Five Principle Steps of Debt Relief

There are plenty of concrete how-to guides out there that seek to help us with getting out of debt; however, I believe it's important that behind these concrete guides there exist a set of principles and values that guide our steps. Below I've listed five principle steps for getting out of debt; these seem to be the most common principles I see out there when I look at personal finance sites' how-to guides. I believe that applying these principles to your financial situation could greatly increase your chances of getting free of your debt.

Accept Your Situation

The first principle of freeing yourself from debt is that you must first accept that you are in debt. This means that you have to become aware of your situation, and you must become aware that your past actions created greater debt for yourself. Only once you have become aware and accept that you are in debt can you begin to become free of debt.

Establish a Routine

Next you should establish a new routine for yourself, one that is different from your old routine. By following a new routine, you can reboot your financial mind. Also, a new routine will help you only spend money on things within that routine. So if you used to always eat lunch out, then replace that routine with one of preparing a bagged lunch the night before.

Sacrifice Your Treats

Sacrifice is a huge part of becoming free of debt. You have to sacrifice a lot of the things you once valued, as often these things are expensive. Sacrifice things that are unnecessary or only considered of short-term need. Your sacrifice will free up money to go towards paying off your debts, thus allowing you to enjoy what you want to enjoy in the long term.

Give to Charity

One way to remind yourself to strive for a debt-free life is by giving to charity a small portion of your income. This act will serve to remind you that others are less fortunate than you, which will encourage you to remain debt-free so that you may take full advantage of the opportunities you have that others missed out on.

Return to Your Roots

Finally, return to your roots. By this, I mean that you should return to the values that you learned from your family and your parents. For example, if you were given an allowance, try to think of the lessons you learned by earning that allowance. If your parents were frugal, try to think of ways they would have handled your current situation. If at all possible, visit them and seek out their advice.

About the Author:
This guest contribution was submitted by Katheryn Rivas, who regularly writes for online universities.  She can be reached via email at: katherynrivas87@gmail.com.




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