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Highlight of Fighting Back Against Your Debt | Catch Your Money Show

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Last Played: November 04, 2020
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Welcome to The Catch Your Money Podcast Show! So the other day I saw an article that indicated that the total national consumer debt is 13.86 trillion dollars. This number is just mind-blowing, but I also know there is hope for you because just like I paid off my crazy debt, so can you. Tune in for this audio snippet of this episode of the Catch Your Money Show.
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chief. So, for example, if you wanna be debt free in two years, right, that's 24 months. And so once we've got this information, we need to figure out if I make this extra payment for the next 24 months, would that be able to eliminate all this debt? And so you're gonna play with your time frame a little bit with that? So that's why creating your your spending plan, you're gonna play with that a little bit to make sure you're creating a plan that will align you and position you to be debt free within the time frame you've stated. So you may find that you have to cut some expenses or increase your income. Alright, because there are really Onley. Three ways to fix your financial situation. Decreased expenses, increase your income or do both. There is nothing else. It's not even rocket science, right? It's literally black and white. Three things. So once you have identified and acknowledged how much you owe, Step five is you're going to determine where your money is going because we need to understand where every dollar is going so that we can determine if we want to use some extra money to pay off our debt. And so you guys know what I'm gonna say? Yeah, you guessed it. I'm going to tell you to do what? Track your spending. I feel like I talk about this in every episode so far, because, I don't know, maybe it's important. Yeah, it really is important. You've got to know where your money is going, what that cash flow situation is, so you can best determine how to fight back against your debt. And you can't fight the debt if you don't know where your money is going. So once you've done the assessment of where your money is going, then you could determine if you need to spend less money or if you need to increase your money or you need to do both. Alright, because remember, those are the only three ways you can fix it. And so once you have done that, then you can determine the next strategy to assess the problem. So one of the things I love for you to do is go to my website and actually download one of my freebies on how to find an extra $100 a month without making extra money like it's life changing. You could literally get that right now for free at catcher money dot com, so make sure you head over there and grab that puppy so you can look at where some easy ways that you might be spending extras of hundreds of dollars right and can recapture that to put it towards your debt. So now that we have done some tracking of your spending, let's identify and assess the problem areas. What we want to dio is we really wanna look mawr probably in the flexible spending. And so these are the items that very every single month they also add up like food and gas and transportation and, you know, personal care items and hobby stuff, right? These are things that are not actually the same exact money or dollar amount every single month. Or that I'm contractually obligated Thio, so they add up a lot faster. Okay, consider what Matthew 6 19 to 21 says. It says, Do not lay up for yourselves Treasures on Earth where moth and rust destroy and where thieves break in and steal But layup yourselves Treasures in heaven, where neither moth or rust destroys where thieves do not break in and steal for where your treasure is there, your heart will be also so it's really interesting, because when you evaluate where your money is going and you're doing this assessment, I really want you to ask yourself some questions here, like, Are any of these things quote treasures that air hindering your financial growth? Are they keeping you in debt? What does your spending say about where your heart is in regards to your money? And then how much am I spending on quote temporary things that could be easily destroyed? As the word says here, right? Is it like, for example, if I'm going to a restaurant and I'm charging it on a credit card that is already digested it, you don't have anything to show for it, but yet you're now paying interest for it. You see what I'm saying? So the bottom line is, what is your spending telling you that you're buying things that are not even having, you know, longevity in your life that creates long term value for you? And then how could I restructure my spending to beam or intentional for long lasting and fruitful financial success. So what could you do? Different. That would give you or put you in a position, if you will, for long lasting and fruitful financial success, Right to get you started, let's look at maybe a common area toe. Work through and reduce your excess spending. Let's just unpack eating out because food is the biggest spinning leak in most houses.
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