The Fall always feels like a time of renewal for me … I have even been known to make resolutions in the Fall! You can begin to get out from under your debt any time of the year – it doesn’t have to be Spring! All you need to do is take stock of your situation, and set goals for getting rid of it.
The first step is figuring out the amount you owe. If you don’t take an honest look at where you are now, you won’t be able to make a plan to change your circumstances. It may be difficult, but you must be honest with yourself and calculate all of it; credit cards, car loan, mortgage, etc. List them all, writing down the amount and interest rate of each one. Pay the minimum amount due on each debt each month so you don’t get behind. Then take a look at your budget and see what else you can put toward paying them down each month. Start with the smallest bill that is due and put any extra money in the budget toward paying that one off, and when that one is paid off you can put the extra amount toward the other bills.
The best resource I have found for all of this is Dave Ramsey’s method. A trip to his website will not only help you get a plan together for ending struggles with debt, but it will also give you a plan for your financial future. Check out the “baby steps” that are listed; they will be a huge help in getting your financial house in order. And as a single mom, that can feel like a huge struggle!
Getting out of debt is never easy. It required a great deal of planning and focus. I understand the struggle, and feeling smothered by the fear of never getting out. But if you start small and follow through, you can begin to see some improvement in your financial situation.