With consumer credit debt, mortgage debt, student loan debt, and our ever increasing national debt, it is easy to become overwhelmed. Overwhelmed into not doing anything. It makes a person feel like there is no hope into taking no action at all.
Are you just scraping by month to month and are just one or two paychecks away from defaulting on your debt? Do you feel like you have no motivation to get out of debt, because the road out is too hard?
If you have this feeling then you aren't alone. Here are a few tips to help you get out of your financial paralysis.
The best place to go when you need money is work – a few years ago we received the book, “The Super Red Racer“ by Dave Ramsey from a kids meal at Chick-fil-a. Even though it was a kids book it was extremely relevant to a lot of issues that adults have. Most adults will purchase things on credit or layaway and not really think that need to save the money first, and then buy it. It demonstrate how Junior could save up for X number of weeks to buy a new red racer vs just getting the money from mom or dad. On top of that he took a lot better care of the bike, because it was his own. The moral of the story…if you want something, then get working and save up!
Set a goal and try, try again – like I talked about last week in staying on track with your goals, if you fail, then don't worry about it. Try again and don't wait for new years or your birthday to start trying again. Set a goal to get out of debt, and keep trying regardless if you have a bad day or week.
Don't take on any new debt – lock up the credit cards and freeze your usage of your credit. You don't need any more anxiety, so why use your credit cards or purchase even more debt?
Be creative in saving money – in my family we've implemented a number of money saving tips, which include switching to Ooma home phone service, purchasing a Nest Thermostat to save money on electricity, canceling our gym membership after a church member gave us a treadmill, using some fun techniques to reduce our electric bill, implemented 7 best techniques for reducing your water bill, and learned how to blow out our sprinkler lines.
Seek council – “The way of a fool is right in his own eyes, But a wise man is he who listens to counsel.” – Proverb 12:15 Don't just wallow in your sorrow, but seek out someone to confide in and gain counsel from. This will help you see ways that you can get out from under this burden.
So everyone has their own demons that they are struggling with, whether it be financial, emotional, or physical. I've used each of these techniques to help my family stay away from feeling overwhelmed. Even during some of our toughest financial seasons I've continued to see God's provision as I've done my part to be a wise steward with the Lord's money. I'd be interested what techniques you've used to keep from getting overwhelmed when financial winds aren't blowing your direction.