Your credit is below 600. Home ownership seems so far away. There seems to be this insurmountable mountain of debt. The idea of purchasing a financial awareness class, or a library of books seems ridiculous. You feel stuck and ashamed. You’re desperately trying to overcome these obstacles. It seems so overwhelming, you don’t know where to start. You’re not alone. Here are some little tips that may help you in your quest for financial freedom:
- Evaluate your score. Creditkarma.com is a great starting point. This allows you to get an idea of where your finances are sitting. Don’t be afraid of the initial score. You have to start somewhere! Make a list or spreadsheet of your debts. Then arrange them from smallest to largest.
- Start small. Don’t
expect immediate results. This is the hardest part. If you are strapped, evaluate expenses that are not necessary. Chances are, there are things you don’t often use in your home. Whether it be old clothing, a guitar gathering dust, some underused furniture, or kitchen appliances. Ask yourself if you have used the item in the last few months or plan to in the next few months. If not, sell it! Save a small portion and use the rest to start paying off those balances. Start with the smallest first, then work your way up. Or, start with the one with the highest interest rate. Either strategy can work! - Evaluate your spending habits. Make your coffee at home, take your lunch to work, meal plan. You can save money, eat healthier, and pay off debts at the same time.
- Maintain your minimum payments, at the very least. This will prevent accounts from going into collections and deepening your debt. Refrain from spending on credit cards. Take them, put them at the top of your closet, and forget they are there until they are paid in full.
- Don’t be too hard on yourself. Debt is an easy trap to fall into. It is possible to pay it off! It just requires a little discipline and accountability. You can do it!
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