5 Mistakes to Avoid On Your Journey to Debt Freedom
- Black Married & Debt Free
- Jun 9, 2021
- 1 min read
When you begin your journey to debt freedom, there are things you should avoid at all costs. Avoid these five pitfalls on your road to success.
1. Continuing to use credit cards. This will delay your journey to debt freedom. Take a leap of faith and cut the cord - we mean the cards.
2. Borrowing from a retirement account. Borrowing from my 401K account is one of my biggest money regrets. The truth is, problems cannot be solved with the same mindset that created them. If borrowing got you into debt, it likely won't get you out.
3. Not having an emergency fund. Emergency savings provide a safety net so you no longer have to rely on credit cards. Check out this video to learn 30 ways to build your emergency savings.
4. Not having a plan.
Statistically, you are twice as likely to accomplish your goal with a plan of action.
5. Being inconsistent.
Treating your journey like a yo-yo diet is harmful to your confidence and progress. To achieve your goal, be prepared to work your plan with consistency.
This is such a good list! I used to think paying off debt was just about cutting expenses, but now I see how important it is to stop using credit cards while you're trying to get out. Having no plan or being on and off with payments really does slow things down. If anyone is trying to manage their credit card better, Mymilestonecard-Wiki has super simple steps for logging in, checking your balance, and tracking payments. It really helped me understand how to stay consistent and avoid falling back into debt