How To Get Out Of Debt

Dog chasing tail in Never ending debt cycle

Do you feel like you are constantly paying off debt? That you are never getting ahead? That instead of money going into building your financial stability, it’s going to Visa and Mastercard?

You are not alone.

budgeting basics InspireMyMoney.com

The good news is that you don’t have to earn a million dollars in order to get out of debt. It is possible with the income that you currently have, even if it seems like you never have anything left at the end of the month.

The key to discovering the “extra” money that you need in order to pay off your debt is budgeting.

budget basics InspireMyMoney.com

Stay with me here – I will share the magic – but first the necessary basics…

The first step in any budget is being organized with your finances. You need to know how much you have coming in each month, how much you are spending and where your dollars are being spent.

There are a lot of budgeting tools out there — from simple spreadsheets, to apps connected to your bank accounts that track your spending — and any of these will be effective if you use it (think of it like a nutrition plan — it only works if you actually follow it!).

The very best tool is one that can demonstrate how your choices today will affect your future net worth. 

The program that we use allows you to input what you currently have, and where you spend it, then shows you what you need to do to find that extra money in order to reach a zero balance on your credit cards and get ahead. Additionally, it shows you the quickest path towards eliminating those debts.

Very powerful!

InspireMyMoney.com budgeting program

The real advantage in using this tool is the ability to see how your financial decisions today will influence your future financial picture.

By planning where your money goes and being intentional with your spending, you have the ability to change your future. This is budgeting in a nutshell.

Reality of budgeting with InspireMyMoney.com

The next step is to examine your spending and identify areas where you are spending too much. Oftentimes you are not even aware of how much you pay each month for your favorite hobby or activity like dining out, playing golf, going out shopping.

Once you have identified those areas, you can start to be intentional with your spending. You will switch from spending freely, to making planned purchases and your bank account will see a dramatic change to the positive.

Much like people give up on a diet and think, “this doesn’t work for me,”  many people think that budgeting doesn’t work for them. They use excuses like, “I’m not good with money,” “I’ve never been good with numbers,” or “I don’t have the time to do this every month.” These are all excuses that we tell ourselves to avoid making a change.

However, if you never change your current financial situation or your spending habits, then how are you going to change your future (kind of like that nutrition plan)?

motivation for budgeting with InspireMyMoney.com

You have the ability to make a very real and positive change with your money. You can make the never-ending cycle of paying off debt a reality.

The beauty of the program that we offer is that you can immediately see how your current efforts will affect your future results. While budgeting apps or spreadsheets allow you to see your current progress, they fail to show you how those changes will affect your future goals.

Inspire My Money gives you the motivation to make those changes, and to make them permanent.

Time for a change in your financial situation

You can actually PLAN when you will have your credit card debt paid off, when you will meet your savings goals, and even when you can retire. 

What’s even better than planning for that last debt payment date? You get to actively be involved today in moving that date closer and see the results instantly!

Do you want immediate, massive results? 

Then you need more than the basics outlined above. The steps above are essential to beginning your financial change, but there are many more strategies to employ that will supercharge your results.

Additionally, the best results will occur when you have accountability —  someone who will help keep you on track (just like that nutritionist who checks in on your progress). We have found that working with a financial coach versus doing it on your own, typically cuts years off your debt reduction goal.

budgeting with a financial coach at InspireMyMoney.com

This is the added benefit of working with Inspire My Money. Not only do you reap the benefits of all of our knowledge about budgeting and finances, but we also help you change your money habits so you can pay off your debts even faster.

To change your future dramatically for the better, click the button below and schedule a call to learn how this program can work for your situation. You will see the results immediately.

Click HERE to find more strategies to improve your budgeting success even more.