We are so glad that you have decided to join us in our race to pay off $10 million in debt.
The road will not always be easy, as those of us that have been there before know, but the feeling of debt freedom is priceless.
We are just a few weeks away from the official $10 million countdown, and to help you get started we want to focus on the first crucial step, evaluating your financial situation.
Without having a true picture of your finances it will be tough to make the necessary changes to reach your goals.
Check out these great posts from the personal finance blogger community to assist you in knocking out the first challenge, evaluating your financial situation.
Stop Lying to Yourself
- My Journey to Millions Stop Lying to Yourself About What You Spend “I don’t care if you decide to lie to me about your personal finances but I am shocked how many people lie to themselves about the very basics that make up their personal finance world.”
- Budgets Are Sexy Money Lies And The Devil “Charging something now telling yourself you’ll pay it later when you get paid . Wanting something for so long that you just “had” to buy it when it went on sale. Telling yourself your $5,000 credit card debt is fine because others have $30,000+! Telling yourself it’s all okay because you’re not spending it on “frivolous stuff” Believing your paycheck isn’t enough.
- One Money Design Common Examples of Penny Wise, Pound Foolish “Sometimes it’s easy to get caught up with frugality and saving but lose sight of the bigger picture. Some might say this is penny wise, pound foolish. You think you’re making smart decisions to save, but end up spending more in the long run. So, I was trying to think of some examples and realized I’ve probably encountered most of these myself.”
A Sound Strategy
- PT Money A Simple Strategy to Get Out of Debt for Good “What is this surprisingly simple strategy? To make your debt goals public, and share them with your friends, family and community.”
- Doughroller A 12-Month Plan to Revitalize Your Finances “With the start of a new year, it seems appropriate to think about how we can make 2013 a financial success. But rather than making some New Year’s Resolution about getting out of debt that we won’t keep, let’s look at a month-by-month plan instead. By breaking down our goals into smaller pieces, we are much more likely to accomplish them. So below is a 2013 monthly guide for your finances. Of course, feel free to change the order of these goals or to add your own.”
Tools to Keep You On Track
- Money Smart Life You Need a Budget (YNAB) Review: A Great Application for Keeping Your Spending in Check “If you are the sort of person that wants to take a more active role in your budget, You Need a Budget (YNAB) might be for you. This is a budget application that requires you to pay attention to your spending, and to plan out your spending ahead of time. The point of YNAB is to take charge of your finances by looking ahead and giving every dollar a job.”
- Generation X Finance Keep Your New Year’s Resolutions with These Free and Cheap Apps “Not only will these apps keep you on task, but you’ll find ways to improve your finances and your life at the same time.”
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