Excessive debt is such a burden. Are you sure that you want to carry your debt load throughout your lifetime?
Freeing yourself from debt is not easy, but it is indeed possible. Fight debt off and free yourself from your dreadful load by adding/incorporating these four financial freedom fighters in your daily routine and lifestyle:
Financial freedom fighter #1
COHERENT PLAN – Take your latest bank statement and pin down all the debts that you have and owe. You then have to outline your ‘tick debt off one by one’ goals that you want to reach, and add a timeline to each one of them. Remember: you will have limited success freeing yourself from debt without a well-defined financial plan and goals.
Financial freedom fighter #2
PAYOFF METHOD – What is your debt payoff strategy that is going to work for you? There are basically two methods that you can consider. You can pay your highest-interest debt off first (like a credit card) OR you can pay your debt with the smallest balance off (called the snowball/domino method). Choose a method that works best for you and get rid of your debt madness one step at a time.
Financial freedom fighter #3
PROGRESS TRACKER – Don’t forget to track your saving and spending progress. Also, make sure that you keep up to date with the latest financial tips out there. You can take a look at and use various tools from financial websites (for example http://mayaonmoney.co.za/), podcasts (like Fin24 or RSG), radio shows (for example 702’s The Money $how). Or, choose a phone app: Spending tracker, 22seven, FillApp as well as Money Mammals Save for a Goal (an app to money-educate your kids).
Financial freedom fighter #4
CONSOLIDATION – Consider a hands-on approach when tackling your debt. What about consolidating all of your debts into one payment? Note: Consolidating your debt does not necessarily mean taking out a consolidation loan (you have to be an A-plus student to qualify for that). The preferred debt consolidation option, according to the National Credit Regulator (NCR), is through debt review.