Tired of dragging around your debt ball and chain? Do these three things to break free!

Hi, I'm Pamela J 

Before we get into it, let me introduce myself. I'm Pamela J, host of THE REBUILD podcast. As a single mom, mentor, digital creator, and investor, my mission is to help you rebuild your life so you can not siimply survive, but thrive. I know that at times you might feel hopeless, but I'm here to fill you with hope. After losing almost everything in 2015, I decided enough was enough. I enlisted God as the Chairman of the Board and began rebuilding. While it wasn't easy, rebuilding my life became the best decision I ever made. I'm here to help you do the same!

1. Make a Non-Negotiable Decision

The first step is making a concrete decision. This decision must be non-negotiable. You need to draw a line in the sand that cannot be crossed. It’s essential to reach a point where you're sick and tired of being burdened by debt.

Debt can escalate quickly with credit card use, so eliminating credit cards, aka cutting them up, helps you regain control of your spending. Create an 'essentials only budget' and eliminate all the excess until, and even beyond, becoming debt free. If you're serious about getting out of debt, then you've got to get serious about streamlining your lifestyle to the point where your friends stop inviting you places because they think you are just 'too weird'. 

2. Chart Your Progress

The next essential step is to visually chart your progress every day. Determine your starting point—mine was $25,000 of debt—and look at this visual representation daily. I created a simple funnel chart for myself, marking each time I paid off part of my debt. I recreated this for you as my gift to you, complete with a tracker for those who prefer that approach. I promise, this visual representation will help keep you motivated, on track, and focused. Redirect any extra cash, like that you’d spend on a daily coffee, towards your debt.

3. Avoiding Lifestyle Creep

Finally, guard yourself against lifestyle creep as you start managing your finances effectively. As you manage money well, promotions and raises will come your way. Instead of splurging on non-essentials, continue tackling your debt or start saving fiercely. Dave Ramsey recommends approaching debt like a gazelle escapes a predator. I liken it to a psycho’s relentless focus. Once you are out debt, celebrate, and then stick with your budget, socking all extra cash in a high yield savings account such as Wealthfront (this will serve as your real estate investment fund). 

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If you haven't already, please subscribe to my YouTube Channel where we stay connected weekly via our REBUILD Community -- a place we call home and where we all hang out. 

Until next time, be well, and take decisive action against your debt!

xo, PJ