Sunday, April 08, 2007

Wow #2

Keeping Motivated to Become Debt-Free

You can have all of the advice and all of the debt-fighting tools out there, but they will not mean one thing without motivation and determination. You have to finally decide that you want to become debt-free and you are ready to commit to making that dream a reality.
1.) Start a Blog! Having your financial situation out there for all to see has created a sense of accountability--
Even tho I found this article after starting my blog I have to agree with this point. The sense of accountability is not only a great motivator but an organizer as well. As I have stated in a previous post trying to keep all the information I am finding from becoming overwhelming is important.

One point I have to keep in mind is the fact that I have had my head in the sand for the last few years concerning my debts so I am not 100% sure of what I really owe. Using this blog will help re-organize and track my debts and payments. That is one reason why I am starting with debts that I currently know for sure that I owe and as I find older ones they will be added to my list.

2.) Read Personal Stories About Others Fighting Debt--
This is a no brainer to me. The inspiration behind my blog has come from reading other blogs; I thought it was a unique idea and figured to give it a try. I am glad I did.

At the time of this post I haven't accomplished much, I am confident I will. My first check from my second job is due sometime this week and I will be making my first payment of approximately $130 soon. That will be the first step!!

3.) Read and/or Join Message Boards--
Something I already do to a degree. I mostly read boards relating to food but given time will probably add related subject matter if time allows.

4.) Keeping Track of Your Debt Balances--
Something I am working on. As mentioned above I am paying dearly for my head in the sand routine. As I get more organized hopefully I'll get a better handle on what my actual balances are.

5.) Add Up All of Your Monthly Finance Charge--
I don't think this is an issue for me but it is something to look into.

6.) Add Up All of Your Monthly Minimum Payments on Your Debt--
Hmm...considering that prior to this blog I really wasn't making any type of minimum payments, I don't have any to add up. But my basic plan is to use my income from my second job solely for debt payments which adds to approximately $260/mth.

7.) Try Not to Get Depressed. Depression is a big motivation buster, but it is so easy to go into when your debt is making your life miserable--
This is so true, and an issue I struggle with on a daily basis but for a slightly different reason than my just my financial situation. You see I have Bipolar Disorder (aka Manic Depression) altho mania is what I struggle with the most, depression does sneak in every now and again. And yes the depressions I suffer are triggered by the frustration surrounding my finances. I will also admit that my manic episodes have gotten me into some sticky situations. It is for this reason I do not have a credit card, much safer that way.

I have a big BUT to add to this issue tho,,,my last depressive snit fit is what got me to look into correcting my life of debt. I just got so sick of all the phone calls and letters demanding money I didn't have. I decided that I was the only one who could fix it. The rest will be history...

8.) Allow Yourself Mistakes!! No one in this world is perfect, and we are all bound to make mistakes--
Not much I can add to this. Just wish I could get my partner to believe this statement.

9.) Don’t Compare Lifestyles--
Comparing lifestyles can be a killer to any person trying to make ends meet. It doesn't matter if you are "in debt up to your eyeballs" or getting by month-to- month. Keeping tabs on the Jones is deadly!!

10.) Realize How Strong You Are!!! When you have a lower income, you do have to go about reducing your debt differently and have to forgo what some consider "necessities"--
Personally I believe those of us in the lower income bracket are a different breed. We have different motivations for how and why we do what we do. Whether it is due to neccessity or because of circumstance, our "survial" skills our honed to whatever needs have to be met.

For years my survival skills have been geared towards just surviving, getting from one day to the next. Doing whatever it takes to make it through. It's not exactly something I'm extremely proud of but it is something I am planning to change.

I look at what I have been thro as stepping stones to something better. I don't want millions, and I don't want things or stuff. I just want to be comfortable and not worry about whether the gas will be shut off. Nothing extravagant, just simple!!

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