How a Stay At Home Mom Owing Over $24,000 Became DEBT FREE...How You Can Too!
Do you decide how you and your family lives? Or your creditors?
Has the burden of being in debt become overwhelming?
If you are, you are not alone...
Several years ago, I decided I really needed to get control of my finances. I knew the credit card bills were growing, but I had no idea how bad it was or where to even begin.
Is your situation similar?
So I sat down in a quite place and gave it some thought.
What I wanted was to find debt free solutions that would be permanent. To build wealth instead of just managing my debt. I knew it would take wisdom, time, and planning to accomplish my goal.
What Does It Have to do With Having A Baby?
The more I thought about it, I realized that getting out of debt and building wealth is no different than having a baby.
How is that?
Well, one of the first things you do when you find out you are having a baby?
You get an examination to make sure you and the baby are both healthy.
The doctor would give you an complete exam and will run some tests to make sure everything is going smoothly.
The first step in getting out of debt and building wealth is to complete a through exam of your finances. You can't plug the holes in your finances if you don't know where they are. If you discover any imbalances, then you can make adjustments.
Create a Personal Financial Statement. Make sure you include all your assets, things you own, and what you owe. To save yourself time later, when you are listing your credit cards besides the balance owed, include the minimum payment amount, and the interest rate.
When you subtract your assets from your liabilities, you will discover your net worth.
Now, if your net worth is not where you would like it to be, don't worry. This is something you can change.
Evaluating the Results
Your doctor will evaluate the tests results, talk about your medical history, health concerns you are having and if there is anything unusual or imbalances, he will provide advise and make recommendations for any adjustments that you could make. You would also discuss what you might expect in the near future.
The #1 Cause of Divorce
Since financial problems are the number one cause for divorce, it would be wise to be aware of where you stand financially or advise your spouse where you are. I'm not saying you have to be the one to actually pay the bills, etc. if you don't want to. Just be aware of what is going on.
You might find it difficult having this conversation, but being married, you will need your husbands support and help to make any changes. Otherwise any headway you make could easily be undermined by your spouse or partner. This will actually strengthen your relationship.
Now What?
The next thing you do is make plans for your baby. How you will pay for the medical bills. What food you will need to eat to keep you and your baby healthy baby.
Becoming debt free is no different. You need to make a plan. Now that you know your financial situation, you will have a better understanding of what you need to do. Evaluate where you are financially and where you want to go. Make any necessary adjustments or imbalances.
I know, most people hate the thought of budgets but you must have either a budget or spending plan otherwise you will waste your resources. Even if you could easily increase your income, if you don't plan how you will spend your money, you will find your spending can quickly out pace your increase in income.
What If You Run Out Of Money
If you are finding that you don't have enough money in your budget or spending plan to cover your expenses, or you want to improve your finances quicker, you have two options:
Whatever you decide, to make any real headway, you will need to spend less the your income. It may feel like your making a lot of scarifies now, but it won't be long before things turn around. Later when you have achieved financial and personal freedom for you and your family, you will be glad you did.
Plan for the Future
The next thing you do is make plans for your baby. Which furniture and clothes you will buy. How you can afford to stay at home and raise your child. If you already a stay at home mom, how you can afford the additional expenses. Making plans for the child's birth and delivery.
Building wealth must be planned as well. Once you get out of debt, or if you already are, how much money you will allocate towards increasing your assets. Planning for retirement. Your children's college education. Make plans to avoid getting back into debt.
"I found the road to wealth when I decided that a part of all I earned was mine to keep." - George S. Clason
Which explains why according to research, most millionaires save 15% to 20% of their income. They started saving money long before they became millionaires. Not after.
Other Options
There are other options to getting out of debt quicker. Such as:
Bankruptcy. Chapter 13 or Chapter 7.
Debt consolidation loans
Refinancing your mortgage or getting a home equity loan
Credit card debt settlement or negotiation.
Credit management services
But before you choose any of these options, make sure you understand the consequences and the costs to you now and in the future.
Get Your Debts Forgiven
Getting Advise
If you are a single mom, or you and your husband needs additional help, and are struggling with what to do, you might want to get advise. Most churches have people that can give you good solid financial advise.
Whomever you get advise from, make sure you know their financial status before you take their advise seriously. Otherwise you could be taking advise from someone who is in worse shape than you.
Something to Think About
I don't know what your particular circumstances are. Whether you're in debt due to medical bills, overspending, or a change due to unemployment. Ir really doesn't matter. What matters is that you get out of financial bondage, and instead enjoy a life of financial and personal freedom.
You most likely didn't get into debt overnight, so you should realize it may take a little time to get out of debt.
If I could do it...so can you.
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The doctor would give you an complete exam and will run some tests to make sure everything is going smoothly. 
Since financial problems are the number one cause for divorce, it would be wise to be aware of where you stand financially or advise your spouse where you are. I'm not saying you have to be the one to actually pay the bills, etc. if you don't want to. Just be aware of what is going on. 
The next thing you do is make plans for your baby. Which furniture and clothes you will buy. How you can afford to stay at home and raise your child. If you already a stay at home mom, how you can afford the additional expenses. Making plans for the child's birth and delivery.
