7 Ways That Debt Relief Can Be Kind Of Like DietingJan 17, 2019
A healthier you and healthier finances — year after year, these two goals top the list of most popular New Year’s resolutions. And, really, they have more in common than you might think. Getting relief from your debt can be a lot like dieting!
Whether you’ve resolved to lose a few pounds this year or pay off your credit card debt, some of the same principles apply to both goals.
- Let’s talk numbers
When you’re looking to lose weight, you need to step on that scale to find out where you’re starting from. That’s the scary part. Well, the same is true when calculating your debt. First, you need to open those holiday credit card bills and see what you’re working with. From there, it gets easier, we promise! Use this debt calculator and plug in your numbers.
- Expend more, don’t spend more
Calories in, calories out. If you want to lose weight, you must burn more calories than you’re taking in. Guess what? The opposite is true when it comes to your money; You can’t spend more than you earn without going into serious debt. Here’s how you can spend less by practicing mindfulness.
- Healthy choices matter
Let’s face it, making healthier eating choices that align with your fitness goals is preferable to spending extra hours at the gym working off cheeseburgers and cake.
If you want to get ahead financially (and make real progress in paying off your debt), you must be willing to adjust your mindset and make healthy spending choices that support your debt relief goals each day. Working longer hours to accommodate unhealthy or unrealistic spending habits doesn’t sound very appealing, does it? Forming healthier habits is the key.
- You need a plan
While it’s true that you don’t need expensive gear to begin your healthy lifestyle, common sense dictates that you do need a plan. A fitness journal or fitness app can help you track your progress, day to day and month to month.
Following a budget is the same concept. It allows you to plan ahead for upcoming expenses and events while keeping track of everyday spending. Without a budget, it’s difficult to monitor your financial progress and stick to your goals. Use this worksheet or download one of these budgeting apps.
- You don’t need to do it alone
Everyone could use a little encouragement. Just like a gym buddy or a nutritionist can keep you on track to reach your fitness goals, your family and friends can help you reach your debt relief goals.
When you’ve hit a roadblock, a Licensed Insolvency Trustee is someone who will listen to your individual situation and give you advice about available debt solutions. Check out your debt relief options using our repayment options calculator.
- Slow and steady wins the race
Crash diets may seem to work in the short-term, but they’re impossible to maintain over time. That’s because they aren’t built on sustained, healthy choices.
When you choose to pay off debt, think of it as a marathon, not a sprint. It takes time to pay back those balances, especially those with high interest rates. This is why it’s better to ease into changing your money habits instead of expecting to change everything overnight.
- Find people who inspire you
Whether your goal is a healthier you or healthier finances, it helps to surround yourself with others who have similar goals. Know your triggers and try your best to avoid those things that will derail your plans. You’ll definitely face hurdles on your journey, but it’s important to get back on track.
Follow these financial bloggers for money inspiration:
Christine Drummond – The Wallet Diet
Kerry Taylor – Squawkfox
Robb Engen – Boomer and Echo
Are dieting and debt relief on your resolution list this year? Apply the above principles to both and share your results with us. Find us on Twitter using the hashtags #LeaveDebtBehind #NewYearMotivation #DebtSolutions