Periscope: Get Out of Debt with One Simple Change

Today’s Periscope broadcast was about getting out of debt and the practical ways you can make that happen for yourself in 2016.

This post will be short because I’ve already written an entire series about this topic.

In each of these articles, I outline what my husband and I did to pay off over $30,000 in debt in just over 13 months. You may be thinking, “well, you probably had six figures coming in, right?” NOPE. We were living on a $45,000 income at the time and had literally lost all of our material possessions in a catastrophic flood here in Atlanta. (Here’s an article on that.)

If you’re ready to get out of debt – here are your Four Baby Steps!

Baby Step 1: Getting your money to work for you.

In this article I share how you can get yourself organized. Not only will this add some counter space in your kitchen, but it will make the task of debt-reduction less daunting. You’ll also learn how to prioritize your spending to get the most of each dollar you spend.

Baby Step 2: Setting up a budget.

In this post you’ll learn how to plan ahead. This is especially important if you consider that late payments – to your landlord, to the utility companies, to your debtors – often result in late FEES. This step-by-step article tells you how to get your act together and be ready for those due dates. In this article we cover your NECESSARY spending…in the next, we discuss miscellaneous spending.

Baby Step 3: Budgeting the rest of your money.

This article is all about managing your miscellaneous money. Here’s the thing though…before you start planning your miscellaneous spending, make sure you have $1,000 in your Emergency Fund! Another thing I’ll share in this article is that you should focus on debt reduction first, while keeping this part of the budget to around 4% of your income.

Baby Step 4: Reasonable expectations for your money.

This article outlines the amount of money you should plan for each area of your budget. This is just an outline. I shared that my husband and I only spend about 10% of our budget on our housing. Actually, our mortgage is only 6% of our total income. (Maybe I’ll write a post about that later on.) So, you certainly want to see what works best for your family. But if you are extremely over or under in any of these categories, then you may want to consider readjusting your budget to be more moderate.

So, here’s your Periscope lesson, in a nut shell:

Periscope Notes

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