All of us incur debt at one or another point in our lives. Life can be expensive. We borrow credit in order to get an education, expand our business, buy a car, rent a home… the list is endless. When credit is managed well, it can enable us to live a more comfortable life. However, when we fail to manage our credit, we run into debt. Debt poses a serious threat to our financial and mental well-being. The inability to pay off debt can lead to feelings of anger, helplessness and mental health complaints like anxiety and depression. These can complicate our physical health, in turn. The best approach to managing debt is to keep an optimistic perspective and believe that you are in control, both of your debt and the emotions you experience because of it.
Dominique Grubisa is an established wealth educator with over 20 years of experience. If you want to learn how to manage your finances better, you can look up Dominique Grubisa Youtube videos for starters and then proceed to the following steps to mitigate the burden of your debt –
Steps to Managing Debt
- Have a Plan of Action in Place – Don’t stay in denial, find out how much money you owe. List your expenses and income. Then figure out how much money you can keep aside to pay off your debts. It doesn’t matter how small that amount is, resolve to put it to your debt pay-off fund. Write it down, it’ll be easier to stick to it.
- Prioritize your Bills – Stay on top of all due payments in order to save yourself from incurring more debt. Pay off your bills on time and figure out how you can make the process easier.
- Reward yourself from time to time everytime you pay off a due – Sure, it may sound juvenile. But everyone needs rewards. It works as positive reinforcement and keeps you motivated. So do something for yourself everytime you successfully pay off a month’s debt.
- Enlist help – Trust a family member or friend and share your debt story with them. Ask them to check up on your financial situation from time to time to see how much progress you’ve made and if you’re still on your path.
- Reassess how you view money – Many of us associate having money with success and social status. We end up spending indiscriminately on acquiring material things we do not need, simply because we can. Sometimes this gets out of hand and we rack up a debt. Try to understand what is fuelling these impulsive purchases for you. Do you value these purchases? If you can do without them, cut them out. You don’t need to spend a lot of money to meet your basic life needs. There is more to life than money. The sooner you understand this, the more financially wise you will be.
- Try not to let the negative emotions overpower you – You will gain nothing from beating yourself up about your debt. Instead, try to maintain a positive attitude. Reach out to your near and dear ones for support, practice gratitude for the things you still have, try to find a spiritual connection with life, learn relaxation techniques to calm your stress, spend time in nature, volunteer and just try to keep your mood uplifted.
DG Institute can help you manage your debt
Dominique Grubisa boasts of a legal career spanning over 20 years specializing in commercial law and debt management. She has experience in protecting the assets of several investors and finding out workable solutions to help out those struggling with debt. Dominique’s brainchild, the DG Institute offers a free e-book titled “Options for Managing Debt” to help out debtees regain their financial stability. Dominique is a bestselling author and she shares some of her valuable wealth education expertise in this e-book, one among the many popular books by Dominique Grubisa.
Last Words Any earning adult should have a fair idea of money management techniques that help them plan a future free of the constraints of debt. Pre-planning expenses, self-educating about finances in general and budgeting are all important steps to keep debt away. Only borrow money when absolutely necessary, so you do not have to needlessly deal with the tension of repaying this borrowed amount. Cut your cloth according to your cloth. If you cannot afford to buy something – don’t. You can splurge on luxuries when you make enough money to do so guilt-free. If you do not know where to start, don’t let that deter you from starting. Jump right in. The more you delay it, the worse it will get. Procrastination will get you nowhere. Take baby steps and try to get your debt sorted. Nothing will feel better than having settled all your debts and breathing a sigh of relief once you realize you no longer owe anybody any money.