True story: Amanda was $30K in debt between her credit cards, and car payments. After working with her coach, Claire, she paid off her debt in 6 months and increased her savings by +$5k.
We all have some form of debt. Being able to use credit cards is helpful, but when it gets out of control, it impacts our health and wellbeing.
People with debt are 3x more likely to suffer from mental health issues
The Power of a Money Coach
If you’re sick, you need a doctor. If you’re trying to improve your tennis game, you need a tennis coach. And if money is holding you back, or giving you sleepless nights, you need a Money Coach.
Amanda’s Money Coach, Claire, not only helped her come up with a clear plan, she also helped her understand the emotional impact of her relationship with money. Amanda was able to pay down her debt, and stay debt free.
A money coach can help you:
Take Control of Your Debt
Here are some steps that you can take today to pay down your debt faster, and start building wealth.
Step 1: Understand Yourself, and Your Debt
Debt is never just a number — what you spent that money on, and why, is just as important. Think of your bank statements as a diary of your life, and a chance to review where you spent your money and energy.
Don’t avoid the details, lean in. Start by making a note of how much you owe, the interest rates, your minimum payments, and how much you spend monthly on paying down your debt.
Step 2: Hit Pause
In order to make progress, it’s time to make some changes and stop adding to your balance. Avoid using your credit card. If it’s helpful, put it away or delete the details from your phone or computer. If you want, just shred it.
Reframe the way you think about credit cards — you just don’t need them.
Step 3: Set a Date to be Debt-Free
Debt comes with a lot of stress. Now that you know how much you owe and how much you can pay off each month, set a target date for yourself to be debt-free. It’ll require some sacrifice, but you’ll be better off in the long term.
Step 4: Pay down Your Debt
Now let’s focus on how to pay off debt. Consider the following methods:
You can also combine elements of both to pay off your debts.
Step 5: Consolidate Your Debt
If you have a lot of debt across different cards and lenders, consider combining and consolidating.
There are a few tools available to consolidate all of your debt:
Step 6: Find More Money
Paying down debt takes effort and sacrifice. But if other people are doing it, so can you.
Step 7: Find Your Support System
Paying down debt is hard, and often requires discipline and support. So, to ensure you’re actually successful, find and build your support system.
If you feel comfortable, ask your family, your partner, or even your friends to help you through this.
Money Coach FTW
Alternatively, work with a Money Coach. Your coach will help you understand your relationship with money and how that’s holding you back. They’ll also help you stay accountable and guide you to make the necessary changes to become, and stay, debt-free.