Living Sweet Moments

Delicious and easy recipes from scratch

  • About
    • About Me
    • Honors And Mentions
  • Recipes
    • Instant Pot Recipes
    • Breakfast/Brunch
    • Snacks
    • Beverages
    • Appetizers
    • Breads
    • Salads
    • Side Dishes
    • Soups
    • Entrees
      • Meats
      • Pasta
      • Poultry
      • Seafood
      • Vegetarian
      • Stuffed Eggplant Recipes
    • Best Cake Recipes
    • Desserts
      • Brownies/Bars
      • Fudge
      • Mousses
      • Cakes
      • Cookies
      • Cupcakes
      • Frozen
      • Donuts/Quick Breads
    • Spreads
    • Venezuelan Recipes
    • Jewish
    • Holidays
      • Valentine’s Day
      • Halloween
      • Christmas
  • Recipe Index
  • Daily Living
    • Parenting
    • Household Tips
    • Money Saving Tips
    • DIY Projects
    • Random Thoughts
  • Entertainment
    • Movie Reviews
    • Celebrities I’ve Interviewed
    • Entertainment News
  • Travel
  • Contact Me
You are here: Home / Daily Living / 7 Steps To Becoming Debt Free This Year

7 Steps To Becoming Debt Free This Year

November 19, 2014 by Tiffany Leave a Comment

Yum
Tweet
Share
Pin1K
Email
Share
1K Shares

7-steps-to-becoming-debt-free-this-year

Whether you wanted to or not, at some point in your life you have gone into debt.  If you are reading this today, that likely means you are in debt and wanting to get out of debt.  While it can’t be done overnight, here are 7 Steps To Becoming Debt Free This Year.  Some of these things are classic and may come as no surprise, other things are fairly extreme, but could be considered necessary if your goal really is to get out of debt within the next year. 

7 STEPS TO BECOMING DEBT FREE THIS YEAR

Stop Using Credit:  While it may seem obvious, a lot of people continue using their credit cards, buying new cars or even buying new homes all while seemingly trying to eliminate debt.  The first step to getting out of debt is putting a stop to unnecessary spending.  Cut up the cards, forget the upgrades and stop using credit. 

Understand The Difference Between Wants Versus Needs:  This one hurts more than the others.  Learning that there is a distinct difference between wants and needs can be an easy lesson, or a very tough one.  We are so use to having unlimited texting and data, hundreds of cable channels and gourmet coffee that we have forgotten all of those are wants and not needs.  Your only real needs are food, shelter and a minimal amount of clothing.  Take a step back and look at your spending habits to determine if your money is going to wants or needs.

Negotiate Settlements:  This can cause issues on your tax return, but it can also be a great benefit if you need and want to get out of debt now instead of later.  Weigh all the options before negotiating a settlement.  It can effect your credit score as well, so if the goal is to buy a home later down the road, this may not be good for you.  If you think it is, give your creditor a call and see what terms they are willing to work within.

Consolidate For Lower Interest:  While getting a new credit card or taking out a new loan violates the first step, there are exceptions when it comes to consolidation.  If you are able to consolidate all of your debt into one monthly payment at a lower interest rate, it will be to your benefit.  Start looking into consolidation options that suit your needs.

Take On Extra Jobs:  Do you have time or skill for a second job?  Now is the time to make that happen.  A 3-4 night a week part time job can bring in a lot of extra income potential.  If you have kids at home, this may only be an option if both parents are in the home.  Start looking and consider expanding to a second job today.

Downsize Your Home, Autos & More:  Sometimes we simply live outside our means.  If you don’t need the largest home, multiple cars, a boat or motorcycle, it may be time to downsize and sell out.  Selling one of your vehicles can bring about less debt and a nice income to pay toward other debts.  Renting out your basement, garage apartment or selling outright can help pay off debt and free up some of your income for other purposes.

Take A No Spending Vow:  Stop buying until what you have on hand is used.  This applies to groceries, clothing, household supplies and entertainment for most families.  A no spending vow can be a month to month challenge you can take on to help free up money in your budget to go toward becoming debt free this year.

Whatever steps you choose, it is possible to become debt free this year.  Dedication, truly looking at your expenses for what they are and working with your spouse and family can make this a possibility.

Yum
Tweet
Share
Pin1K
Email
Share
1K Shares

Filed Under: Daily Living, Money Saving Tips Tagged With: debt consolidating, debt counseling, debt paying ideas, how to spend a little less, how to spend less

« Latin Chicken Soup Recipe – Pisca Andina
Homemade Twix Bars »

Disclosure: This post may contain affiliate links. I receive a small commission at no cost to you when you make a purchase using my link.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




This site uses Akismet to reduce spam. Learn how your comment data is processed.

Follow me!

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Search This Blog

Categories

Popular Recipes

This decadent No Bake Chocolate Biscuit Cake recipe is made with condensed milk

Decadent No Bake Chocolate Biscuit Cake

I've fancied up a classic Thanksgiving dish. This creamy Green Bean Casserole From Scratch recipe has lot's of onions, mushrooms, and green beans, & Gruyere cheese. Green beans facing out showing the creamy interior

Creamy Green Bean Casserole From Scratch

These Croque Monsieur Baked sandwiches are filled ham and cheese and topped with bechamel sauce and gruyere cheese. An easy recipe for dinner or brunch.

Easy Croque Monsieur Sandwiches

This easy Bolognese Sauce Recipe tastes amazing and is perfect to serve with pasta, lasagna, etc. A truly authentic Italian flavor. Can be frozen too!

Amazing Bolognese Sauce Recipe

LSM Cooking Channel

Welcome!

Hello! I am Tiffany, the blogger, cook and photographer of Living Sweet Moments.
I a married and have 2 daughters. We currently live in Miami, Fl
I spend my days cooking and baking delicious recipes that you will surely love. So sit back and enjoy! Read More…

More From the Blog

Sourdough discard empanadas are golden, flaky, and perfect for parties & make-ahead meals. Easy fillings, sauces & freezer-friendly tips!
Fudgy sourdough discard brownies with shiny crackly tops, rich chocolate flavor, and a hint of tang, perfect for using up discard
Bake Tartine-style, high-hydration sourdough with open crumb and crackly crust. Timeline, tools, variations, troubleshooting + FAQs.
Bakery-style sourdough chocolate babka with buttery enriched dough, swirls of chocolate, timeline, variations, freezing tips & same-day bake
Soft, fluffy, same-day sourdough challah with no yeast and no sour taste. Sweet bakery-style flavor with all the benefits of sourdough.
Bake this Beer Gouda Onion Sourdough Bread, a flavorful, advanced loaf with caramelized onions, gooey cheese, and beer for the perfect bite
  • Home
  • Contact Me
  • About Me
  • Disclosure
  • Privacy Policy

Copyright © 2025 · Foodie Pro Theme by Shay Bocks · Built on the Genesis Framework · Powered by WordPress