Shedding the Credit Card Pounds
As the new year brings resolutions, some smart individuals focused on shedding credit card debt instead of pounds. By making both drastic and simple lifestyle changes, they managed to pull themselves out of debt, reducing both financial and emotional stress. Here are a few tips to help you on your way to financial freedom: dye worn clothes to extend their life, host friends for dinner instead of dining out, create a dream board to motivate you, set a spending limit for holiday gifts, collect and save loose change, and sell unused items to pay off debt. Have any tips or thoughts? Share them in the comments!
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While New Years prompts many weight loss resolutions, some smart fellows looked at what was really weighing them down,
credit card debt. With a combination of drastic and simple life changes (depending on the amount of debt) they were able to pull themselves out of debt, and perhaps stress-eat a little less after it was all said and done. Blake Ellis of Financially Fit originally reported on this phenomenon HERE, but we have synthesized the article into a list of tips to enjoy and get you on the track to financial freedom.
*When clothes start to show wear, dye them a darker color, such as navy blue or black, to extend their life and postpone the unnecessary purchase of new ones.
*Invite friends over for dinner. Curb your desire to dine out every night by inviting your friends over for a comfy night of dinner and board games.
*Create a dream board. Put a cork board up in your home office that displays all the things you desire, but cannot afford til those credit cards are paid off. When your dreams become a reality, they will be that much sweeter.
*Limit Christmas gift spending. Prior to the extravaganza of the holidays, decide with your spouse on a reasonable price to spend on each other for the holidays.
*Collect loose change. Keep a jar on your nightstand and empty your purse and pockets into it every night. At the end of the month, put that loose change towards those pesky credit cards.
*Cut the excess fat. You know that extra car that just sits in your garage, or the kayak you've never used? Sell them. They are simply depreciating in value when you are not using them, while your interest rates are increasing. Sell them and put the money where it needs to go, getting you out of debt.
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