At FIRMS we are aware that most you are probably still trying to get used to the fact that a premier debt collection agency, such as FIRMS, would actually want to help you get out of debt. Well, trust us when we say that a major part of our pride is helping people just like you learn to better manage your finances and become financially healthy so you can avoid going into unnecessary debt. While most debt collection companies might try to intimidate you and remain focused on simply collecting your money, FIRMS is dedicated to helping you learn to get out and stay out of debt.
One of the more serious factors in the life of someone stuck in the debt cycle is their mindset. It is not just the mindset of finances and understanding money but the mindset of negativity that keeps us outside the place of growth and change. One of the most important aspects to getting out of debt and making better financial decisions is staying positive in your thinking and your views about where you are going.
FIRMS has developed three changes you can make starting right now in your life to help you get out and stay out of debt.
- Stay Positive in your thinking. NEVER allow your thoughts or feelings go to a negative place concerning your finances. If you currently have some outstanding debts, don’t have negative thinking keep you in the debt cycle. Change your thinking to be positive. Tell yourself that yes, you do have some debt, but you are going to have everything paid off soon and you are making better financial decisions.
- Set a goal and complete it. Start with something simple like you are going to cook dinner at home more often rather than eating out. Don’t start with your first goal being something along the lines of paying off your home. Sure, you can pay off your home but that could take a long time. We are looking for short term goals that you can complete soon and get some momentum going in your favor.
- Set a savings goal. Set out to save $100 and then take that $100 and put it towards one of your outstanding bills or debts. Write your goal down on a piece of paper and set it somewhere you’ll see it often. Maybe tape it to your refrigerator or inside your car where you can see it. Now work towards saving that $100. Look in your house and car for spare change, maybe make your coffee at home instead of going to Starbucks. Once you have saved your $100 go and put it towards an outstanding debt.
These are three actions and changes you can make RIGHT NOW that will help you get out of debt and actions that will make you much better and managing your personal finances and having far better financial health.
Leave your comments below and let us know some of the ways you work to become better at managing your finances. And as always, leave any questions you have below and we will answer them in our upcoming blog posts. FIRMS is dedicated to helping you get out of debt.
Nobody wants to get a notification from a debt collection agency that they have an outstanding debt, even if it’s from an amazing debt collection company such as FIRMS (we’re a little bias). Nonetheless, we at FIRMS have written a post to help you plan for your financial future and avoid falling into unnecessary debt.
Life can bring a variety of uncertain twists and turns and without being properly prepared for those funny little bumps in the road we can find ourselves struggling to financially handle them. When life brings those twists and turns and we are unable to financially pay for them, we can begin a life of debt in order to cover our unexpected bills. However, establishing a proper savings account can help us avoid going into unnecessary debt and can keep us financially liquid and stable for the rest of our lives.
There are 4 main twists and turns that can cause us to go into debt if we are not prepared.
- Unexpected Medical Bills.
- Sudden loss in employment.
- Significant life changes.
Most of these financial hiccups can be handled without being forced into debt if we are properly prepared and we can properly prepare by simply saving money. Some experts suggest having three months of expenses in your checking account at any given time along with having a separate emergency fund in order to be adequately prepared.
If you don’t have any form of savings for those emergencies and unexpected financial burdens in life, we suggest starting with a basic emergency fund where you will save $1,000. Saving an initial $1,000 is important because it will help you focus on putting money away and it won’t make the process of saving seem so daunting.
Once you have your initial $1,000 emergency fund saved you can begin setting more money aside to build your main fund of having two-three months of expenses saved and available, should you experience a sudden financial burden.
We have 5 top ways to start saving money today.
- Set a budget…AND STICK TO IT. Don’t allow yourself to deviate from your budget once it’s set.
- Don’t stress spend. Most of us tend to make little purchases whenever we want to or when things get stressful but those purchases can add up fast!
- Eat out less and cook more. Going out to restaurants for your meals can get expensive, especially if you’re doing it more than once a day. Start cooking your meals at home, it will save money and bring your family closer together too.
- Save anything and everything. You found an extra $3 in the laundry? Put in your savings account instead of spending it. No matter how big or small the amount is, put it in your savings account, you’ll be amazed how fast your savings account can reach your goal.
- Wait 30 days before making a significant, non-essential purchase. Thinking of buying that new $60 video game? Wait 30-days. You’re less likely to make those insignificant purchases after 30 days and those $60 video games can add up fast and keep you from reaching your savings goals.
Saving money for unexpected life events and bills can be fun and easy when you put your mind to it. Don’t be intimidated by the number you need to save, start saving now and you’ll be surprised at how quickly you reach your goals. Your future self will thank you for it.