Eliminating Debt, Creating Freedom

I made a pledge while a student in college: I would not incur debt outside of the two student loans that I already had. I would say no to credit cards, and no to any type of financing that would require me to pay an amount that I could not afford to pay back in at least a month or two. My plan was not to be in bondage to credit card payments, car payments, and other types of financial "slavery" throughout my adult years like so many other people I had witnessed were. After graduating and gaining employment, however, my convictions slowly began to fade, as I settled into a good paying job, and felt comfortable. I felt confident that I could afford various credit cards and a car payment. What I didn't realize then was that I, like many others, was only starting down the road to financial bondage to lenders. And that bondage influences almost every area of our lives. Many people become enraptured in spending money now to buy whatever tickles their fancy or seems to make life more pleasurable. But, more people should be aware of the entanglement of debt. It's so easy to get lured in, but, once in, it can be a long, hard road to climb out of.

Steps to Emancipation

1. Stop Incurring Debt

2. Pay off current debt.

3. Tap into your passion. Use your interests and creativity to earn extra money that can be devoted to paying off debt. Do something that you enjoy that you know could earn you extra money like babysitting, sewing, tutoring, graphic design, writing, party planning, catering. The list is endless. Determine what your interests are and how you could profit from your skills.Instead of focusing hard on building a savings account or to buy an expensive item, use your money wisely to pay off as much debt as you can. Start with the smallest bill, and snowball from there. Little successes like paying off smaller debts will give you the confidence to continue on to larger debts.

Frugal=no fun? No way.

Choosing to live frugally doesn't mean that life no longer holds joy and excitement. Far from it. What could be more exciting and joyful than peace of mind due to a shorter list of financial obligations? For some employing frugality is eating out less, using coupons while grocery shopping, or carpooling to work. For others it might mean selling one car, cutting cable or cell phone bills. Choose an option that works best for you and that you can live with.

Live life on your terms.

With the impending birth of my first child I knew that I wanted to become a stay-at-home-mother. I also knew that I needed some sort of income to pay my bills while staying home. My past financial decisions flashed before me as I contemplated how I would pull off earning income from home. So many mothers make the gut-wrenching decision to return to work, while yearning to be home with their children. Many mothers are forced to work out of economic necessity, due to decisions made prior to having children. They are locked into the debt trap. Decide today what kind of lifestyle you would like to have for yourself, and determine to make it happen. Debt does not have to be a lifelong endeavor. Start today living the life you want. True freedom is being able to live the kind of life that you want, not what your debt determines.. From this moment on, decide that you will become disciplined enough to not succumb to instant gratification. If it is not an emergency, try to save up enough money to buy the items that are on your wish list. Having discipline and a vision of the freedom that comes with paying for things you want with your own money can be empowering.