Debt is a major problem facing our generation. Collectively, we’ve entered into a toxic relationship with our student loans, our credit cards, and even our auto loans. Along the way, spending everything we make has become normalized. People think they can’t live any other way.
That’s no way to live.
Financial freedom is not having to rely on a paycheck. Financial freedom is a life without debt. Financial freedom is the freedom to work any job you want, instead of being stuck in one you can’t stand. Financial freedom is a cathartic release from anxiety.
We want to bring that experience to you, one small step at a time.
The first step, which is a very big one is awareness. Most people in their 20s and 30s ignore it, allowing their debt to grow and fester.
But that’s not you.
Just by reading this, you’re already on your way to getting away from your debt. Debt doesn’t just magically disappear and trust me, making minimum payments won’t help it go away either.
Four Main Steps:
Find out exactly how much money you owe. Make two lists. One list that shows all your monthly expenses (feel free to use Chromabill to do this) and another list that shows all the accounts you have that have an outstanding balance (credit cards, loans, etc.). Note down exactly how much money you owe on each account and write it down.
Get laser-focused on one financial goal at a time. In order for you to succeed at meeting your goal, the goal itself has to be a part of you. Ask yourself, Is my goal aligned with who I am and who I want to be?
Once you’ve set a realistic goal, make sure to log your progress every day. If your goal is to pay off a credit card with a $500 balance, make sure you save money throughout the week and log all your progress. Even if you can only afford to save $1, just do it. Once your mind gets in the habit of saving, this will start to grow. The idea is to stay consistent with it.
At the end of the month, look back on your progress. Did you make enough progress? Did you meet your goal? What worked well? What could have worked better?
Staying accountable is extremely hard and the road to becoming debt-free can feel lonely at times. That’s why we’re working to improve our app. At Chromabill, we want to encourage you to become the best version of yourself and in order to do that, we want to give you everything you need to be successful.
Here’s a sneak peek at some of the things our team has been working on:
App Development Progress: #BuildInPublic
✨ Community: Rember that goal you made way back in Step #2? What if you could share that with others and get encouragement and insights along the way? With our community section in the app, you’ll be able to keep track of your financial goal progress and share it with others like you. Gain and share insights with others on what’s worked and what hasn’t so we can all collectively work together to help one another succeed.
✨ Bank Connection: We want to make it easy for you to understand how you are with your money. By securely connecting your bank with our integration with Plaid, you’ll be able to get a deep dive analysis of your spending habits. You’ll also have access to transaction monitoring, filtering, categorization, and so much more.
✨ Explore: Explore is a knowledge center we’re working on in Chromabill so you can get bite-sized insights on ways to improve your financial situation from experts in the field. It’ll be completely personalized to your needs so we’ll only deliver areas that are important to you.
To stay updated on our development progress, make sure to subscribe! You can follow our progress on Twitter.