As much as you want to celebrate, theres also that nagging fear youll slide back into bad habits.
You get the idea.
According to a Forbes survey in 2024,28% of Americans use credit cardsto cover expenses they cannot afford.
Need a Hand With Bills?
Listen, we know its tough out there.
But theres no shame in asking for help.
These companiesmake it easy to help yourself and your bank account.
Being debt-free allows you to have more financial freedom to make strides toward your big ticket financial goals.
There are mental benefits, too.
A healthy relationship with money gives you more confidence and decreases stress about regular, everyday purchases.
Being in debt and especially if you are poor on top of that its so grinding, Somers said.
Let the pride you experience paying down your debt influence your next steps.
Now, its time to adjust your budget for new goals.
Its sort of not letting yourself go unconscious, she said.
Its staying conscious about how much your life costs… and what matters to you.
Add up the total expenses, then divide by 12.
That number becomes the periodic savings entry in your monthly budget.
You have to use savings as the vehicle to sustain your life, Somers said.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
Unfortunately, we are imperfect human beings, and mistakes happen.
Avoid these debt traps to stay debt-free.
If you really want to avoid falling back into debt, check that you practice understanding the difference betweenwantsandneeds.
This can help you evaluate purchases before making a commitment.
Get specific about your savings plan and assign specific responsibilities to your money rather than letting it sit.
And when Im tempted to raid it for a shoe sale, I think long and hard about it.
Credit card use should be carefully monitored to be truly successful.
And you should celebrate, just maybe not in the way youre used to.
Celebrate by creating new habits and plans that will ensure your continued success.
Your financial wellness is a constantly changing process that requires that you stay attentive and practice good habits.
Can You Survive 10 Days of Budgeting?
Tiffany Wendeln Connors is a staff writer at The Penny Hoarder.
Readher bio and other work here, then say hi to her on Twitter @TiffanyWendeln.
