• There Is Light At The End Of The Tunnel

    And It Aint An Oncoming Train

    It can be very difficult to stay the course of becoming debt free. For the past few months, I confess that it has been tough. For example, for a few weeks I didn’t reconcile my budget, I am behind in reconciling my checking account statements and I made some impulse purchases. However, yesterday I got a letter in the mail confirming that a bill (a mid sized bill) was paid off and I owed no more. I should be very excited. Yet, I admit I am daunted. I compare my debt to my goal of paying all debt off this year and WHEW there is leap of faith required. I have ideas on how to eliminate my debt but I haven’t been working my ideas. I let obstacles and little inconveniences get in my way.

    Today I had to remind myself of the goal and the plan. I acknowledge that reminding myself and affirming my goal has to be a daily exercise until I achieve the goal. So what is the goal? My Goal: The be financially independent. This means first and for most to have no debt. Secondly, it means having a savings and retirement accounts. Finally it means has other sources of income besides a job or business. How do I become financially independent? Below is my game plan:

    1. Take an honest look at my finances and make corrections, one at a time.
    2. Determine what financial independence looks like to me (how much in savings and retirement accounts).
    3. Get a clear understanding of my debt.
    4. Get financial house in order.
    5. Create and stick to a budget for every paycheck.
    6. Get rid of debt.
    7. Fund savings and retirements accounts.
    8. Buy a home.
    9. Figure out how to have an income with out a job.

    After I reminded myself I tackled a project that I have been putting off for months. Honestly, this has been an ongoing project that ebbs and flows for years. This week and into the morning light, I inputted receipts in my accounting software and filled them away. FINALLY my desk is clear and I am done with project ONCE AND FOR ALL. Now I can run reports with some certainty. Now I can see what is really going on with my money. Now I can train myself to make my money behave. Tonight I shall sleep well because I made progress, I am keeping my word to myself (even if it took years), I decluttered my desk and most importantly my financial house is just about in order (Step 4 just about completed).

    If you are having challenges sticking to your plan please share and together we can over come. Otherwise please share your comments. It is a few days before July, halfway through the year, and we can become debt free this year no matter the amount we owe.

     

    WANT TO USE THIS IN YOUR BLOG, E-ZINE OR WEBSITE? You can, as long as you include this complete tag with it: Lorne S. Wellington has a BA and MBA. She has been consulting and advising businesses and nonprofit organizations for over 12 years. In addition, she created a nonprofit in 1997 and today she owns Sculpted Silhouette, a lingerie boutique in Los Angeles. Her clients are located in the USA, Italy and South Africa. She has worked with a food manufacturing company, several retailers, an international aid organization, a bed and breakfast and a multi media company.

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  1. […] and a mortgage, it can easily get out of control if it is not managed early. Understanding the basics of reducing debt is part of using applications and online tools to their maximum […]

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