Sacrifice is not a Bad Word
What are you willing to change to reduce your debt load and become debt free?
Everything takes sacrifice: getting fit, maintaining relationships, building the future of our dreams... everything.
As hard as it is in the moment to say no to the UberEats dinner, or the 2nd Starbucks run of the day, your future self will thank you.
“All good things take sacrifice” – K. Bill Dost
When we want to set a long term goal, one that includes change, it’s important to recognize that you can’t keep doing what you’ve always done. It was Einstein who said that it’s insanity to do the same things over and over, while expecting different results. When it comes to attaining debt freedom and repairing your credit this is very true.
If you are in debt, you are not alone. A recent Guardian article shared that the recent household debt in the UK is over 30%. That means that for every 10 pounds you bring into your home, you have another 3 pounds of debt. To make matters worse, this amount of debt will be virtually impossible to pay off if you keep spending the way you currently do.
We need to make financial and personal changes if we want to achieve our goals, and since you’re reading this we know what sets you apart from everyone else - a desire to change.
What do we do once we admit we need to change? How do we decide which costs to cut? Seriously, the Spotify, Netflix and Prime subscriptions aren’t hurting anyone are they? Certainly not you! Or are they? Firstly neither Jeff Bezos of Amazon, nor Reed Hastings of Netflix or any other corporate CEO is going to put money in your pocket for using their products. They have no loyalty to you outside of keeping you as a subscriber. What about your family? Do they deserve their loyalty? Do you want to do the best for them? Or do you want to begin doing what’s best for you?
Figuring out what sacrifices we’re willing to make is tough. But the benefit is that reducing our expenses allows us to free up money to then put against our debt. The more you reduce, the faster you can accelerate the process and while it feels really hard It’s important to realize that it isn’t forever. One strategy we recommend is easing into it; reducing slowly and for book-ended periods of time.
By cancelling a few things today, by making that sacrifice you’re moving towards attaining what most people never get a chance to do - paying off your debt.
And the great thing is, you don’t need a magic bullet, you don’t need to earn more income, you’re simply going to reduce what you spend on non essentials to move it to the essential – getting your debt paid off. When you do it, not only will your family thank you, but you will be proud of what you accomplished.
If you’re curious how to get help doing this, or if you want some proven strategies to help you through this journey, then pick up the book Raise Yourself From Debt To Wealth, it’s available at all booksellers and online.
4 strategies you can implement today that will make the sacrifices pay off:
1. Cancel some of your monthly reoccurring subscriptions (Netflix, Amazon, Spotify, Apple, Crave, Hulu, Disney...).
2. Create a budget (that is both realistic AND decreasing your monthly spending).
3. Download our free worksheets from scorebyddnd.com/debttowealth
4. Set reminders in your phone to pay your bills on time and decide which extras you want to keep, and what you want to leave behind.