Three Ways to Make Zero Your New Favorite Number

The number zero seems to always get a bad rep. Synonymous with empty, nothing, and nonexistent, zero is usually not a word you would want to associate yourself with, but when it comes to your total personal debt, zero is the goal. Acquiring debt can be a slippery slope and once it gets to a number that feels out of control to you, managing it will feel the same, but take a deep breath, you have options that are realistic. Personal loans may seem like the antithesis of the solution to your financial problems but in today’s world when getting matched with options can happen in as little as 60 seconds, this is a great place to start.

Understand there is No One-Size-Fits-All solution

Being a sponge for knowledge is power, but not using that knowledge in a way that is applicable to your specific lifestyle and needs is a mistake. Your uncle might say that robbing Peter to pay Paul is a hasty short-term fix, but let us be honest, he is not the one controlling your bank account. Credit card debt is a quite common concern for most individuals, and in a society of cash-less payments, automatic withdrawals, and reoccurring payments you might not even realize how much debt you are racking up. Shopping around interest rates for personal loans is very easy, and can be done online quickly, acquiring a personal loan to pay off existing debt at a lower interest rate than your credit lender offers gives will help you to pay less over time, and pay more towards your principle.

Anticipate Large Life Changes

Housing is unavoidably the biggest piece of most budgets, debt can be preventing you from being able to live where you want, or transition from renter to owner if that is on your goal list. Moving is not cheap though, and regardless if your move is planned and anticipated or forced on you unexpectedly, the costs associated with it are often not in line with the funds available. Consider a personal loan to help you to relieve some stress during a large life change, such as a move. In the large picture, this loan can provide you peace of mind in the immediate, and not be stressful in the future if you stay vigilant during the research and loan matching process.

Live Lean in Small Increments

Huge numbers are intimidating when they are regarding money that is going out versus money that is coming in. Having said that slow and steady can help you win the race. Chop your savings goals up into smaller pieces and chip away at them. For example, instead of saying “I need to pay off $10k in debt this year” ask yourself “How can I save $830/month to apply that to my debt?” Thirty days is a real sweet spot because it can simultaneously feel fast, and slow, either way looking at saving thirty days at a time is less painful than 365 days at a time.

michael james