Last week I talked about how to start “Saving Your Way out of Debt”. Now, let’s continue looking at how you can break the debt cycle forever!
Step 6: Build Your Safety-net
Whether you are self-employed or work for someone else, it’s really important to have a plan for the possibility of an interruption of income. A Safety-net Savings account is designed to cover your living expenses if your income is interrupted for any reason. Your Safety-net account is to be used only if you have an interruption in income.
Start slowly in building this account. Of course, once you’re no longer paying down debt, the amount you were paying toward your credit card bills can roll right into savings without changing your monthly spending plan one bit. At that point, you can build your safety-net much more quickly.
Acrobats on the high trapeze...Continue Reading
Imagine how it would feel to have no worries about debt as part of your life. There is a simple, but powerful way to get out, and stay out of debt. It's a strategy I call "Saving Your Way Out of Debt". The following are the simple —though not always easy —steps of this process. Connecting saving money to stabilizing, reducing, and eventually eliminating debt is a cornerstone to building a healthy relationship with money; a way of living that I call Financial Recovery.
People get out of debt all the time. Similar to yo-yo dieting where weight is lost then regained, debt is often paid off, then old habits resume and we find ourselves carrying a heavier debt load than ever. The real challenge is staying out of debt. So here are the first five steps to breaking the debt cycle forever. Stay tuned for part two next week.
Step 1: Avoid De...Continue Reading
Developing a Healthy Money Relationship
*$95 through June 17, $110 day of event
Has money been a source of unhappiness, stress, and worry for you for years? Do your patterns with money keep landing you in the same problems, despite your best intentions? By understanding both the practical and emotional aspects of managing money, you can change your financial life for good. Karen McCall has worked with clients of all income levels, helping them to change their money behaviors and experience success. Her compassionate approach teaches not only the practical aspects of money, but the emotional, psychological and spiritual aspects as well....Continue Reading
*Free, but call to reserve a seat
Financial Recovery is about developing a healthy relationship with money that is both healing and sustainable. This program simultaneously addresses your deepest emotional needs and your money behaviors, because both of these must work together. Karen McCall, founder of the Financial Recovery Institute and author of Financial Recovery: Developing a Healthy Relationship with Money, will share simple steps that become powerful tools you can use to create the financial life you want.
Karen's new book:
"FINANCIAL RECOVERY: Developing a Healthy Relationship with Money"...Continue Reading