Happy Friday DINKS! Today we have rounded up the best posts from around the web about getting out of debt. Some of us may or may not have debt. The odds are that we all have some form of debt whether it is in the form of a mortgage for our home, a credit card for our extra spending, or a student loan for our education.
Currently I don’t like to have debt because I didn’t like paying it off in the past. I spent several years, and several thousands of dollars paying off credit card debt that I accumulated as a very young adult. I am not even sure if we can call a 21 year old an adult, but that is neither here nor there.
Some of my favourite posts from around the web about Getting out of Debt:
Frugal Dad tells his personal experience about getting out of debt. His post The Secret to Getting Out of Debt says that the only way to get out of debt is to increase our income. No matter how much we budget our income, sometimes it is just not enough to pay off our debts. Our extra income should be earned for the sole purpose of repaying our debt.
Man vs. Debt is based on his personal story of attacking his personal finances. His entire blog chronicles his personal life and his battle with his personal finances. His post The First and Most Important Step When Attacking Your Finances tells us that we must have goals. No one should get out of debt because it’s good for them, or because it’s the right thing to do. If we have debt, we should get out of debt because we have a goal. We should have a plan to do something else with our money, other than pay off debt.
Fabulously Broke in the City is a blog about a young professionals 18 month journey where she paid off $60,000 of debt with an income of only $65,000. She used a Budgeting Tool to help track her daily and monthly spending. She made changes in her life. She traded in stability for chaos in her career which led to personal financial freedom. Fabulously Broke works as an independent freelance consultant. She chose to travel for 18 months and live out of a suitcase in hotel rooms for her career. This allowed her to keep her daily living costs down and put 50%-90% of her income towards paying down her debt.
All three of these blogs speak from personal experience. They tell us what works well, and what didn’t work for them. That’s why they are so great!
What is your personal finance experience with debt?