How Did You Manage To Get Out Of Debt?

[moonchild]

There was a couple of times I was riddled in debt, it isn't a good place to be in mentally, I had to make some serious changes to my mindset and my lifestyle. First and foremost, I had to take a hard look at my spending habits and figure out where I was wasting money. I realized that I was spending way too much on things that didn't bring me any real value or joy, like eating out at fancy restaurants and buying expensive clothes.

Once I identified those areas where I was overspending, I made a conscious effort to cut back. I started cooking at home more often. I also started shopping at thrift stores and buying secondhand items instead of always buying brand new.

But the biggest change I made was to my mindset. I had to shift my focus from instant gratification to long-term goals. Instead of always wanting the newest and shiniest things, I started thinking about the future and what I really wanted for my life. I realized that being debt-free was more important to me than any material possession.

I made a plan to pay off my debt as quickly as possible. I started with the smallest debt and worked my way up to the largest till I pay off.

 

[Ganibade]

There was a couple of times I was riddled in debt, it isn't a good place to be in mentally, I had to make some serious changes to my mindset and my lifestyle. First and foremost, I had to take a hard look at my spending habits and figure out where I was wasting money. I realized that I was spending way too much on things that didn't bring me any real value or joy, like eating out at fancy restaurants and buying expensive clothes.

Once I identified those areas where I was overspending, I made a conscious effort to cut back. I started cooking at home more often. I also started shopping at thrift stores and buying secondhand items instead of always buying brand new.

But the biggest change I made was to my mindset. I had to shift my focus from instant gratification to long-term goals. Instead of always wanting the newest and shiniest things, I started thinking about the future and what I really wanted for my life. I realized that being debt-free was more important to me than any material possession.

I made a plan to pay off my debt as quickly as possible. I started with the smallest debt and worked my way up to the largest till I pay off.

How did you overcome your debt?
Which actions have you taken to help yourself get out of debt?
The major strategy has been to steer clear of debt altogether.

The home mortgage has been the one notable exception. Our strategy in this was fairly straightforward:

Purchase a home that is within our means.
Make sure the area supported other economies (within walking distance of the K–8 school, one block away, and a cul-de-sac with active neighborhood watch).
Benefit from low mortgage rates.
Always pay 50% more than the required minimum
Follow a strategy.
We will be completely debt-free after paying off the mortgage in roughly a year as a result.