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Getting out of debt is not an easy task. Personal finance books about eliminating your debt provide valuable information in addition to being great motivators. Many debt relief reads give a step by step plan for getting rid of the debt followed by steps for achieving financial stability. If you have debt or are just looking for books that give you a better understanding of money, here are seven books that give great advice for moving towards financial freedom.
1. Debt Free For Life: The Finish Rich Plan for Financial Freedom
This #1 New York Times bestselling written by author David Bach also known for writing a number of other books in the personal finance field. While some financial advisers categorize debt as good and bad, David teaches that it is all debt. The book provide the tools to get out of debt, stay out of debt and achieve financial freedom for life. In today’s credit card society, David’s debt free method of living is refreshing.
You’ll learn how to calculate your Debt Freedom Day – the actual date you will be completely free of debt. This book doesn’t just teach debt freedom. It takes you to the next level by teaching you how to save for retirement with the extra money in your budget.
Debt free for life teaches you the rules of winning the debt game and becoming financially free.
2. Debt-Free Forever: Take Control of Your Money and Your Life
This book was written by Gail Vaz-Oxlade. She used to have a television show that started out by her coming to spenders home and walking through. This usually gave her incite into how her clients were spending their money and as a result accumulating their debt. She also calculated how much debt they would have in five years if they continued at their current spending trend. Her book will help you:
• calculate how much you owe—and what it’s costing you
• build a budget that works
• maximize your debt repayments so you can be free of consumer debt in 3 years or less
• prepare for a rainy day so it doesn’t mean a major setback
• set goals for your new, debt-free life.
Gail teaches her clients how to spend using a “cash only” jar system. She also challenge them to find low and no cost entertainment options. This book gives you a step by step plan for getting out of debt in 3 years.
3. How to Get Out of Debt, Stay out of Debt and Live Prosperously
This book teaches you how to recognize the warnings signs of getting in over your head as well as how to negotiate with creditors, collection agencies and the IRS. There is information on coping with anxiety and stress that can result from excess debt.
This book well help you design a payback schedule that is realistic and manageable.
How to Get Out of Debt, Stay Out of Debt, And Live Prosperously was written based on the principles taught in Debtors Anonymous. These principles will help you get to the root of why you overspend. Knowing why you overspend will bring great value in being able to live debt free. Even if you don’t think your debt is the result of overspending, this book is still a good read for interested in smart money management.
4. You Broke Because You Want to Be: How to Stop Getting By and Start Getting Ahead
This is another book I read because of a TV show I enjoyed. Larry Winget is the author of this book and has been on the New York Times bestseller’s list 6 times. His show, “Big Spender” revolved around family members calling Larry to do financial interventions on people whose spending and borrowing from friends and family members had gotten out of control.
His methods involve looking at a person’s spending weaknesses, cutting anything that is not a necessity out of their spending and giving them a budget to follow. Particpants have to sign a contract agreeing to spend according to the budget. Larry’s philosophy is that a person is broke due to their own bad management of money.
5. Deal with Your Debt: Free Yourself from What You Owe
Written by respected author Liz Weston, this book provides a realistic approach to getting out of debt now. Options for getting credit and repaying it have changed wildly over the past few decades. This book is written for today’s individuals seeking debt relief and guidance for managing money.
Deal with Your Debt guides your through prioritizing your options and gives you the help you need to stay motivation by guiding you down a path that has goals that are achievable. This book not only takes you through debt management, it is a great guide to the ins and outs of credit cards, mortgages, home equity loans, student loans, auto loans, and many other issues that an individual is likely to encounter sometime in life.
This book will take you from debt elimination to managing your personal finance matters on a daily basis.
6. How to Stop Living Paycheck to Paycheck: A proven path to money mastery in only 15 minutes a week!
This book is by Avery Breyer and if you have a Kindle Unlimited subscription, it can be yours for free. I just love short, direct to the point publications and that is exactly what this ebook offers. You should be able to get through it in a few hours.
Discover the most important aspects of paying off your debt and putting together a manageable budget in 15 minutes each week. This book shows you just how sexy a large emergency fund can be and how to avoid budgeting traps.
Got a few hours? Pick up How to Stop Living Paycheck to Paycheck and add its principles to your knowledge base.
7. The Total Money Makeover: A Proven Plan for Financial Fitness
Davey Ramsey is a well known author and financial coach. He has been on television and has courses that are offered in schools and churches everywhere. His well known book also has a companion work book that walks you through the steps of getting out debt, building an emergency fund, saving for your kids college, paying off your mortgage and preparing you for your best financial future ever. You will also find information to:
• Design a sure-fire plan for paying off all debt—meaning cars, houses, everything
• Recognize the 10 most dangerous money myths (these will kill you)
• Secure a big, fat nest egg for emergencies and retirement!
This is a great read if you feel like you have compulsive spending tendencies.
Additionally, if your feel like you spend mindlessly, reading about personal finance can keep you motivated to make choices to help you get and stay financially free. Reading is a perfect stress reliever and good way to build knowledge. Pick a few of these books or all of them and start reading.