Debt Elimination is Possible with Frugal Footsteps...
Debt elimination gives the freedom to open you to liberation of choice. It is the foundation that gives peace of mind, and it opens you to choices to live the life you desire.
Most often, when you have debt, debt reduction can seem to be an impossible task to take on. The bigger the debt, the easier it can be to turn away since creating a household budget can seem fruitless.
Instead, we hope that something will change on its own. Since unconscious spending leads to accumulating debt, most often, when debt is a big block in your life, unconscious spending increases instead of decreasing (until one bottoms out and can't dig a hole any deeper).
The solution? Shifting your mindset to becoming fully conscious of every dollar spent.
Most people, regardless of income, end up spending more than they earn. You can change that starting today.
With frugal footsteps, you have the ability to have the freedom to eliminate debt and create the freedom you desire in life.
It's not rocket science, nor is it a task you want to delegate to someone else. So we'll keep it simple so you can accomplish this immediately and easily.
By stepping in and looking at your debt, you make the first giant leap toward a path that leads to a new freedom.
Before we venture into debt elimination, let's take a look at the "Biggest Pitfalls That Keep People In Debt..."
According to Yahoo Finance, 43% of families are spending more than they earn each year."
Since the recession, we have seen these habits begin to shift. Some will shift for good, while others may fall victim, once again, to these pitfalls.
You can be well ahead, and reduce debt, by avoiding them.
Here are some of the biggest pitfalls which stop of from reaching the goal of debt elimination:
1. Not knowing your bare minimum of expenses. This is not only critical in order to find "freed-up money," but not knowing this simple number can lead to over spending. This can also lead to overdraft fees, over limit credit card fees, and other fees by spending beyond your means.
2. Residual debts. These are bills that reoccur each month that you can live without. It can be a "coffee of the month club," "network television subscriptions," and many other residual debts that build up to a point where a part time job wouldn't cover the expense. Prune down these fees because they not only add up quickly, they work against you and work against your ability to have money work "for you" rather than against you. Put the savings into an interest building account and watch your money grow (instead of bleeding out of your account).
3. Making minimum payments on credit cards. This is when money works against you significantly fast. Compounding interest on a credit card at a rate of 10% or higher, far exceeds what most investments are doing nowadays. Pay them down quickly and consider it a GREAT investment (because it is).
4. Using convenience checks. These are checks credit card companies can send you that enable you to "write a check" from your credit card account. This effects your balance and the percentage rate and, once again, has money compounding against you. The price is incredibly high when one chooses to use money now and pay for it later.
5. Buy now, pay later. This trick is used to lure people in to purchasing products (usually) at highly inflated prices. On top of that, the interest rate can be a hefty amount if you don't follow all the terms and conditions. Avoid them and choose the path of having money work for you and pay cash for what you can afford today.
6. Payday Loans. Don't do it! The interest rate on these loans are so incredible, it should be illegal, but in many states these loans are not. You will see they avoid discussing interest being charged because in some cases it is well over 100%. Yes, that is not a typo-- some charge over One-Hundred-Percent.
7. Rent to Own.. Once again, don't do it. Most of these facilities sell products marked up very high and if you are renting to own it, you pay well over the cost of the product. Once it's paid off, most often the value has decreased signficantly. Instead of renting to own, make due with a second hand purchase and seek to buy items from Goodwill, garage sales, craigs list, and other avenues and PAY CASH.
There are many other ways to avoid debt. To find out more,
click here to read about my book, The Lavish Cheapskate.
In my book we focus on debt elimination, and doing "simple things" with money that helps you have money work for you, rather than against you.
Here are some very simple steps that we use as lavish cheapskates to place a good strong foundation to move in the right direction...
The First Step is to LOOK...
By taking a look at where you are today is where the fear of the unknown shifts to becoming proactive.
It is the first step to debt elimination.
There is an acronym we are going to use borrowed from the book, "The Lavish Cheapskate..."
That acronym is SLAP...
So even when you are in debt and it feels like a big "slap" to take this footstep, it is the foundation to build wealth.
Click here to use your SLAP worksheet to begin the process of debt elimination.
Just like any roadmap, you must know where you are in order to get to where you want to go. Your DEBT SLAP WORKSHEET is the first step in accomplishing financial liberation.
Ultimately you will be working toward having a NET WORTH OF LIBERATION worksheet, which will show you how money can grow in your life without doing anything more in your life. This is when things get exciting and wealth building begins!
This Debt Slap is where you list all your debts. It gives you an instant glance with the goal of to achieve credit card debt elimination, complete debt reduction, and ultimately complete debt elimination.
There are many different financial suggestions on where you should have debt. You have most commonly heard the term "good debt."
That has some truth to it, but let's keep this very simple. Only you can call the shots.
Ask yourself, "How would my state of mind be if I had no debt whatsoever?"
"Would I have more peace?"
"Would I enjoy the time I spend with others more?"
"Would I be less stressed?"
And most importantly... "Would it open the door to living a life of liberation... that is to do what I choose to do, rather than financial circumstances dictating what I have to do?"
Once again, the choice is yours.
When I work with others with this simple plan and sit down and do a SLAP with them, there is a huge weight lifted off individuals when they open to the possibility of being debt free. HUGE.
Not once have I come across an individual that said they wanted debt in their lives. Yet, we're in a time today where debt is rampid.
It doesn't have to be! Ultimately, your goal will be to create passive income. To find out more about passive income, you can visit this site at
to find out more about the different types of passive income you can ultimately work toward.
You can begin this process starting today...
Want to know more about "The Lavish Cheapskate Lifestyle?"
To find out more,
This link will take you to a page that describes the "The Lavish Cheapskate Lifestyle" and reveals more about this book. In addition, you will read personal stories, and receive an exclusive bonus when you reserve your copy of the book.
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