get out of debtFinancial freedom. I hear that term used over and over, but I don’t think I am clear on what it means. Personally, those two words are like an oxymoron. They just don’t go together. Maybe I think this way because It has been a long time since I have known anything outside of living paycheck to paycheck. Chris and I used to have expendable income, way more than we needed.  Now, it is hard to make ends meet, especially when you have two extra mouths to feed. Each time we think we are doing alright, something happens. The car gets a flat tire, a check we forgot about overdrafts our account, one of the kids gets sick and we have to pay for two weeks of unused daycare plus a doctor’s visit. What gives? We sat down and came up with a plan; a plan to get out of debt.


A Plan for Getting out of Debt

This is a no-brainer, but my God is it hard to achieve. We need to start off by sitting down and determining exactly just how much debt we have. We can then work to come up with a monthly payment that makes sense for us and our budget.

If you can downgrade, then downgrade. We rent our home. Come to find out, we spend more than the national average in our housing. Unfortunately, we live in a high priced region of Florida. We are planning on moving in the next year and will be keeping our eyes peeled for housing that is less than the $1,300/month we currently spend.

Like housing costs, if you can find a way to cut your transportation costs, do it. For Chris and I, we decided to get rid of one of our financed cars. Chris has a patrol car for work so our second car is not used much. We were able to sell our vehicle privately and take that money to purchase a kick around car. This helps us to save $350/month.

This has got to be the most important part of any get out of debt plan. We are terrible at maintaining a budget. I don’t think we have had a budget in years, if ever. The very first thing we must do is determine our budget to determine if and where we might be hemorrhaging money. Then we can work to achieve the next important piece of our get out of debt plan, paying down our credit cards.

A little over two weeks ago I submitted my financial information to SUM180. In return, I received a detailed plan telling me exactly what I needed to do and where I needed to begin if I wanted to experience financial freedom. I was pleasantly surprised by the positive feedback that I received about my finances. But then came the ugly. My negative net worth, my off the charts credit card debt. It was hard to look at. As I continued to read my customized plan, it was clear that a lot of thought went into it. It even included a minimum monthly payment that I should make in order to completely eliminate my credit card debt in just 7 months and tips to reduce my payments in the meantime. I shared my plan with my husband and we are now having conversations about finance like we have never had before. We now have a plan to get out of debt.

If you are interested in getting out of debt, my readers are receiving a special introductory offer of 50% off a SUM180 subscription. Just use the exclusive promo code SIMPLE50. This offer is good through December 2016, so don’t wait too long to set up your plan!

This post has been sponsored by SUM180. I was provided with product at no charge to sample in exchange for my review. The options expressed in this post are my own. I am in no way affiliated with SUM180 and do not earn a commission or percent of sales.

To keep updated with SUM180, follow their social media channels on Facebook, Twitter, and YouTube.