Personal Finance
May 14, 2019
By Mary Beth Eastman

How to Stick to Your Debt Reduction Plan

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Simple. Thrifty. Living.

We all know that paying down your debt should be a priority if you want to have extra money for retirement, to help your kids and to stash away for emergencies. However, this is usually easier said than done. Unexpected expenses, such as car repairs, school supplies and events and home repairs can quickly derail your debt reduction efforts. Fortunately, there are some easy things you can do to help you stay on track.

1. Put your plan in writing.

It’s much easier to commit to a debt reduction plan that’s spelled out in black and white, rather than one you have to remember each month. In addition, the very act of writing down your plan send a message to your brain that this is important. Jot down the amount you plan on paying each month on each piece of debt and the due date.

2. Chart your progress.

You’ll be more satisfied putting out that extra money each month when you can see that it’s making a difference and lowering your overall debt. One of the best ways to do this is to chart your progress and be able to visualize your debt shrinking each month. Share this progress with your family members.

3. Consider debt consolidation.

Debt consolidation can often make your debt reduction plan easier. In many cases, the consolidator can reduce or even eliminate interest and penalties on your debt. Plus you’ll only have to make a single payment each month to pay down that debt, rather than checks or online payments to multiple companies. Check out our Freedom Debt Relief review to see how easy it is to get started.

4. Find a debt reduction partner.

Just like dieting, paying down your debt is easier when you have a friend cheering you on and holding you accountable for your success or setbacks. Having a friend take the debt reduction journey with you will dramatically increase your chances of achieving your goal.

While sticking with a debt reduction plan can be challenging, committing your plan to writing, finding a partner and charting your progress can help you achieve the financial freedom you and your family deserve.

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