You Can’t Become Debt-Free on Your Own

You may have found that to fight debt is hard work. It is easy to say that you will "beat the system" and take control of your finances. It is easy to say you will pay down your debts, save for investments, and start enjoying more peace of mind and confidence. However, we know how hard it really is to do so. Our goal is to help people realize that a change of attitude can get them back on track. We believe that people can play the lifetime money game and win.

In taking these steps to financial freedom, you may find that it helps to have support from others. Try these two steps to enlist the help of others in establishing you new money mindset:

1. Find a role model. Is there someone you know who handles his or her money well, who has money left over at the end of the month? Maybe it is a friend, relative, co-worker, church member, or club member. Tell them that they have been an inspiration to you. Find out if they will give you some advice or mentor you and support your efforts to do better.

2. Ask someone to hold you accountable. There is nothing like accountability to help you eliminate bad habits. Choose someone you trust to hold you accountable. Tell that person your savings goal. It could be, "I'm going to buy only one latte per week this month," or "I'm going to put $100 in my savings account at the end of each month," or "I'm going to pay off all my credit cards by the end of the year."

Give that person permission to ask you periodically if you achieved your goal. Write the goal down on a piece of paper, tape it to your bathroom mirror, and look at it when you brush your teeth twice a day. This helps you set the goal in your mind as a top priority.

3. Learn to play The Game of Not Spending Money. You are playing the game to win, to win over your compulsion to spend. Like any game, when you gain points, you get a sense of satisfaction. This game should be no different. When you reach each goal, give yourself an appropriate reward, based on how hard the goal was to achieve.

To get motivated, make a list of rewards that would be fun or feel good. Some of your rewards should not cost any money. Some examples of no-cost items could include rewarding yourself with taking a hike, relaxing in the bathtub, planning a romantic picnic, or lying on the grass at night to look up at the stars.

4. Reveal your goals and your planned rewards to your loved ones and your mentor. They will encourage you and celebrate with you. Whatever you do, do not spend yourself back into debt when you celebrate! Dream of the day when you will be able to pass on the favor and mentor someone who, like you, became snared in debt, but with your help broke free.

Here is how to visualize yourself taking back control of your life. When you have a few quiet moments, close your eyes, and imagine yourself accomplishing the first small, easy steps. What will it feel like to look at your bank account balance and see a large amount? What will it feel like to see your billing statement with zero due? What will it feel like to cut that credit card in half? Let yourself feel the pride and relief. Remind yourself often what that feels like.

Start today to find your support team and start living your dream of financial independence!

Heidi Clingen is a long-time resident of Stevenson Ranch. She and Samuel K. Freshman are authors of The Smartest Way™ to Save, Why You Can’t Hang on to Money and What to Do About It. They offer only their opinion, which does not constitute professional, financial, or legal advice. To receive a copy of The Principles of Financial Independence or submit questions, email them at Heidi@TheSmartestWay.com.