Rewrite Your Money Story And Get Out Of Debt With These 7 Strategies (2024)

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Last week I wrote a post called Why Understanding Your Money Story Is The Key To Financial Freedom.

This week I wanted to elaborate on some strategies that combined with the others I wrote about can have you seeing, feeling and acting differently about money.

Why is that important?

Because if you see your financial situation as a negative instead of a learning experience, it will be that much harder to achieve your get out of debt goals.

So sit back and grab a cup of coffee, a pen, and piece of paper and let’s get started rewriting your story.

Table of Contents

Rewrite Your Money Story and Get Out of Debt With These 7 Strategies

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Heal The Legacy That Was Passed Down To You

Whether you like it or not, your childhood experiences determined how much money and success youfeel youare capable of as an adult.

Were you someone whose parents struggled with money and now youhave a scarcity mindset when money is involved? Or were you given an endless supply of the things you wanted, including money?

Whatever your situation was, you were learning from it the moment you were born. Our parents, relatives, and friends were your most consistent teacher.

Subconsciously, youtook on their actions and created your own money story.

Luckily, you’re not yourinherited habits. You’re afree-thinking human being, and youcan take charge of your actions. Youare the decider of your fate; if you want a life a filled with abundance, youcan take meaningful steps towards that daily.

Related: How Your Beliefs About Money Can Keep You Stuck {And What To Do About It}

Uncover and Release your Out-dated Money Beliefs

Your beliefs are the core of who you are. Whatever you believe in your mind is what’s forming the results in your life.

That is why you keep getting the same results in your life over and over again. You will attract events, circ*mstances, experiences, and people into your life that are in alignment with your beliefs.

If you’re not experiencing financial abundance and prosperity, if you’re struggling with debt and don’t feel your paid your worth, then I invite you to examine the beliefs you hold about money and wealth. Are you willing to give up old, worn out ideas that do NOT serve you in order to live an abundant, prosperous life?

If you’re willing to give up old, worn out beliefs that do not serve you in order to get out of debt and experience financial freedom, you’ll find as you work diligently to rewrite your story and discard what no longer works that you’re moving closer and closer to your desired money story.

Related: What A Wolf Can Teach You About Money

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Start To Create A New Story

The stories you tell yourself about money will keep you stuck. It’s time to stop telling them and create a new story. If you’re struggling to get out of debt, you can now look at debt as an important lesson learned about money. You can see yourself, not as someone with debt, but someone who is successfully paying it off.

Can you feel the difference? Remember your old story is just a story and you can change it.

Look at Money Differently

Because you probably struggle with the notion of what it would be like to have a substantial amount of money, one of the ways you can affect your thinking is to see money as a tool to help not only yourself but others.

Start looking at how you can be of service to others when you have money in the bank. If you had two million dollars in the bank, how would your life be different? Which charities could you support? What could you do to help your family and friends?

Related: Top Personal Finance Experts Reveal Their #1 Stay Out of Debt Advice

Surround Yourself With Positive People

You become like the top 5 people you associate with the most. Let go of people who complain about how miserable their lives are. Instead, surround yourself with individuals who feel positive about money or who are also diligently working on making their financial situation better.

Create a money goal and then develop the success strategy needed to reach that goal. In this way, your vision and your strategy influence your action steps—and it’s your direct action steps towards your financial realitywhich determines what you will achieve.

It’s not too late to set some money goals for yourself for 2016, so if you haven’t already, why not make a promise to yourself that this time next year you’ll be in better shape financially than you are now?

Write down your goals for the next 12 months. Make your goals clear, measurable, and time-specific so you can track your success.

Tape the list to your mirror, on your refrigerator, or on your bedroom wall, where you can read them and focus on them every day. We really do attract the things on which we focus, so keep your focus on what you want in your life!

Related: Why You Should Learn To Love Your Money This Valentine’s Day

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Think Differently

“Thoughts become things”. Your mindset does create your reality. It controls and influences your actions, choices, and behaviors—all of which are important when pursuing and achieving any goal. This is why if you want to experience greater levels of financial independenceyou need to think differently—especially as your current thinking has created your current life experience.

Ask yourself: “What would I have to think about myself and Who Do I Have to BE to earn my desired income and live debt free?”

Read: The 30 Day Love Your Money Mindset Challenge

Be able to Receive

Toss aside all the old notions you might have about being undeserving of money and undeserving of being debt free.

Open up to the likelihood that if you start to rewrite your money story, you can achieve exactly what you want: alife free of debt, with some money in the bank, earning the salary you desire.

It can happen.
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Rewrite Your Money Story And Get Out Of Debt With These 7 Strategies (2024)

FAQs

How do I rewrite my money story? ›

Here are steps to take control of your financial situation and change your money story.
  1. Identify limiting beliefs. ...
  2. Rewrite your beliefs. ...
  3. Identify disabling money habits. ...
  4. Set new financial goals that align with your new beliefs. ...
  5. Create a realistic plan. ...
  6. Take action towards your new financial goals.
Nov 17, 2022

How do you get out of a financial hole? ›

Ways to Dig Yourself Out of a Financial Hole (Part II)
  1. Stop Shopping. ...
  2. Enlist the Help of a Friend. ...
  3. Focus on What You Have, Not What You Want. ...
  4. Rethink Family-Related Spending. ...
  5. Keep Saving for Retirement. ...
  6. Build Your Emergency Fund. ...
  7. Trim Recurring Expenses. ...
  8. Celebrate Your Progress!

How can I reduce my debt and expenses? ›

7 steps to more effectively manage and reduce your debt
  1. Take account of your accounts. ...
  2. Check your credit report. ...
  3. Look for opportunities to consolidate. ...
  4. Be honest about your spending. ...
  5. Determine how much you have to pay. ...
  6. Figure out how much extra you can budget. ...
  7. Determine your debt-reduction strategy.

How do I reset my money? ›

Here are five actionable steps to reset your finances and get back on track to building wealth.
  1. Review Your Spending. Before you reset your finances, look back at how you've been doing financially. ...
  2. Reset Your Budget. ...
  3. Check Your Net Worth. ...
  4. Check Your Credit Score. ...
  5. Set New Intentions. ...
  6. Visualize Success.
Sep 24, 2022

How do I change my money mindset? ›

Six Steps to Creating a Positive Money Mindset
  1. Forgive Your Past Financial Mistakes. No one is perfect. ...
  2. Understand Your Thoughts and Emotions Surrounding Money. ...
  3. Realize That Comparing Yourself to Others is a Losing Game. ...
  4. Work on Forming Good Habits. ...
  5. Create a Budget That Brings You Joy. ...
  6. Remember to be Thankful.

What is the 20 30 rule? ›

Key Takeaways. The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

What are the 3 biggest strategies for paying down debt? ›

What's the best way to pay off debt?
  • The snowball method. Pay the smallest debt as fast as possible. Pay minimums on all other debt. Then pay that extra toward the next largest debt. ...
  • Debt avalanche. Pay the largest or highest interest rate debt as fast as possible. Pay minimums on all other debt. ...
  • Debt consolidation.
Aug 8, 2023

How to get $10,000 out of debt? ›

7 ways to pay off $10,000 in credit card debt
  1. Opt for debt relief. One powerful approach to managing and reducing your credit card debt is with the help of debt relief companies. ...
  2. Use the snowball or avalanche method. ...
  3. Find ways to increase your income. ...
  4. Cut unnecessary expenses. ...
  5. Seek credit counseling. ...
  6. Use financial windfalls.
Feb 15, 2024

Is the National Debt Relief Program legit? ›

National Debt Relief is a legitimate company providing debt relief services. The company was founded in 2009 and is a member of the American Association for Debt Resolution (AADR). It's certified by the International Association of Professional Debt Arbitrators (IAPDA), and is accredited by the BBB.

Is debt relief real? ›

If you're one of the millions of Americans struggling to repay high-interest debt, a debt relief plan may be an option to help you get your finances on track. But it's not a quick fix. It's a long-term solution designed to help you get out of debt over a period of time — typically several years.

How can the elderly stop paying credit cards debts? ›

Bankruptcy. Sometimes, it's best to just eliminate debts altogether through bankruptcy. This can effectively erase credit card debt, medical bills, utility bills, and other types of debt. With Chapter 7 bankruptcy, one can liquidate assets to pay off debt, except for child support, alimony, and similar forms of debt.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to live with little money? ›

How to live below your means
  1. Understand your current financial habits. Not sure how to start spending less? ...
  2. Create an effective budget and stick to it. ...
  3. Look for ways to reduce spending. ...
  4. Set financial goals for future success. ...
  5. Save for emergencies or major purchases. ...
  6. Pay down debt. ...
  7. Stay aware of lifestyle creep.

What are the warning signs of an untrustworthy debt advisor? ›

What are the warning signs?
  • creating an unnecessary sense of urgency.
  • charging a fee to submit a bankruptcy application.
  • encouraging false or misleading statements in bankruptcy paperwork.
  • suggesting that a bankruptcy or debt agreement won't affect a credit rating.

Is it OK to rewrite a story? ›

Rewrites Aren't the Bad Guy, Your Perception of Them Is

The words themselves are small vessels, but the idea – mainly the themes of our narratives – are what matter the most. Rewriting a book is a great task, not only to develop your narratives, but rewriting will make you a better writer.

How do I move on from money mistakes? ›

Here are 5 steps to help you move forward after a financial mistake and love yourself again:
  1. Step 1: Acknowledge the mistake. In order to move on, you need to accept and acknowledge whatever financial mistake you have made. ...
  2. Step 2: Talk about it. ...
  3. Step 3: Focus on the present. ...
  4. Step 4: Don't stop learning. ...
  5. Step 5: Let go.

What does rewrite my story mean? ›

Rewriting your story means that we try to find meaning in our lives/narratives that propel us to be our best selves. It means not using a story as an excuse. Reframing your narrative means finding power in our own stories so that we can grow and develop and mature.

Can I sell my story for money? ›

Yes, it's definitely possible to make money selling short stories. There are hundreds of websites and magazines that pay for short stories. You might not get rich selling your short stories, but this can be a great source of side income.

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