What’s the first step to get out of debt?! So you want to get out of debt, but you don’t know how. Most people don’t know the first step to get out of debt. There are so many suggestions and plans out there about how and where to start. It can be very confusing when you first start out. I hope these posts will be helpful for you!
FIRST STEP TO GET OUT OF DEBT
LIVE WITHIN YOUR MEANS!
The first step to get out of debt, is to stop thinking that debt is just a normal part of life. Debt is NOT okay or mandatory for life! Debt is not something that everyone has, or that everyone has to have. Being in debt to someone means you are in bondage to them. Has that ever sounded like a good idea? Uh, no! I don’t want to live in bondage! So how do we get out of bondage? We get out of debt! And we do that by living within our means.
Living within your means is suuuuper difficult! Which is why most people don’t do it. Trust me, B and I have done it since graduating college and getting married. It is not always fun. Living within your means and staying out of debt means saying no. A LOT! B and I have said no to so many things over the past 4 years. We have said no to going out to dinner all the time with friends or family, buying a car (even a used one!), buying or saving for a house, getting a brand new iPhone, etc. The list of things to say no to has been extensive. Read this post about real things we did to get out of debt!
However, if we said yes to everything we wanted we would be buried in even more debt! Saying no does get easier with practice. You look at things in the store and think…. Do I really NEED that or do I just WANT it? Should we really buy another one of those? Do we have enough money to buy it? Asking those questions will prevent impulse buying and help you live within your means. For us, it also helps that we have since moved in with my parents and do not have room to store most of the things we want to buy! No space = no purchase. If you question whether you really need it, you probably don’t.
Don’t Go Into More Debt
Credit cards are those little plastic cards that get people into big trouble. People don’t realize when swiping a credit card, eventually you will have to have the money to pay for it. You think, “Oh it’s okay. I’m getting paid next week. I really want these boots so I’ll just put them on the card.” And then next week comes around and you forgot you have to pay the car insurance! So now you have to choose, pay the car insurance or pay the credit card.
If we lived within our means, we wouldn’t have to choose. We wouldn’t have to deal with the stress that comes with only being able to pay one of two bills. We would be able to say no to the boots, and anticipate the car insurance. And we would survive! Being good stewards of the money God has given us is the greatest responsibility. B and I try so hard to be good stewards of our money. I believe God has blessed us because of our consistent tithing and our willingness to be good stewards.
Live within your means. It’s hard, but it’s not impossible. B and I still had a lot of fun when we were paying off our loans. See this post to see how we still took vacations and did cheap day trips to fun places. The way we were able to do those things while still paying off loans was through a good budget! Click HERE to see my budget and find out how you can make your own! Start getting your finances in order, get out of debt and pay off those loans! We are almost there!
You can do it!
See THIS POST for STEP 2 in getting out of debt!
Want a FREE budget template to get started?! Click HERE!
Want a great book to get you started? B and I read Dave Ramsey’s Total Money Makeover. It is a fantastic book about why everyone should get their money in order!
If anyone has encouragement or ways to say NO, comment below!
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