You've Got to Be Ready to Create Your Debt Free Plan

If you force yourself to stick to a plan - whether it’s losing weight or getting out of debt, it’s not going to work if you force yourself to do it. It’ll only work if you’re ready, willing and see the benefits!

Q: About 18 months ago I made a vow that I would pay off my $10,000 credit card balance, which was mainly incurred buying clothes and taking short weekend trips around the state - I don’t like to sit around my apartment on weekends. I have enough discretionary income to pay that balance off in less than a year, but got a jolt a week or so ago when I realized the balance was higher than it ever had been. Despite my best intentions I always seem to find something I need to charge. How can I make myself stick to a plan? I am single, over 40 years old and starting to get nervous about having so much debt.

A: When you use the phrase, "How do I make myself stick to a plan," I know that this is where we need to start. It’s almost impossible to force something like this. It’s just too easy to stick with your old habits of spending and racking up debt. At this point, you need to be willing to change your habit. Once you’re willing to make a change, then we can move on from there. I’m also hearing some all-or-nothing thinking here. It sounds like you are either sitting around your apartment all weekend or you’re getting yourself into more and more debt - so there is definitely room for some middle ground. Make a list of some activities that you enjoy that get you out of your apartment, but that don’t require spending money on a weekend getaway. And for the next month, as you’re working to change your spending habits, forgo the use of your credit card. I suggest you give your credit cards to a trusted friend for a period of time so you can’t fulfil the urge to use it. Create a plan to make monthly payments to pay down your debt and keep your "frugal" activity list handy when you’re feeling the urge to spend. As you see your balance go down, you’ll get more and more excited that you’ve make a plan and are working to accomplish your goal.