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  • Writer's pictureBrad Wooten

Practical First Steps Toward Being Debt Free

As part of my CPA Firm in Lake Nona, a community within Orlando, FL "the City Beautiful", one crucial aspect of personal finance that I often address is debt management. Today, I want to share some actionable steps to kickstart your journey towards becoming debt-free. There is no overnight solution, but you can pick one or two action steps and start today!

Step 1: Face the Numbers

The first step to conquer any challenge is to confront it head-on. Take an inventory of all your debts, including credit cards, loans, and any outstanding balances. This clarity is essential in creating a realistic plan.

Step 2: Choose Your Approach

When it comes to paying off debt, there are two popular methods: the Debt Snowball and Highest Interest First.

  • Debt Snowball Method: This approach, popularized by financial expert Dave Ramsey, involves tackling your smallest debts first. It's a psychological boost to see quick wins, which can provide motivation to continue the journey.

  • Highest Interest First: Alternatively, you can focus on debts with the highest interest rates. This method can save you more money in the long run, as you're targeting the debts that are accruing the most interest.

Step 3: Create a Conscious Spending Plan

Conscious spending (some may call it budgeting) is your roadmap to financial success. Categorize your expenses, allocate a portion towards debt repayment, and stick to it. Remember, I'm a firm believer in conscious spending – every dollar has a purpose.

Step 4: Cultivate Discipline

Getting out of debt requires discipline and commitment. It might mean making some sacrifices in the short term, but the long-term benefits far outweigh any temporary discomfort.

Step 5: Celebrate Small Victories

Remember, this is not an overnight process. Celebrate every milestone, no matter how small. It's these victories that will keep you motivated and focused on your ultimate goal.

Step 6: Address the Emotional Side

Debt isn't just a financial burden; it can also take a toll on your emotional well-being. Acknowledge the stress and anxiety it may be causing and seek support from family, friends, or a financial coach like myself. Having a support system can make a world of difference.

Step 7: Find Peace in Financial Freedom

As you progress on your debt-free journey, you'll start experiencing a sense of peace and empowerment. You'll have more control over your financial destiny, allowing you to allocate resources towards things that truly matter to you – like family, friendships, and personal goals.

In conclusion, the path to being debt free is a journey worth taking. No matter which steps you take first, what matters most is your commitment to the process. So, take that first step today, and let's work towards a financially secure future together.


I enjoy helping individuals with tax preparation and tax planning as well as offering financial coaching to individuals (and businesses) looking to overcome challenges and reach their financial dreams. I also service businesses (including nonprofits and churches) by providing tax preparation and tax planning as well as consulting for accounting, bookkeeping, and other finance related questions. I live in Orlando, FL, but I serve clients all across the country. Contact us if you need assistance and take a look at the resource page.

6900 Tavistock Lakes Blvd Ste 400

Orlando, FL 32827

(407) 243-8678

Serving clients in Orlando, Lake Nona, Altamonte Springs, Apopka, Azalea Park, Celebration, Hunters Creek, Lake Buena Vista, Lake Hart, St Cloud, Winter Garden, Winter Park and via the latest technology remotely around the country.

*The blog posts (as well as the YouTube channel) are my personal opinions and thoughts about a wide range of topics. They are not meant to apply to individuals specifically and should never be relied on as tax or investment advice. You should contact a professional for specific advice before taking action.

**This blog post was created with the assistance of artificial intelligence, edited by me, and expresses my personal opinions on the subject matter.

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