Weightlifter Wisdom Can Help You Get Out of Debt
By Lauren Turinetti | April 3, 2018
The gym is not just a school of fitness — it’s also a school of life. Several of the thought processes and ideologies of physical fitness also apply to life outside of the gym, like your financial fitness. We’ve come up with four; how many others can you think up?
Have a plan
Just as a beginning weightlifter needs to start an exercise regimen carefully, so must a person in debt. Sit with a family member or spouse and map out an action plan for paying off your debt.
- Focus on getting the highest debts under control first.
- Reach out to different companies that offer debt consolidation and see your options. This is available for student loans, credit cards, and other debts (National Debt Relief).
Most fitness enthusiasts take supplements to enhance their weight training results. If you find it unrealistic to pay off debt, consider supplementing your income. Although challenging, it is possible to increase your monthly income (The Penny Hoarder). Think about your current skill set and what you could offer to other people. For example, if you are a teacher you could tutor for a few hours a month. A few hundred dollars every month could go a long way.
Shed weight to move more freely
Weightlifters seek to shed unnecessary pounds. People in debt can shed needless expenses every month as well. When was the last time you closely examined your debits every month? Consider these following examples:
- Instead of eating out everyday for lunch, pack your own.
- Get a better quote on your auto insurance.
- Trim your cell phone and cable plans.
To max or not to max?
Not all gym practices apply perfectly to your finances, however. For example, maxing out. Maxing out at the gym means lifting the heaviest weight you can, which is one of the best ways to get stronger. But applying this concept to spending is not a great idea. Constantly using your credit card and running high balances will set you up for disaster. It is unlikely that you will pay off a high balance quickly if you are already having financial issues. Go to failure on a set at the gym, not with your credit card (Lift Credit).
Just going to the gym can help you achieve physical fitness, practicing good money management “exercises” can help you achieve financial fitness. You do not have to be meticulous with every dollar you spend, just like you don’t need to be meticulous about every calorie or rep, but being aware of how you manage your wealth will help you reach your goals faster.
Crossfit Black Bear offers powerful solutions to help you reach your fitness goals. Look through our success stories to get inspired today!