A recent study by the University of Wisconsin in Madison determined that “a 10-percent increase in the dollar amount of an individual’s debt increases his or her depressive symptoms by 14 percent.”
In all cases, we may not be talking about full-blown clinical depression, but more so the blues, worries, loss of appetite, or sadness. But still, this study proves what we already knew – money affects almost every aspect of our lives. We can choose to let it affect us in a good way or a bad way, but it certainly plays a role.
So here’s a list of five things – and five corresponding blog posts we’ve written – that can help you slowly work toward debt freedom:
- Start by creating a real budget – something that is realistic and accounts for not only reoccurring expenses but future expenses as well. (Hint: we’ve got a great step-by-step budgeting guide here.)
- Stop using your credit cards – yes, even if you get rewards.
- Choose a Debt Payoff Strategy – whatever you do, don’t try to divide and conquer.
- Try to reduce temptations to spend money throughout your day – spend less, save more.
- Surround yourself with these people – Who’s on your financial fantasy team?
Don’t let your debt control your emotions. We believe the first step to improving your relationship with your finances is knowing you have the ability to make improvements. Taking control of your debt is one way to improve your relationship with your money.
If you want help creating a plan to tackle your debt, check out our one-on-one coaching services and schedule your Eureka session today.