Take 20: Five Steps to Get Out of Debt

Written by on August 21, 2017

PODCAST SHOW NOTES

Hello everyone!

Welcome to Take 20! The third episode of my “Get your Money Life Together” podcast series.

If you haven’t listened to the rest of the Money-Life series I recommend that you also take a listen to the following episodes:

Take 18: Are You Ready to Get Your Money Life Together? 

Take 19: How to Budget- Seven Steps to Be the Boss of Your Money




Five Steps to Get Out of Debt

In Take 20, I discuss how my husband and I were forced to learn from our money mistakes after a layoff during the 2008 recession. Having credit card debt, car loans, and student loans to pay on our newly reduced income was not fun!

The good news is that we made it! We came out of our recession stronger, wiser, and committed to making choices to live a debt free lifestyle. Today we are not totally out of debt but we are getting there and we are devoted to buying everything we want and need, from vacations to new vehicles and groceries, with cash.

In this episode I break up the five main steps that we embraced to get out of debt:

  1. Change our mindset
  2. Get new information to change our habits
  3. Stop comparing ourselves to others
  4. Start planning a budget and prioritizing expenses
  5. Commit to living debt free
There is no magic wand when it comes to getting out of debt, but if you are tired of being broke it is time to make a choice!
  • Are you going to choose to learn how to manage your money to create a better life for yourself and your family?
  • Or, are you going to continue living stressed and forced into a lifestyle that you don’t like because of your money mistakes?

Make a decision today and you will not regret finally becoming the boss of your money!

Take 20: Five Steps to Get Out of Debt

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I appreciate you and thank you very much!

Yezmin Thomas.



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