Let’s talk about the dreaded “D” word today – DEBT.

There is this huge misconception about getting out of debt and having to live this rigid life where you never get to do anything fun UNTIL your debt is paid off.

That’s just simply not true.

You can still have fun, still live life and still be spontaneous even when you’re determined to get out of debt.

In today’s video, I’m sharing my tips for paying off debt while still having fun. These tips are super simple to follow and will help you keep motivation. You can watch online or down below:

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SAVE FIRST

Make sure you have a fully funded emergency fund first and foremost. This emergency fund is a life saver when the unexpected happens, and trust me, it will happen. So make sure you have at least $1,000 in your emergency fund before even thinking about anything else. Also, make sure you shouldn’t have more than $1,000 in your savings account. There are times when you might need additional money in your emergency fund – large family, expecting a baby, planning to move, and so on.

GET FOCUSED

Make sure you know what your end goal is. Are you planning on becoming completely debt free – mortgage, cars, student loans, everything? Are you planning on getting the small stuff out of the way so you can start planning for your future? Just understand what your end goal should look like. Make sure to talk it out with your spouse so that you’re on the same page, too.

When you’re trying to become debt free, you should know what amount you need. This means understanding your current balances, interest rates, minimum payments, and so on. That way you can continue to focus on the progress you’re making.

BE CREATIVE

Do your research when it comes to having fun. I know, I know – research and fun doesn’t always go into the same category. But hear me out. You can easily have fun around town, weekend trips and activities for your kiddos with a little bit of creativity. Find free or reduced entry fee days to parks. Find the cheap days at the movie theater. Look for free concerts that your kids would love. Plan fun date nights while keeping within a budget to force each other to think outside of the box.

When it comes to your social life, invite friends over or arrange for a monthly pot luck with friends. You can easily rotate whose house you go to, each person preparing a dish to bring and then you can have a fun night in.

PLAN AHEAD

Plan your vacations in advance. One hiccup most families face is vacations. Now some experts will say you should have lavish vacations until your debt is paid for. Or they say you should plan staycations to save money. Now all of these are good tips, but I have a different mindset. You see, I believe in making memories now, when your kids are little and when you have the chance because you never know what the future holds.

Now don’t get me wrong you shouldn’t be going into debt just for a vacation, but you can easily plan and save for one. Pick a location about 2-3 years in advance, do your research and start saving. You should save for the cost of staying at your destination, travel to and from, food, excursions, activities, and souvenirs – all of it. That way you can easily pay cash the entire trip and not go into debt.

The biggest takeaway is that you can still have fun while paying off debt. A budget doesn’t have to restrict you, it gives you freedom to live and to stress less. Don’t charge your credit cards and spend money you don’t have just to have a good time for a day. Plan ahead, make smaller sacrifices now so that you can enjoy yourself freely later.

READY FOR MORE?

Grab the Budget Success Checklist to help you create your dream budget. This guide will walk you through the steps you need to understand your expenses, track your spending and create a budget that will ACTUALLY work for your family.