Stop making these 7 money mistakes!

How to Stop a Financial Train Wreck

  November 22, 2022  |    #Live Fabulously

Hi there! You new here? We love that you found our little corner of the web. Here at Debt Free Guys, we’re all about helping people experience the freedom of becoming debt free! Would you love to feel that relief? After reading our article below, see how we can help you more here.

5 Steps to stop a financial train wreck

Learn how to stop or avoid a financial train wreck on this Queer Money®. Then kick off your financial independence journey now by getting your free copy of the 7-Step Credit Card Debt Slasher.

How to avoid the train station of BROKEsville

We received the following email from a listener: 

My credit card debt has swallowed me up. I was doing okay as a registered nurse until I left during COVID because I needed a mental health break. I eventually fell behind on credit card payments, and my interest rates went to 28%+. I’m working again but not earning what I was, and it’s been hard. My partner and I are looking for a home right now. I’m not going to lie; it feels a bit hopeless.

On episode 348 of the podcast, we discussed how to avoid the debt depression spiral. But what do you do if a financial train wreck is already in the making?

On this episode of Queer Money®, we share 5 ways to stop a financial train wreck, challenging you to start with a dinero detox and get honest with yourself about your money situation. We discuss how to perform financial triage, describing how to identify where your money is going, reduce your expenses and increase your income.

Listen in for insight on making consistent progress toward your money goals and learn how to break big financial problems into small, manageable pieces—and put the breaks on a financial train wreck!

Listen to learn the 5 steps you need to help stop a financial train wreck:   

Topics covered on how to stop a financial train wreck

  • 5 steps to help you stop a financial train wreck
  • Why we suggest a dinero detox to take a break from spending and reflect on your financial situation
  • Why it’s crucial to be honest with yourself re: your money issues
  • Free tools to help you improve your credit score
  • What it means to do a simple financial snapshot of your current situation
  • How to do a detailed spending analysis to identify where your money is going 
  • The easiest ways to reduce your spending on groceries and entertainment
  • Our top 3 strategies to increase your income
  • How to break big financial problems into small, manageable pieces
  • Being consistent as you work your way toward financial goals
“Track and measure your progress. You can't improve anything you don't measure.” -John Auten-SchneiderClick To Tweet

Resources to stop a financial train wreck

Connect with David and John

Get more on how to stop a financial train wreck

We’re David and John Auten-Schneider, the Debt Free Guys and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs, and 3) save and invest for retirement.

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Avoid these 7 mistakes to get on the fast path to wealth.