Hi. Welcome to The Finance Gym Action Plan for a Better Life with Money. My name is Stacey Powell and if you’re ready to not just know better but do better, with your money, you’ve come to the right place.
In last week’s video, we talked about the four letter word “debt” and I promised over the next few weeks I was going to be showing everybody videos with my favorite tips about how to stop using debt. If you’re really ready to stop, I’m going to share with you my favorite few tips about how to do that.
The first one is very important. Cut up all your credit cards. Cut up your credit cards. Let people know that you borrowed money from in the past that you’re not going to do it anymore. Every single avenue you have, to take that easy path of borrowing money, stop. Make sure you just don’t even have access anymore because it’s too hard otherwise and I know maybe you don’t want to do it. I understand that. But if you’re really ready to make a lifetime change, you’ve got to do it.
If you absolutely refuse, then secondarily take them all and put them somewhere where it’s really hard to find, in a bank safety deposit account, with a friend that you know isn’t going to just hand them over to you because some important emergency happened, someone who’s going to talk through things with you, which is my next tip.
Find an accountability partner. Not your best friend who you commiserate with when you run out of money and blah, blah, blah and they make you feel better and they’re going to talk about their money problems and you talk – no, no, no. An accountability partner is somebody who you respect about how they handle their money. You know they aren’t going to judge you. You’re not going to feel judged. Somebody to mentor you and tell them what you’re trying to do. They will be thrilled for you. They will want to help. You have someone in your life like that. Think about who that person is and tell them, “I want to stop using debt. Will you be my accountability partner? Can I check in with you about how this is going?” It’s so much easier to do it with somebody by your side, cheering you on and rooting for you.
Then the last thing is when you think you absolutely have to use credit for some important emergency, I want you to stop and I want you to journal about the thing that you want to buy and I want you to list six reasons that maybe you wouldn’t have to do it, six ideas of things you could do other than using that credit card.
This is on page 109 if you’re following along the book and if the only way you can buy this book is with a credit card, don’t do that. Just go to the store at TheFinanceGym.com. It’s on there under the free downloads. Download that page. Every time you think you need to use a credit card, fill that out and if you make that commitment alone, I promise you you’re like not going to be using your credit card at least half the time because you’re not going to want to take the time to fill that sheet out.
That little thing right there will make a difference and an impact on your life and then my fourth tip is sleep on it. Sometimes our subconscious can come up with solutions that we can’t come up with.
So, if you’re ready, I’m here to support you. We have a group called Team Do Better over on Facebook. Come join us. We will be your accountability partner if you think you can’t find one. You can also sign up for our newsletter at TheFinanceGym.com. Subscribe to our videos right here on YouTube and if you’re ready to do this, do it with us. I would be thrilled to support you.