How a “Spending Fast” Will Help You Get Out of Debt

How a “Spending Fast” Will Help You Get Out of Debt
  • Opening Intro -

    A few years ago, Anna Jones, a photographer, was choking under the burden of way too much debt.

    For fifteen years, she had carried a student loan debt of close to $24,000 and was an avid spender.

    She had read financial books and blogs on personal finance...

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She knew that her debt problem would go from bad to worse, especially if she had no plan of action. She read books on personal finance in vain so she was very frustrated.

Then she came across the spending fast idea. The idea here is to cut down on your spending for an entire year. This involved spending money on necessities only to see what happens, how much debt you can get out of and how much you can get into savings.

Using this method, Anna got to know what didn’t work as well as what worked for her. She writes about it in her book, A Spenders Guide to Debt Free Living. True to her word, Anna was able to eliminate all $24,000 of her loans and debts in only 14 months!

Anna’s journey has inspired many people across the world and showed them that they can also transform the way they deal with debt and other money issues. Her book, The Spender’s Guide takes one through Debt-Free Living step by step. The following steps, borrowed from Anna Jones book can also help you get out.

tips to reduce personal loan debt – one debt at a time

Getting out of debt Steps

Step 1: Make a Debt-Free vow – this is a personalized Debt free Life pledge that you make for yourself. It could include vowing not to have credit card debt and pledging to stick to the plan till you realize your vision.

Step 2: Understand and evaluate where your money was going / being spent when you were in debt. For example if you spent a lot eating out, or shopping. Use your past three month’s receipts to find out more of where your money goes

Step 3: Finding other additional income generating sources and side hustles. The idea here is to find an extra source of income, to supplement the current one so as to generate more income that goes towards clearing the debt

Step 4: Making financial independence your ultimate goal once you are out of debt. This will ensure you are always out of debt

Step 5: Incorporate advice from experts, ideas on Do It Yourself, use motivational tips like ‘i can do it’

Conclusion

In other words, you don’t have to win a jack pot or lottery to change your life. It’s the hope that Anna’s progress inspires others who are suffocating into debt and have other bothersome financial woes. Anna did a spending fast, used personal finance blogs to get motivation and ideas. Share these tips with one who is suffocating in debt like Anna.

Reducting Debt reference:

complete debt management guide

 
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Last update on 2017-07-24 / Affiliate links / Images from Amazon Product Advertising API

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