Over the course of the year, Catholic Charities Budget Counseling sees well over a thousand people. They all have one thing in common: they want to be debt-free. Money plays an incredible role in our lives, and debt often controls us instead of us controlling debt. With patience and dedication, you, too, could be debt-free! Here are a few tips to help you begin the journey:

• Figure out what your debt is comprised of. What made you build that debt? You may need to search deep down to find the answer. Some of the most common reasons are: impulse purchases, being unable to delay gratifications, and not being able to distinguish between needs and wants. Whatever the reason, you need to identify and conquer it. • Develop a budget. It’s a common misconception that only people with money problems have budgets. In reality, financially successful people have budgets, and they use them religiously. Make sure your budget includes a savings component to deal with all of those unexpected expenses that can come up. • Use the “snowball” method. Pay off your smallest debt first, and then take that money and add it to the payment of your next smallest debt. Continue this process until your debts are retired. • Start saving. When your debts are paid off, use that old debt payment money to develop your retirement accounts. If you were able to live without that money, you certainly don’t need to spend all of it just because it’s there. • Continue to work your budget. Remember, the only way to get out of debt is to regularly pay on your debt and not create new debt. Again, the savings component of your budget will help you avoid creating new debt.

Remember—you didn’t build up your debt overnight. So it will take you time to get rid of it. Keep visual track of your progress—this will keep you motivated when you’re feeling down. Concentrate on what you’ve accomplished and what you will be able to accomplish in the near future. Congratulations on taking your first steps to financial freedom—that’s priceless!