Do You Make Enough Money To Get Out Of Debt?

There are several reasons why people get into debt. Maybe it was student loans. Maybe it was a fancy new car when you got your first, "big boy job." Maybe it was a new couch or a brand new TV. Or, maybe it was a medical emergency and you had to pay with a credit card.

Regardless of the reason for your debt, the fact is...you're in debt. Everyone knows how to get into debt, but very few people know how to get out of debt. Did you know that 73% of Americans will die in debt? That's almost 3 out of 4 Americans who will never pay off their debt. Too many people have never been taught how to get out of debt. However, instead of owning up to the situation they're in and working on a plan to fix it, people will just continue to go further into debt and make excuses along the way.

One excuse I hear over and over again is this: "I don't make enough money to get out of debt." They imply that their low income will not allow them to make anything but the minimum payments on all their debt. Let's stop right here...unless you are jobless and have a $0.00 income, yes, you make enough to get out of debt. Stop making excuses and stop holding yourself back. Experts say that getting out of debt is 80% behavior and 20% head knowledge. Did you catch that? Getting out of debt is not about how much money you make, but about 1) knowing what to do and 2) actually doing it! So, do you have enough money to get out of debt? Yes, you do! It doesn't matter if you make $25,000 a year or $125,000 a year...you can still get yourself out of debt.

The biggest moment in my Financial Freedom journey is when I simply made the decision to change. I would learn the tips and secrets of getting out of debt along the way, but the first step I had to make was deciding to change my behavior. Remember, getting out of debt is 80% behavior. Your behavior is what got you into your financial mess...now you have to change your behavior if you want to get out.

Tired of only making your minimum payments? Then it's time to change your behavior! If you don't have a huge income, then it's time to look at your finances and see where you can save some money. The littlest things can have a huge impact on your finances. Let me give you a few examples.

Fox News reports the average American spends $1,100 a year on coffee at a local coffee shop instead of brewing it at home. Instead of a $3.00 coffee on your way to work, why don't you brew your coffee at home, put it in a "to go" mug, and put your savings towards debt? In the course of a year, you have knocked your debt down by an extra $1,100. I'm not saying give up your coffee (I would never suggest that...trust me...coffee is life), but by simply changing a behavior, you have started spending your money wisely.

What about soda (coke, pop, or whatever else you want to call it)? The average American household spends $850 a year on soda. I love Diet Dr. Pepper. Right after coffee, Diet Dr. Pepper is my "go to" drink. I'm surprised I don't bleed brown. We used to have a ready supply in our fridge at home and of course I had to get one every time we went out to eat. One of the hardest decisions I made was to give up soda. Buying soda is one of the biggest rip offs. Some restaurants will charge you almost $3.00 for a drink and you may only get one refill. I decided to "cut back" on my sodas (again...I would never suggest give it up completely because Diet Dr. Pepper is life). Imagine if you took the $850 from sodas and the $1,100 from coffee and put it all toward debt? That's almost $2,000 just by changing two simple behaviors.

Not everyone drinks coffee and soda. And not everyone who does, will want to give them up. The point is this: it's time to go through your life with a fine tooth comb. What changes can you make? Can you switch cable providers? Lower your cellphone data plan? Switch grocery stores? Eat out one less meal per week? Can you pack your lunch instead of go out? Can you pass on the daily donut or candy bar? Can you cancel the gym membership and go take a walk in the park? Once you make the change, put the money you used to spend on useless items and start paying off your debt!

I can almost guarantee that if you take a serious look at your finances and see where you can make some changes, you can find at least an extra $100 a month to put toward debt. Maybe, if you have a larger income, you can find more. However, even just an extra $100 a month toward your debt will go a long way in paying off those annoying creditors.

Do you see what you just did there? You gained a little bit of knowledge, but now it's time to change your behavior. It's time to make the change. These simple changes can be huge for your financial freedom. You don't need a raise at work, you don't need to make a lot of money; you just need to make the decision to change! It doesn't matter how much money you make...everyone can change their behavior.

Kevin