Have you ever wondered what it would be like to be debt free tomorrow?   What are some things you would do if you were debt free?   Would you reward yourself on a nice vacation or would you start saving for your retirement?   Whatever the case, it’s an exhilarating feeling that’s closer than you think.

It’s much easier to get into debt than it is to get out of debt.   People might tell you that it’s quite simple to get out of debt: spend less than you earn.   But sometimes things are much easier said than done right?

Everyone’s situation is different and there’s no one size fits all approach on tackling your debts.   However, there are common pitfalls you can avoid to make sure you’re staying on the right track.

5 ways NOT to stink at becoming debt free

1. Get Organized- Sometimes it gets confusing juggling different due dates for different credit cards.   You can contact your creditors to change the monthly due date to make it coincide with all your bills to ensure that you’re not missing any payments.   Late fees can exceed over $35!
2. Find Your Interest Rate– Figure out what your interest rate is for each credit card and create a plan to pay down your accounts.   Are you going to pay off the lowest interest rate first (debt stacking) or pay off the lowest balance first (debt stacking)?
3. Reward Yourself- It’s an uphill battle trying to pay off your debts.   You’ll be making a lot of sacrifices today for a better tomorrow.   Create small goals and reward yourself for completing each task.   You don’t have to eat ramen every night in order to save money.   Punishing yourself only makes the situation worse and you can become demoralized and lose focus.
4. Create a Monthly Budget– If you stick with your monthly budget, there’s no reason why you shouldn’t have money left over every month.   The toughest part about sticking to a budget is that it stretches out for 30 days.   That’s why it’s sometimes better to dissect your budget into weekly budgets.   It’s easier to stick to a 7 day budget than a 30 day budget.
5. Ask for help– Don’t be embarrassed to contact your creditors if you’re struggling to make your payments.   Becoming debt free might require a little help, which can involve your creditors reducing your interest rates or putting you on a special internal program.   You’d be surprised at the kind of help they may be able to provide!

Your journey to become debt free will require a lot of persistence and patience.   If you have the burning desire to finally eliminate your debt, you’ll find creative ways to save money along the way.