The secret key to reduction is for you, the debtor, to be absolutely committed, totally 100% committed, to reducing your or getting out of entirely. Have you ever been totally obsessed in achieving anything? Take just a moment, look back on your life and think of a time when you were that obsessed.
Get Very Excited About Reduction
Maybe it has been a while since you were in college, and you were obsessed about getting decent grades. You attended every class and seminar, and you took lots of notes. You read ahead in your assigned studies and focused clearly on your assignments with great intensity. You studied early in the semester so you weren't caught short at mid-terms or finals. Your friends and family knew better than to expect you hang out with them or to slack off.
Perhaps it was a car you were truly excited about. You looked up pictures of it in car magazines or on the Internet and read reviews and reports about it. You read the owners' club books and craned your neck every time you saw a car just like it drive by while you were cruising around town in your shabby, boring older car. You saved and sacrificed, and put away all the money you would need to buy your dream car. Then came the proud day when you purchased that car, and it was all yours.
Get Really Obsessed About Reduction
Debt reduction takes a certain kind of commitment, dedication, and, yes, obsession. You should be thinking every day, 24/7, about how you can reduce your debt. As you board the bus or train to commute to work instead of driving, congratulate yourself on all the money you are saving on gas and parking.
At lunch, when your co-workers spend $7 to $10 or more on sandwiches, salads, and hamburgers remove your sandwich or salad you brought from home out of your lunch bag and pat yourself on the back for reducing your by $50 or more per week – that is over $2,600 per year to be used for reduction!
After work, at night, enjoy a movie on DVD. Save $10 to $20 by watching movies at home instead of going out to see them. Eat dinner, and dessert if you wish, at home. Ask if someone can teach you how to cook if you don’t already know how.
Keep Track Of Your Changes
Keep a notebook or log of your journey toward reduction. Record every cent you save so you will know that what minor efforts have been made are worthwhile. At the end of the week, total up your savings and write a check for the amount you have managed to save. Apply that money toward your goal of reduction by paying that sum to credit cards with the highest interest.
