Cutting Credit Card Debt: The Relationship Between Losing Weight and Staying Debt-Free
Like eating all the yummy food and treats that we love, whether it's chocolates or cakes, it's sometimes hard to resist spending. Luckily, we can get rid of credit card debt using the same strategies used for losing weight. If you have ever had to deal with losing weight, then you might find it easier to relate with these strategies:
- Find out why you are going overboard
Find out why you have been eating too much. There is often a reason behind it, whether it is out of boredom, to help you cope with a difficult situation, or sheer indiscipline. The same applies when you discover that you have been spending too much. Are you spending to keep up appearances, help yourself feel better about a bad situation, or some other not-so-great reason to spend? Once you know where your problem lies, finding a solution shouldn’t be too difficult.
- Cut down on consumption
If you really wanted to lose weight, you would not begin to eat more but rather, you would do the exact opposite. The same applies to managing your card balances. Cut down on your spending, starting with the most useless items you find yourself spending on.
- Create a plan
Usually, when you are dieting, you might have to create a meal plan to help you eat healthier. The same way, when you are trying to manage your credit card debt better, you should create a debt elimination plan to give you an order to follow when paying off your debt. As there are different meal plans you can use, there are also different strategies you can use to eliminate your credit card debt. You can arrange your debts from the highest to lowest interest rate or the smallest to largest debt, depending on what works for you.
- Track your progress
Normally, when you are on the journey to lose weight, you might use a fitness tracker to monitor your calories. Likewise, when you want to shave off debt, you must track your spending and monitor exactly what you are spending on. The easiest way to do this is to use a budget. You can make it as fun as you want, as long as you are disciplined and stick to it.
Ever tried to lose weight? Why not share what you did that you think might help you stay debt-free.