Getting out of debt usually means sacrificing what you want today for what you want most. Depending on the level of debt, it may seem impossible, but there is always a way forward. It might just require some discipline and a little creativity. <\/p>\n\n\n\n

In order to create a financial free life and to be debt-free, we need financial margin. By making some extra money plus monitoring and cutting our expenses, we can create some serious margin in our lives. <\/p>\n\n\n\n

There are several side hustles that you can do to generate some extra income, thanks to the emergence of the gig economy. There are several opportunities to make some serious side income, including Ubering, Lyft, dog-watching, writing reviews, selling your old stuff, etc. <\/p>\n\n\n\n

Once we have budgeted and identified our spending habits, it is typically time to make some changes. There are two main changes that I like to classify as soft cuts and hard cuts. <\/p>\n\n\n\n

Soft cuts are when you substitute the thing you want for a cheaper version. Such as, instead of a trip to the beach, you try a staycation. Instead of the gym membership, you buy a jump rope and some running shoes. You replace going out for dinner and a movie with going for a walk in the park and having a picnic. These types of substitutions are easily made and can make a serious impact on getting out of debt.<\/p>\n\n\n\n

Depending on our level of debt and spending habits, we may need to take more drastic measures. These harder cuts look like downsizing your home, selling your car, and cutting all of your discretionary spending. These harder cuts are more radical changes to our lives, but they can make radical changes in our financial situation. <\/p>\n\n\n\n

6) Don’t Do It Alone<\/h3>\n\n\n\n

At the end of the day, getting out of debt is hard. If it was easy, then no one would be financially stressed and loaded with debt. People fail when they don’t have the proper support and help along the way. That’s where a financial coach or advisor is so helpful in the process. They can help hold you accountable and provide you with concrete steps to take for your personal situation. A financial coach can also help you walk through more nuanced financial decisions such as refinancing, negotiating with creditors, and choosing a payment plan. <\/p>\n\n\n\n

Wherever you are in your financial journey, it is important to know that you aren’t alone when you hit the bottom and that it is possible to come out from under debt being strong and financially stable. <\/p>\n","protected":false},"excerpt":{"rendered":"

The new norm in America is being buried in debt, whether from mortgages, credit cards, personal loans,…<\/p>\n","protected":false},"author":1,"featured_media":762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,38],"tags":[47,24,25],"yoast_head":"\n