2020 has just begun. Many people are taking advantage of the start of a fresh year to make resolutions–but it can be hard to look at the New Year as a fresh start when you’re still struggling with the same old debt. Have you made getting out of debt–or at least decreasing your debt–one of your resolutions for this year? Try some of these important strategies to help get yourself there.
Take a hard look at your budget and your expenses
If your expenses exceed your income, it’s impossible to get out of debt. Take a hard look at your budget and determine where you can cut corners and alleviate some financial pressure. Ideally, you want to dedicate those funds to paying down your debt faster. There may be several things in your budget that you can get rid of:
- Memberships, including streaming services or gym memberships that you never use
- Excess food costs: if you eat out frequently or waste a great deal of food, your food expenses may be much higher than if you cut down on excess spending.
- Entertainment costs. Make entertainment a line item in your budget and stick to it instead of going over!
Consult with a debt relief specialist
Everyone’s debt is a little different. A debt relief specialist can take a hard look at yours and how you need to make changes to meet your overall financial goals. Contact Mid America Debt Relief to receive important financial counseling services that can help you alleviate debt and seek financial freedom. In many cases, we can help:
- Settle debt
- Consolidate debt
- Manage debt more effectively
These strategies aren’t one size fits all, as there’s no one debt relief solution for everyone. We can, however, help you pursue overall greater levels of financial freedom based on your specific needs.
Create a plan that you can live with: one that fits within your budget and your financial goals. Most debt relief plans, even with the greatest level of commitment possible, need to leave some wiggle room for entertainment and impulse spending. Stay committed to your debt relief plan so that you can end the year with greater levels of financial freedom than when you began.
Are you tired of living in debt? Ready for a fresh start this year? Contact us today to learn more about the important services we can offer.