Become Debt-Free with This Savings Account Plan

To become debt-free, you have to get out of the mindset of even being in debt at all. Stop focusing on debt. I think Bob Proctor said it best when he said "I don't care if your thinking get in or get out. If your thinking debt, you're going to get debt." Followed by, "Set up an automatic repayment system and start focusing on prosperity."

Set up an automatic repayment system? How to do this? This is where I come in...

There are three easy steps.

1.) Set up a Savings account at your bank and ask them to give you access to it only two days a year. This will take away your will to want to take the money out because you don't have access to it.

2.) Set up a direct deposit of 5-15% of your paycheck to be deposited into that account. The direct deposit is a must if you plan on doing this. From experience I can tell you that money seems to have a way of disappearing way before making it to the savings account if you don't set up direct deposit.

After getting used to the smaller paycheck you wont even realize or notice that the paycheck is smaller.

3.) Forget about it for six months.

Let's say you have a paycheck of 300 dollars a week. Lets also say you put 15% in that account each week. That calculates out to 45 dollars a week. After 6 months you will have 1,080 dollars in your savings account.

That's 3 and a half paychecks that can go toward paying off your debts.

Before you go to the bank to take the money out, your going to wan to get into the mindset that you ARE going to pay off your debts with it. If you don't get in this mindset you might just go out and spend all the money. Then you will have to wait another six months to start paying your debts off again. Pay off your debt. It's better for you in the long run.

Once in the mindset that you are going to pay off your debt, go to the bank. Take out all the money you will need to pay them off. This may take a couple times to do, but in the end you will be debt free. You will have a lot less stress as an added bonus, because instead of worrying about your debt constantly you now only have to worry about it two days a year.