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Ok, so you’ve decided you want to get out of debt. Otherwise, you wouldn’t be here reading this site! You’ve already determined how much debt you actually have and you know where your money goes. Now, it’s time to set a debt elimination goal.
Why do you need a debt elimination goal? Research shows that people that set goals are significantly more likely to get their desired results than somebody that doesn’t set a goal. Think of it this way, if you were going to get in your car and drive, what are the odds you’d get where you wanted to go if you didn’t know where you wanted to go? On the other hand, if you decided that you wanted to go to Disney World, you’d have a much better chance to get there!
Be Specific!
“I want to be out of debt” is not a goal. It’s a wish. “I want to pay off $20,000 in credit card debt by my 45th birthday” is a goal. What’s the difference? Goals are specific and measurable. You can be held accountable for a goal. This is not the time to be wishy-washy! Don’t know what your goal is? Go sit down and figure it out. I’ll wait.
Ok, did you figure out your goal? No? I said I’d wait…
Got it? Did you write it down? No? Go do it! Why? Back to the research. People that write down their goals are more likely to achieve them than people that just decide to achieve something. Again, it comes down to accountability. If you write it down, it’s harder to ignore — and harder to forget! So set a goal. Remember, specific, and measurable. And then write it down! If you need encouragement, come discuss it on the get me out of debt forum!
[...] If you want to get out of debt, you need to know where your money is going. Without this information, you’ll never reach your debt elimination goal. [...]