Want to Get Out of Debt? Change Your Thinking
Do you want to get out of debt? Many of you reading this blog post are in serious debt. Perhaps it’s not the first time. You’re probably wondering why this keeps happening to you. I know how it feels as I’ve been there myself – more than a few times. And it turns out that the root of the problem is this: In order for us to get out of debt for good; we’ve got to change the way that we think. Starting with gratitude is a great place to begin.
In order to get out of debt, first, it’s essential that we are grateful for all of the money that is coming into our lives. Especially if is seems like there’s never enough. A shift from there’s never enough to there is MORE than enough is a start. Focusing on what you are grateful for, even when you are drowning in debt, will help shift your energy to a more positive vibration.
Here’s what I’ve seen happen, not only in my own life, but for many of my clients. You create some debt. Then you get a consolidation loan and swear to never get into the same situation again. Once the loan is paid off, you realize you’ve created credit card or line of credit debt again. A few years later, you’re in the same position, asking for a consolidation loan or a refinance on your home to ‘wipe the slate clean’. But because your thinking hasn’t changed, 3 to 5 years later, you’ve wound up in the same position. In order to break the cycle, we’ve got to change how we think.
What do I do if I want to get out of debt?
The strategies I am sharing are nothing new. However, I’ve realized that if we don’t implement them, our debt/consolidation/debt cycle will never end.
- Affirmations of abundance: It starts with rewriting the programs that are going through our minds. We replace thoughts of lack: I can’t afford it, we don’t have the money, I’m so broke, with thoughts of abundance. I have more than enough money, money flows to me easily and effortlessly, my income is constantly increasing. Creating new pathways can take a long time, so you’ll want to invest in this practice for at least a year.
- Taking a detailed look at our spending, especially cash transactions: One of the strategies I used when we were in serious debt, was I carried around a little notebook to help me keep track of everything I was spending. Every little trip to the Dollar Store, stopping in at the grocery store, cup of tea with a friend or client, I wrote it all down. There are also apps that will track your spending for you. I believe that just as keeping a food journal changes how we eat, keeping a spending journal changes how we spend.
- Showing gratitude for all sources of income. Another strategy I used was that I kept a spreadsheet to track every single dollar or gift that came into my life. If I found money on the ground, I would track it. Unexpected cheque in mail? Track it. Refund on a product? Track it. Won a door prize? I recorded the approximate value. This helped me to see how much abundance was already flowing into my life that I hadn’t noticed.
- Give yourself time: Much like when someone is releasing weight, we let them know that an average of 1-2 lb a week is reasonable. This means anywhere from 50 – 100 lb in a year would be a great goal, and it’s the same with getting out of debt. It took time to create debt, it will take some time to get out. And the fastest way to get out of debt? Not through a consolidation loan or things of that nature, but by creating wealth. And if that’s something you’d like to explore with me, I invite you to complete the mentorship form on my site and we’ll connect about different ways to do this.
- Reading more books about creating wealth: This is real secret to getting out of debt. Create wealth! It’s that simple. The truth is that most families will never get out of debt because our current revenue model is broken. Most two income families are barely making ends meet, even with a 6 figure income. Our cost of living has increased exponentially however salaries for most employees have not. In order for the cycle to truly be broken, we’ve got to learn how to create wealth.
Some of my favorite books include: Rich Dad, Poor Dad by Robert Kyosaki; Money, A Love Story by Kate Northrup Watts; Think and Grow Rich by Napoleon Hill. Check your local library first to save a few dollars. More recently, my mentor Leanne Jacobs has released Beautiful Money: The 4 Week Total Wealth Makeover and I highly recommend it! Kate Northrup is also has a free webinar called 4 Surprising Strategies You Can Use to Eliminate Debt, which you can access here. She’s really helped me with my personal financial journey and I highly value her integrity and authenticity.
Lastly, remember to be kind to yourself as you work through this part of your journey. It’s easy to blame and feel down about the situation we’ve gotten ourselves into. Focus on gratitude first, then take inspired action to not only get out of debt, but create wealth at the same time. We’re all in this journey together, let’s have fun and create more abundance together!
Wealthylicious Burlington is BACK!: Want to learn how to create wealth? Please join me for an evening of wealth, wisdom and wellness on Tuesday June 20th at the Burlington Golf & Country Club. This event is full of great speakers who will share their expertise. Key topics include creating wealth and the power of network marketing. We’ll also cover how to diversify your income and invest in your health. http://www.wealthyliciousburlington.eventbrite.ca.