• Home
  • Blog
  • Resource Library
  • Craft Supplies
  • Free Primitive Patterns
  • About
  • Contact Us

Prim Mart

Home Decorating - Gardening - Lifestyle

  • The Home
    • Decor & Design
    • Cleaning & Organizing
    • Buying and Selling Homes
    • Electrical & Energy Use
    • Heating & Cooling
    • Home Appliances
    • Pest Control
    • Plumbing
    • Roof Maintenance
    • Security
    • Tools & Equipment
  • Outdoor Living
    • Gardening
    • Landscaping
    • Lawn Care
    • Patio Decorating
  • Art & Crafts
    • Craft Tutorials
  • Food
  • Lifestyle
    • Family
      • Parenting
      • Pets
      • Senior Living
    • Beauty & Fashion
    • Finances
    • Education
    • Fun
    • Legal Matters
    • Technology
    • Car Care & More
    • Celebrations & Holidays
    • Safety
    • Shopping
    • Travel
  • Wellness
    • Dental Health
    • Diet & Fitness
    • Holistic Health
    • Mental Wellness
    • Physical Health
    • Self Improvement
  • Work & Business
    • Business Tips
    • Business Marketing
    • Office Design
    • Building Upkeep
    • Career Training
    • Work at Home
Home » Lifestyle » Finances » Wealth-Building Wisdom – 4 Tips For Moving From Debt To Abundance In Less Than A Year

Finances · July 30, 2019

Wealth-Building Wisdom – 4 Tips For Moving From Debt To Abundance In Less Than A Year

We’re forever being told to live within our means, but when our means don’t cover the essentials, that can be pretty hard to do. Debt can build up at an alarming rate, and once you’re in the cycle, it can feel like you’ll never be able to get out. Plus, when you’re busy trying to pay back what you owe, other necessary aspects often suffer. Luckily, while it’s certainly not easy, it is possible to claw your way back into the light.

Consolidate and eliminate

The first thing you’re going to want to do is reduce your debt. While this is easier said than done, getting rid of small debts, and refinancing larger ones onto more favorable terms can make a big difference to your bottom line each pay cycle. Start researching fast loans with favorable repayment terms. These allow you to roll nasty credit card repayments into a more easily managed payment plan, then funnel what you’re saving on interest into paying off your smaller debts.

It may seem counterproductive to start with the debt that is probably incurring the least interest and fees, but because these expenses can be paid off quicker, you’ll be able to transfer what you were spending on them across to your larger costs and chip away at them faster too, thus turning your debt cycle on its head and getting it to work for you rather than against you.

Map out your plan

It’s far easier to achieve a goal if you can visualize what steps you’ll need to take along the way and what success will look like. Decide what you want from life and where you want to be in twelve months time, then make a list of everything you’ll need to do to get there. This may feel like wishful thinking, but when you’re struggling, you can check back to see how far you’ve come and remind yourself what to do to keep moving forward.

Get a side hustle

A lot of people will tell you to get a better’paying position, or even pick up a second job. While these suggestions can work for some people, in many situations, they just aren’t possible. What you can do, however, is get yourself a side hustle. This involves choosing something you enjoy and finding a way to monetize it. By finding extra income in this manner, you don’t have to feel like you’re constantly working just to scrape by. Indeed, you may even find that, in time, your side hustle can take the place of your original job, leaving you time to focus on bettering other parts of your life.

Watch what you spend

We’re not just talking about being frugal here. To find genuine ways to improve your finances, rather than applying band-aid fixes you’ll never stick to anyway (let’s be honest, cutting caffeine out isn’t an option for most people these days), you need to keep track of what you’re spending.

When you´re just starting out on the road to recovery, your best bet is to cut out everything that isn’t essential. Once you’ve got your grounding and are starting to properly build your future security, however, there’s no harm in indulging a little here and there, as long as it’s within your budget and doesn’t throw you off course.

Having money trouble is never fun for anyone, but rest assured you don’t have to stay in your current situation. Follow these tips, find what works for you, and build the life you deserve.

Spread the love

Posted In: Finances

TedsWoodworking Plans and Projects

You’ll Also Love

Loan Negotiation Tips to Get the Best DealsLoan Negotiation Tips to Get the Best Deals
How to Stop Spending Too Much On FoodHow to Stop Spending Too Much On Food
Ways to Save Money at HomeWays to Save Money at Home
Next Post >

4 Common Oven Problems

Search

Hello There!

Welcome to Prim Mart! I'm Katharine, a mom, wife, and blogger with a passion for all things related to homemaking and enjoying life. Prim Mart was founded in 2001 and has grown from just a craft blog to an online lifestyle magazine filled with helpful and creative articles for you!

Join Our Newsletter

Archives

Popular Posts

AntiqueFarmHouse

Categories

Woodworking Designs Plans and Projects

Copyright © 2023 Prim Mart · Theme by 17th Avenue

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More

Accept Decline Cookie Settings
I consent to the use of following cookies:
Cookie Declaration About Cookies
Necessary (0) Marketing (0) Analytics (0) Preferences (0) Unclassified (0)
Necessary cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
We do not use cookies of this type.
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.
We do not use cookies of this type.
Analytics cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously.
We do not use cookies of this type.
Preference cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in.
We do not use cookies of this type.
Unclassified cookies are cookies that we are in the process of classifying, together with the providers of individual cookies.
We do not use cookies of this type.
Cookies are small text files that can be used by websites to make a user's experience more efficient. The law states that we can store cookies on your device if they are strictly necessary for the operation of this site. For all other types of cookies we need your permission. This site uses different types of cookies. Some cookies are placed by third party services that appear on our pages.
Cookie Settings