doesn’t have to be your family’s normal.
#8: Their spouse isn’t on the same page. Money and relationships can be very tricky, especially if you’re not in agreement on money issues. You and your spouse need to get on the same page. Remember it is now our money and your need to manage it together. Financial Peace University can help with this. If you haven’t taken the class, contact me for when our next session is happening.
#9: They think they don’t make enough money. Most of the time, it is not someone’s income that is the issue, is their behavior with money. Creating a budget (and living within it) can make you feel like you’ve received a raise. Plus, if income really is the issue, there are many easy ways to pick up a flexible side job and fix that problem.
#10: They aren’t budgeting. Only 50% of people have a working budget each month. Without a budget you don’t have a plan for your money. If you don’t tell it where to go, I guarantee it will just wander away. Try EveryDollar.com for a free and easy way to start budgeting.
#11: They haven’t cut up their credit cards. Getting out of debt is amazing, but when you keep the credit card for emergencies or for rewards, you will end up going back into debt with them. Your emergency fund is your safety net and the reward from your emergency fund is paid every month as interest!
#12: They don’t have a plan. So you want to get out of debt, but you don’t know how? That’s where the debt snowball comes into play. It’s easy to wander into debt, but you can’t wander out...you need a plan. Contact me. Helping you create a plan to live debt free is my favorite thing!