The Home Stretch: What to do When You Graduate DMB
Wow, it is almost over. The months of budgeting, saving and living a frugal lifestyle will soon leave you debt free. It wasn’t that long ago that you thought your financial situation was hopeless, but you have successfully fought back against unfair credit card practices and taken control of your finances. Now that you are in the home stretch of your debt settlement program, the trick is to remain focused. Continue saving your required monthly settlement amount, and if possible increase your savings amount in order to complete your program ahead of schedule.
But just because you will soon become debt free doesn’t mean all the hard work is over. Becoming debt free is merely the first step on the road to financial success. There is still some work to be done in order to guarantee a prosperous future. Here’s what you need to do:
- Remember What You’ve Learned: Be sure you don’t slide back into your old spending habits. Remember that credit cards have as many negative attributes as they do positive, and make sure you use them responsibly.
- Continue to Budget Your Finances: Continue to map out your monthly finances and savings amount. Use the money you were placing towards your debt settlements to begin building up your savings or start looking into investments. Start small and contribute every month. You will be surprised at how quickly your money will grow.
- Start Rebuilding Your Credit: The years of credit abuse and your debt settlements have most likely left you with a poor credit score. Consider consulting with a reputable credit repair company to begin rebuilding your credit.
- Treat Yourself: After so many months of living a frugal existence, it is time to treat yourself, your spouse, and your kids to a weekend getaway or a nice dinner at your favorite restaurant. You deserve it. Just remember to pay cash and leave the credit cards at home!
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