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You're out of debt, now what?

First of all, congratulations! It might not have always been easy, but you did it. You should feel great about that.

While our primary service centers around helping our client’s get out of debt, it is equally as important to us that our clients are set-up for success after graduation. Getting out of debt isn't easy, but you did it, and now that you’re no longer carrying around thousands of dollars of credit card debt it’s time to move onto our next goal. Helping you stay out of debt.

 

Good financial habits take time and patience to make permanent. By focusing on one thing at a time (e.g. just tracking how much you spend eating out), these changes will be easy to stick to and will more easily snowball into larger habits. Just like going to the gym, it is going to take time to build your financial muscle, but you’ll absolutely thank yourself for it in the future.

 

Here are some of our favorite tips for a healthy financial life to get you started,

 

  • Set reasonable budgets

  • Schedule your payment dates on a calendar

  • Avoid co-signing for loans

  • Avoid touching retirement accounts early

  • Start setting aside money into savings (even if it’s $20/mo.)

  • Pay attention to hidden fees

  • Check your credit report frequently

  • Unsubscribe from tempting sales emails

  • Cancel nonessential subscriptions

  • Start a change jar (you’ll be surprised how much you save!)

 

Face it, almost everyone has bad spending habits. The longer you stay in denial or oblivion, the more you're stealing from yourself. Take some time to list out your spending habits, decide which ones are beneficial and which ones are hurting you. From there pick just one habit you want to change. Once you’ve created a healthier habit, pick another. Take your time and don’t put pressure on yourself to be perfect from the start.

 

Tips and goal setting are great, but it’s important that we also face the reality that many of us are guilty of bad money habits such as,

 

  • Just paying the minimum each month

  • Relying on credit to pay bills

  • Impulse shopping as entertainment or therapy

  • Eating out constantly / buying coffee every morning

  • Not sticking to your shopping list at the grocery store

  • Waiting until the last minute to pay bills or paying late

  • Not checking your bank account before making purchases

  • Procrastinating on saving for retirement and emergencies

  • Not taking advantage of employer benefits (such as 401K contributions)

  • Always needing to have the newest phone or device (trust me, your iPhone 6 still works great)

 

There are many amazing online resources for living a financially healthy lifestyle, we’ve included a few below to get you started. We strongly encourage you to take some time to watch these videos.

14 Facts About Money You Should Know by Age 30
11:42

14 Facts About Money You Should Know by Age 30

There are definitely certain things you can do that will lead to prosperity, but there are others that will bring you to financial disaster. If you want to sleep soundly at 50 because you practiced good money habits at 30, then you’ve come to the right place. TIMESTAMPS Kids are expensive 0:48 It's not embarrassing to ask for a promotion 2:15 It's more profitable to rent than own 4:04 Invest in your health and education 5:15 Don't invest in something you don't know well 5:42 Don't borrow to pay old debts 6:16 Stay connected with your friends 6:50 Buy good quality shoes and clothes 7:19 Avoid impulse purchases 7:50 Start saving money for old age now 8:19 Eat and cook at home 8:44 Put part of your salary into a savings account 9:27 Be on the same page with your significant other 10:05 Find a passive source of income 10:40 SUMMARY - Raising just one kid can drain your funds up to as much as a quarter of a million dollars! - If you've been working in the same position for more than 3 years, the time has come to make your way up the career ladder. - When you rent, you don’t have to spend money on maintenance, taxes, and sometimes not even on furniture. - It's important to take care of yourself, go on vacation at least once a year, get enough sleep, and eat the right foods. - Giving into strong emotions or impulses to invest in dubious projects can strip you of a lot of (if not all) your money. - Don’t take out a new loan in order to pay off an old one, and don’t borrow money from one friend so that you can pay back another. - Personal relationships are much more important than money. No amount of money is worth losing your friend over. - It's more cost-effective to spend more money on durable things because you’re not buying them again and again. - If you’re on a tight budget, impulse shopping will punch holes right through it. - If you save at least $20 to $50 a month, you’ll have a decent amount in your account when you’re elderly, which will make you feel more secure. - Next time you go to the grocery store, count up how much you spend on your food. - Anything can happen, and some things demand a lot of money from you. - Partners should be unanimous when it comes to financial questions. - Study the best ways to invest money and choose the one that suits you the most. Maybe we've missed something? If so, add your own advice on how to manage money more reasonably in the comments section! Subscribe to Bright Side : https://goo.gl/rQTJZz ---------------------------------------------------------------------------------------- Our Social Media: Facebook: https://www.facebook.com/brightside/ Instagram: https://www.instagram.com/brightgram/ SMART Youtube: https://goo.gl/JTfP6L 5-Minute Crafts Youtube: https://www.goo.gl/8JVmuC Have you ever seen a talking slime? Here he is – Slick Slime Sam: https://goo.gl/zarVZo ---------------------------------------------------------------------------------------- For more videos and articles visit: http://www.brightside.me/

Our partnership is lifelong – even once you’ve graduated – and we will always be available to you. Our goal is for you to successfully resolve your debt through our program, and for you to never have to enroll again.

 

Many of our clients graduate the program with their sights on an important purchase. Should you need help getting a mortgage, business loan, or anything in between – let us know so we can refer you to one of our trusted partners.

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