Top three strategies to conquer debt!

So, this week I have been doing the recording for our debt demolition course, which is part of our mini money makeover course. One of the things that we’ve worked on in the mini money makeover is going through and sorting out our mindset first and then working from our mindset to developing strategies around how we’re dealing with our money. So it goes mindset and then it goes practical. As I was doing the recording I was thinking about debt spirals. Debt is in itself is so shaming and so anxiety inducing and so debilitating. So this week I wanted to talk about taking action before dealing with all that shame.

Throughout this journey, we’ve delved deep into understanding the mindset behind debt and crafting practical strategies to overcome it. But as I reflected on our progress, I realized that sometimes action must precede mindset, especially when facing the overwhelming burden of debt. So, let’s dive into the heart of the matter: debt and three actionable steps to regain control of your finances.

Firstly, what exactly is debt? It’s any money owed to anyone, whether it’s a borrowed coffee from a friend or hefty credit card bills. Debt can be suffocating, laden with shame and anxiety. Take it from someone who once found herself drowning in $35,000 of credit card debt. It’s crucial to confront the reality of your financial situation and assess your assets against your debts. Are you in control, or is debt controlling you?

Tip one: Know yourself. Understand how you handle debt. Can you responsibly manage credit cards and avoid accruing high-interest charges? Recognize the danger signs, like maxed-out cards or recurring debt cycles. It’s essential to set boundaries and align your financial habits with your values.

Now, let’s talk action. Tip two: Take massive action. Don’t wait for the perfect mindset to emerge because debt often triggers feelings of shame and anxiety. Instead, start by removing temptations, seeking resources like our debt demolition course, or consulting financial experts. The key is to break free from the cycle of despair and take proactive steps towards financial stability.

Lastly, envision your future. Tip three: Develop a solid plan. What do you want your financial future to look like? Identify your needs and desires beyond material possessions. Perhaps it’s the simple joys of fresh flowers or a tidy home. Embrace mindfulness to reconnect with yourself and cultivate gratitude for each step forward. Celebrate your progress and cherish the journey towards a debt-free life.

Navigating debt is undeniably challenging, but it’s not insurmountable. By knowing yourself, taking action, and planning for the future, you can demolish your debt and reclaim control over your finances. Remember, you’re not alone in this journey. Seek support, explore resources like our mini money makeover, and empower yourself to thrive.

If you’re ready to embark on this transformative journey, join us in our mini money makeover. For those seeking quick tips, check out our show notes for actionable insights from today’s podcast.

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Phoebe is available for interviews, guest appearances, article commentary, and talks on a range of topics relating to property, mortgage broking, and personal finance (particularly for women!).