What debt reduction strategies should you use?

Do you feel paralyzed by the enormity of your money problems? Not motivated to start the process of fixing that problem? Afraid of messing up?

These are just of few of the reasons many Americans have a hard time getting started on the process of implementing debt reduction strategies. Even when we know we should be doing something about our debt, we find a way to put off doing the work that’s needed.

We find any excuse possible to leave it for tomorrow. We let the fear of something (anything) stop us from putting this unwanted chapter of our lives behind us.

And we allow distractions to help us procrastinate and avoid the job that needs to be done.

But overcoming any fear you may have and avoiding procrastination isn’t as hard as many people think it is. You just need a simple way to rid yourself of that fear and procrastination.

This article aims to help you do just that. You’ll learn some easy tricks you can apply to help you achieve these goals.

Whether you’re planning on using the diy debt reduction strategy, debt consolidation of some kind, or just want to know how to get things done when in debt, this blog post shows you how to get started.

Debt Reduction Strategy #1 – Become an Imaginary Coach

Have you ever given someone advice and then thought to yourself afterward that you were right on point with that advice? For some reason, human beings are a lot better at giving good advice instead of following it themselves.

So why not pretend like a close friend or family member is the one experiencing your problem and you are the one that has to help them navigate their way through the problem.

When it comes time for us to do something that desperately needs to get done, our brains malfunction. Even though we have a general idea of what we should be doing, we’re not really sure where to start or how to finish. That causes some confusion in our brains and that leads us to put the task off until tomorrow.

There seems to be something missing when it’s our turn to follow our own advice.

But this next exercise will help you get a clearer picture of what you should be doing to fix your problem.

Pretend like you’re coaching someone about how to get out of debt.

This strategy has worked for me in so many other aspects of life that I wasn’t taking action on because I felt unsure of the best path to take.

Here’s how this works…

First, I picture one of my good friends having the same problem I’m currently experiencing.

I then pretend like I’m the one giving them advice. In my head, I’m actually picturing myself giving them that advice. When I do that, the smart and important advice just starts flowing.

Everything feels right, like I’m covering all the important aspects of the problem with sound tips and strategies for them to use.

This technique helps you see what the good advice is and what YOU should be doing.

From reading up on improving your finances, you possess tons of knowledge about the subject. But you don’t take action on your financial problem because you fear doing something that will crater your finances even more.

Strategy #2 – Stop Waiting for that Magical Moment

Another problem I have with trying to accomplish something that I believe is difficult is that sometimes I wait for the right time. But usually, that’s just another way for me to put the tough decisions off until another day.

Basically, it’s a procrastination technique that at one point in my life, I really mastered. But it’s not a skill you want to possess.

And many other people do the same. Especially with decisions involving money and the family’s finances.

There’s only one way to tackle this beast.

Just do something.

Anything.

You’re not going to correct your problem in one try, so waiting for the right moment is pointless.

You should be thinking about chipping away at the problem slowly-but-surely. When you take on this mentality, the problem doesn’t feel like some big behemoth that’s impossible to fix.

And when you do feel like the right moment is upon you, that’s when you can take a bigger chunk out of the problem.

Because you feel more motivated, you can utilize a few different debt reduction strategies at the same time. You complete 3 or 4 tasks in one day instead of 1 or 2.

Strategy #3 – Relive the Good Times

Sometimes, you need some deep-down, feel-good inspiration to get motivated to do something important that you have been hesitating to do.

For me, reviewing and reliving fun moments usually gets me going in a positive direction. Especially when those fun moments are captured with family and friends.

When you are deep in credit card debt, just looking at family photos makes you want to not disappoint the people you care about. If you have kids, this method can really get you going.

Many people find it hard to get motivated when they are doing something for themselves. But if they are doing it for others, they are more likely to act.

So, just take out the family photo book or go through some of your old Facebook or social media posts to view past memories with your family. It’s sure to give you a spark… a jumpstart.

You’ll want to do right by your family and that’s usually a good motivator. It gives you that extra lift you need to finally get serious about your finances.

This can also be one of the most emotional things you can do in the course of reducing debt.

Strategy #4 – Forget Multitasking and Focus on One

Time and time again, research has shown that the human brain is not made for multitasking. Yet, that’s what most of us try doing when we feel like we aren’t being productive.

But that flies in the face of reality. The truth is, when you’re in debt, you should be focusing on one or two tasks per day to help move the needle forward.

That’s how you should be trying to get things done in regard to your debt. Research shows that going from one unfinished task to another only leaves more tasks UNDONE… as in NOT finished.

So what should you do? Work out a plan for your daily tasks that involve your finances. Focus on getting those one or two tasks done every day and you’ll be well on your way to accomplishing your goals.

Strategy #5 – Turn Off the Distractions and Start Getting Tasks Done

How many times this week have you wasted hours on Facebook?

How many hours are you wasting on other social media networks?

And how many hours have you spent watching TV or playing games on your smartphone?

With so much information and entertainment at our fingertips, it’s easy to get distracted. But it’s up to us to keep those distractions to a minimum.

It’s up to us to focus on the things that are truly important like our finances and family’s well-being.

If we can just cut down a little bit how much time we spend on each one of these distractions, we’ll have more time to focus on things like debt reduction strategies and financial issues.

But if we all continue to give in to the everyday distractions that surround us, we’ll only accomplish half or even less than of what we normally would be able to do.