Four Ways to Get Out of Debt

Want to Get Fiscally Fit?

The Fastest Ways to Get Rid of Debt

By Therese A. Hartmann

This is the time of year that folks eat, drink and spend far too much money and then end up in the land of regret come January. But stop a minute, could this be the year for some big shifts in your life? And, are there shortcuts to getting physically and fiscally fit?

Just yesterday, I went to get a wellness check-up with a local (functional medicine) doctor, something I hadn’t done for over a decade. The goal being to create a baseline for new habits I’m putting in place. These involve my new Peloton bike, drinking a green smoothie every day and taking more time for reflection. This checks the box for me personally for physical health but what about finances?

A great goal, getting out of debt — getting ahead financially — can be a fun “game.” There are a number of approaches that have merit. One, or all, might be perfect for you.

• Debt Snowball — while conventional wisdom suggests paying off bills with the highest interest rate, this method has you make a list of all debts and pay off the smallest amount first. While making minimum payments on the other debts, once that debt is gone, you attack the next until all debt is gone. With “snowballing,” you rely less on willpower and more on the sense of accomplishment. This approach, as it turns out, is a lot more effective for sticking to goals.

• Finding Money — If you’re living paycheck-to-paycheck, you may be wondering where you can find the funds to add a little more to pay extra to your debt. Start by reviewing your regular spending and see if there are any areas that you can cut back — even if only temporarily — while you work on paying off debt.

• Create a Budget — It’s hard to do either of the above without having a roadmap of where you’re going. This is when a budget helps. Define your needs and wants and do a written outline of expenditures with daily check-in’s and weekly reviews. Bringing in someone to keep you accountable wins you extra points!

• Consider a Side Hustle — If you’re currently unemployed, you have a chance to reinvent yourself. This might just be the opportunity you’ve been looking for! Explore with confidence and don’t be afraid to reach out to professionals who might be more helpful than you could expect.

Once, when I approached an individual representing a real estate investment firm — one of the fastest growing in the United States at the time — he surprised me by asking if I would act as their broker. I did this for several years just prior to the real estate decline in 2008 and earned unexpected tens of thousands of dollars. All from a simple meeting!

Self-awareness is always the best starting point whether you’re focused on your health or your money, or both. Taking action and finding enjoyment in participating in your new life will bring the magic. And honestly, if not now, when?

Therese A. Hartmann has 20 years’ lending experience. She is a Licensed Broker, California Dept. of Real Estate #01048403, NMLS # 298291, affiliated with C2 Financial Corporation. For a free consultation, call Therese today at (805) 798-2158.

Donna Sallen

Your Ojai life awaits in this 4,314 square-foot, 5-bedroom, 5-bath home amid the orange blossom-scented air of the legendary East End. With 2.38 acres, you’ve got plenty of room for gardens and projects. Perfect for entertaining and hosting friends and family in the guesthouse, cottages and writer’s studio, this two-story Victorian will open your sense of possibility and wonder.

Donna Sallen 805-798-0516 www.DonnaSallen.com Donna4remax@aol.com There’s no place like home ... Let me find yours.