Get Focused and Commit The first step to getting control of your finances is to make a commitment. By signing up for the Debt Free Challenge, nine wonderful women said, “Enough is enough, we want financial control!” Here’s what else they had to say:
I used to think, “Things will happen when they happen”. But years went by and I wasn’t getting anything but older. I finally realized I needed to make things happen. I needed to educate myself and build self-awareness about my spending. The support from the women was huge and I learned a lot from Sheila. Since I’ve joined the Challenge I’ve paid off almost $3000 of my debt –I finally made it a priority!”
Know WHY you want to be Debt-Free Use your WHY as motivation. The more inspired you are by the WHY, the more determined you will be when it comes to the HOW.
The WHY for me was to get rid of the stress. I came away from the Challenge with a plan and knowing that I can get control, and pay off my debt, and have a car by next fall feels great! I don’t feel like I’m depriving myself. I’m being real about what I can afford and what I really want.
It’s Good to Want Big Things You won’t stick to your plan if you feel like you are constantly depriving yourself. Think about what you really want and work toward that. What’s more important, your dreams or your latte?
I’ve never spent money on big things, I piddled it away. Eventually I’d tell myself I had to stop, and then I’d feel deprived and depressed and I’d start overspending again. I thought, “The little things don’t matter, I’ll be in debt anyway.”
Not anymore! I just set up four automatic payment accounts. Every month I’m transferring money to pay down my debt and the money I would have spent at the mall goes directly to one of 3 new savings accounts: one for a holiday in New York, one for a down payment, and one for my RSP. I wasn’t letting myself want the big things before but now, these long and short term goals are helping me hit my #1 target of being debt free by May!
Set a Date to be Debt-Free When you know the date, you can see beyond it. And you will be even more committed to paying down your debt because every day you are getting closer to your goal.
I just assumed it would take me 3 or 4 years to get out of debt. That seemed so far away I couldn’t really stay focused. When I sat down and ran the numbers for the Challenge, I can reasonably be debt-free by August 2008. I can see the end!
Pay off one debt at a time (and make the minimum payments on the rest) Focusing your efforts will help you see quick results and give you a feeling of accomplishment as you knock off each debt.
My Visa is the smallest of my debts but it has the highest interest rate. So I’m focusing on that first. Sheila helped me realize that it would save me money in the long run to pay off the Visa, put it away and move on to the next. I wasn’t sure about paying for a course when I was in debt, but the advice and the support was worth a lot more than the stuff I’d have wasted my money on otherwise.
Keep Track of the Numbers Knowing where you are at every month gives you the power to make good financial decisions and seeing your net worth grow as you pay down your debt will be a great motivator.
I thought looking at all the numbers would stress me out, but it didn’t. It was great! Doing the work hasn’t stressed me out at all - not doing the work was stressing me out.
Talking About Money Can be Fun When they started the Debt-Free Challenge, most women said they didn’t like to talk about money with friends, family, even their spouse. They were embarrassed about their debt or money just made them uncomfortable. Yet from day one, the women spoke freely with each other – they learned quickly that talking about money can be easy, natural and fun.
The Challenge probably saved my relationship. I used to be so uncomfortable talking about money and debt. But I learned how easy it can be from the women in the group. We just started talking! Now my partner and I talk freely about it – what a change.
You Can Do This Women said that they felt empowered because they finally heard and felt that they CAN do this - they can get financial control.
When you don’t think you can do something you can’t. I didn’t bother balancing my books because I thought I would do it wrong. But the Challenge worksheets made it easy and the women were so supportive. I felt accountable to the group and to myself. I really needed to hear that I could do this. It feels so good to know it’s possible to be debt-free.
I want to say thanks to this great group of women and encourage other women to sign up for the next Debt Free Challenge starting in September. And don’t forget to check out the
Women’s Financial Learning Centre website for our other workshops. Early Bird registration for the
Build Your Own Plan is open now!
