10 Top Tips – How to Pay off Your Debt in 2017

So, January has gone, Christmas is but a distant memory, and its time to review your budget now that all the credit card bills are in and you know what you have to tackle! You’re sitting down to make your monthly budget and wallop! there it is like a big old punch from Mike Tyson as it hits you right between the eyes!

Yep, that big, nasty, self-inflicted thing hanging around your neck called debt. You know, the thing that unashamedly sucks money from your bank account each and every month whether you like it or not. It uses up a significant percentage of your monthly take home pay which should instead be used to provide build wealth and provide financial security.

Have you ever imagined what your budget would actually look like if you had no debt? If you weren’t making all those monthly payments how much would you be able to save and spend, and how amazing it would feel to be able to keep all your money each month?

Some people think it sounds too good to be true, but that’s because they are completely conditioned to think that having debt payments every month is ‘normal’. Well, it’s not normal, far from it in fact, because it’s destroying your opportunity to live a debt-free life and be the best that you can for yourself and your family.

That said, there are thousands of people paying off their debts, taking back control of their money, and getting intentional with all their money decisions. And you going to become one of them?

To help you along a little bit further, I’ve put together a short 10-point list of my top tips for dealing with and paying off your debt, so here they are:

  1. Cut up your credit cards – I dare you! Send me a video of you cutting up your first unexpired credit card, with your face visible and I’ll give you a 30-minute free coaching session!
  2. Save up £1,000 ($€ etc.) as you basic Emergency Fund.
  3. Get serious about your future and set goals.
  4. Be focused on the payment plan and have patience.
  5. Visualise your progress and imagine how it will feel to be debt-free.
  6. Be nothing less than intentional with your time and money.
  7. Always make sure your family comes first.
  8. Learn from your mistakes and never repeat them.
  9. Review your progress regularly.
  10. Never, ever give up……..

In my next post i’ll be sharing some proven, successful ways you can pay off your debt quickly!

And always remember…….

If you are broke, only buy what you can afford until you are not broke, otherwise you’ll remain broke.

Your Money. Your Future. Your Choice.

Until next time….

,

Christmas Wisdom

It’s a fantastic time of year when we travel, see friends, visit family, spread some good old cheer and of course, overspend on gifts.  

And so why do people overspend?

  • They overspend because they have no control over their money during the prior 11 months of the year.
  • They overspend because they’ve no real financial discipline in place.
  • They overspend because they’ve formed bad habits from years and years of poor decision making.
  • They overspend because they live month to month and have no meaningful and lasting relationship with their money.
  • They overspend because they think they have to and will worry about paying it off next year.
  • They overspend because they have never had any real money management education.
  • They think that putting their overspending on credit cards will make it all go away, which it will – at least until later in January when the credit card bills start arriving!

In the UK alone, in what is considered a wealthy country, over 16 million people have less than £100 in any form of savings. A surprising 45% of those earn over £30,000 per year giving them the ability to clear their debt and then save. It’s not rocket science really, so take it easy this Christmas and only buy what you can afford.

You’re at the mall and surrounded by shelf upon shelf of Christmas cheer. Everywhere you look there are hot chocolate-filled mugs, Rudolph-themed dog clothes and evergreen-scented candles. It makes you happy and you want it all. 

Christmas shopping is so much fun because you get to buy for the people (and pets) you love! But that doesn’t mean you should spend with abandon. That’s a recipe for impulse buying and overspending which = debt and disaster…….. 

So how do you look past those distractions and get what you originally went for? Here are six smart ways to enjoy the shopping season without paying for it later.

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The Wealthy Barber

One of the first books recommended to me during my fledgling years in the financial world some 24 years ago, and one that I have read a few times, is The Wealthy Barber by Dave Chilton.

I like it particularly because it turns what many see as mundane, grey subject matter into a story that grabs your attention and dishes out wisdom in bucket loads. It’s also one of Canada’s best selling books with the author also appearing on Canada’s Dragon’s Den TV show.

The Wealthy Barber is a financial book but it was written as a novel and tells a great story about two siblings and one of their friends who go to their local barbershop to get their haircut. When they each call in to get their regular haircut the barber shares his wisdom and knowledge with them, and provides homework that they must complete – you’ll have to read it to find out the rest!

The book covers all the bases from insurance to investing and from property to retirement planning along with a lot more in between. The key here is the method of delivery which makes it a good, easy read for those who want to start thinking about their future and their money more seriously.

One lucky reader of my blog this month will win a copy of the updated edition. All you have to do is like me on Facebook, follow me on Twitter and share with your friends. The most likes/follows and shares will win – simple as that – and I will ship the book to an address of your choice anywhere in the world!

Its solid, compelling, and not easy to put down. And always remember…….

If you are broke, only buy what you can afford until you are not broke, otherwise you’ll remain broke.

Your Money. Your Future. Your Choice.

Until next time….

May Updates

I’m pleased that warmer weather is finally creeping up on us here in the UK. It seems like an eternity has passed waiting for it. The other thing I want to share is that I have started running again and feel re-inspired, rejuvenated and quite motivated. It gives me a lot of thinking and creative time as well as getting fit again, with my first half marathon planned for May 2017.

There has also been too much of a gap since my last post, and I apologise for that. It’s been non-stop as we have been working on some exciting projects which means you are going to see and hear a lot more from us, with greater regularity, and delivered with greater efficiency so you can make faster and better choices with your money!

So, lets get started with an overview of what’s to come…….. It’s all designed to help you have a better understanding and better relationship with your money so you can keep more of what you earn and break away from the herd. Go ahead, let all the crazy people burn too much of their money away every month whilst you watch from the sideline feeling rather smug that you have a better handle on your money and a future that’s beginning to look a lot brighter.

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