Free Yourself From Debt
There are many reasons that people choose to downsize however one of the main reasons is that they want to clear their debt load so that they can live a better life. They want a better life for themselves and their family.
When you carry a lot of debt from year to year it can put a strain on you, your family, how you live your life, and your future.
How do I know this?
We (my family) lived for years and years with ever-growing debt. We never seemed to be able to get ahead. When we did see a little light, very often something happened to dim that glow.
We was under constant stress – especially financially.
We constantly struggled to find the money for our kids extra-curricular activities. When we did manage to find the money, it was a bit of a financial strain (although we didn’t let our kids know because we wanted to keep things positive – we didn’t want them to feel guilty about the few things we were able to manage for them).
It wasn’t until our kids were grown and out on their own that we discovered a way to get ourselves out from under our debts.
We discovered that there are a number of ways that to do this. We took a look at many of them and made a decision to use the one that we thought would best suit us and our future.
We chose to downsize considerably which made our cost of living decrease substantially.
We took all the money that we were saving on all our bills and applied as much as possible to our debts.
Over a two-year period of doing this, we managed to clear the majority of the debts that had been plaguing us for years.
The Snowball Method
This type of loan repayment is called the Snowball effect. I previously wrote and explained about this method in my blog. Click Here if you would like more information about how to do this yourself.
The method is actually pretty simple to understand and implement but you will need to be disciplined. It takes a bit of adjustment but it will soon become a part of your lifestyle. And once you begin to see the amounts owing shrink, it is a wonderful sight and a wonderful feeling.
As you clear the debts, you’ll notice the stress that you’ve carried for a long time begin to melt away. A weight is lifted off your shoulders.
At this point in time, the only debt we still have is our small mortgage. Without any other debts, we will be able to pay this one off early.
We really wish we had discovered this many years ago…
Books to help with your financial future.
There are a number of books available with varying ideas and plans to fix any financial woes you may have, or to simply improve your way of living – for a better and healthier lifestyle for you and your family.
As usual, some of the information is good, others not so much.
And what works for one person may not work for someone else.
That is why we have provided you with a list of a few books to help you to lower your debts that are worth the money. Take a look at the list at the top of the page.
