Let’s pretend this isn’t happening.

Debt can sneak up on you. Your income was a little light & you have to cover your bills, there’s an unexpected car repair, maybe you just didn’t plan as well as you thought & you find yourself in the red. No matter what got you into debt, it’s very common to ignore the problem. I say that with ZERO judgment, by the way–I’m just as guilty when it comes to not wanting to confront the issue and avoiding the real number I owe.

Please hear me when I say that debt is not a moral failure. You’re not a negligent person, a bad parent, incompetent, or any of the other terrible things your guilt is telling you. You are a normal human, living in a world that is expensive & unpredictable. Give yourself a break & take these steps to get back on track:

Stop the bleeding.

Look at what caused you to go into debt. Some things are out of our control & that’s life. But there may be underlying reasons making that debt problem get bigger & bigger. If you find yourself overspending because you are spending emotionally or to fit in with your peers, those are serious things that need to be addressed.

Budgeting is queen.

If you don’t have one already, please start. Even if you start small and adjust as you figure things out–you don’t have to be perfect on the first try. Give yourself some space to make mistakes and changes along the way, but start SOMEWHERE.

More than the minimum.

That interest will KILL you. Any little extra you can put towards the balance will really make a difference. For a little extra help, we recommend undebt.it to formulate a plan for making payments in the most effective way.

Save.

Once you get that balance paid off, start socking something away for the next unexpected expense. I use an app that automatically moves a little money every day from my checking to my savings account. It’s like tricking myself into saving money.

It's so tempting to put your head in the sand & not face the reality of how much you owe, but ignoring your debit just makes the fear and shame get bigger and bigger. Be kind to your future self and take control of the situation. You’ve got this!

#debt #personalfinance