Home > Cost cutting tips, Saving > 5 Tips for Dealing with Money Roadblocks

5 Tips for Dealing with Money Roadblocks

A couple weeks ago I was interviewed by Radio Disney on 910 AM which broadcasts in Detroit, MI.  I was asked to give some tips on how a person can eliminate debt.  I wasn’t able to get through all of my suggestions in the 30 minute interview so I’m posting them here.  These are some out-of-the-box tips to help people who know what to do but need some help with will power or motivation.

1) Form or join a support group. Most of us have grown up being very secretive about money.  We don’t share the fact that we’re having problems or let people know that we are in above our heads.  We often feel shame and let our debt spiral out of control.  One solution to this problem is to join a support group for people who are dealing with financial problems.  Many people find that participating in a small group helps them to address their financial demons and get on the right track.  They learn that they are not alone and that they are not bad people.  With support, they can put themselves on the right track.

2) Stop hanging out with people who will encourage you to sabotage your financial future.  You don’t have to dump your friends but if you tend to rack up debt because you and a particular shopping buddy encourage each other to spend until you drop, you are enabling each other.  Find a different activity for you and your friend.

3) Eliminate temptation.  If you’re the type of person who gets out of debt, just to get back in a couple months later, stop signing up for coupons and email lists for your favorite stores.  When they ask you for your email, say that you would rather not share it.  If you get put on their email lists anyway, unsubscribe right away.   Don’t sign up for sales website that will constantly email you about their latest bargain.

4) Determine if you are an abstainer or a moderator (this is from Gretchen Rubin of the Happiness Project.  Some people have more self control if they completely refrain from participating in an activity (abstainer) while some people have better self control if they allow themselves to indulge a little (moderator).  Knowing what type of person you are goes a long way in controlling your expenses and understanding why you’re spending.  I know that I’m an abstainer and knowing this helps me make decisions.  I’m not good at having a little bit of something and then moving on.  It’s best that I refrain from indulging in the first place.

5) Determine if you need to seek professional assistance with your internal financial demons.  For many people, reducing debt is not just about tracking your expenses and paying off your credit cards in a timely manner.  It’s often about internal issues that cause us to spend and rack up debt in the face of all things that tell us we shouldn’t be behaving in that manner.  Consider speaking with a therapist or a financial coach who can help you work through your attitudes toward money.

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Categories: Cost cutting tips, Saving
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