Debt Settlement-ten Steps To Living Debt Free
Here are ten tips on how to adjust to a debt free lifestyle
. If you follow these tips you will be on your way to living debt free.
Tip 1 - No excuses. It's always easy to make excuses for why credit cards are necessary "I like to buy things online." "Carrying cash is cumbersome," etc. However, if you are going to really life debt free, you need to eliminate you excuses and just suck it up.
Tip 2 - Know your debt. Some day you will be debt free, but today is not that day. Gather up all of your revolving debt (credit card bills, medical bills, etc.) and add them all up. That number is your ultimate goal.
Tip 3 - Create a budget. You have to know what your monthly expenses are so you can plan accordingly. Ignoring this will only lead to bounced checks, borrowed money and more debt problems.
Tip 4 - Throw away the plastic. The average American carries more than $8,000 of credit card debt. That kind of debt can completely stress a person out and put a major crunch on an already tight budget. End the plastic brigade and throw those credit cards away.
Tip 5 - Use the ATM and your checkbook. Instead of having money debited from your account (without you having to watch it leave) or just paying everything with plastic, use case for all purchases accept ones made online. This will force you to watch how much cash you have to fork over for each expense you have.
Tip 6 - Free up some cash. Go over your monthly expenses and see how many items you can cut out without losing major items such as rent and car loans. Magazine subscriptions, cable channels you do not watch, frequent trips to restaurants and other forms of wasteful spending can be eliminated to create hundreds, if not thousands, of dollars of room in your monthly budget.
Tip 7 - Eat in. Make restaurants and fast food a weekend expense, not a week day expense. Eliminating as many trips to the golden arches as possible, as well as trips to Olive Garden and such, can lead to hundreds of dollars in savings a month.
Tip 8 - Use the word debt often. Instead of calling them "credit cards," call them "debt cards." You are getting products in exchange for debt that you now owe Visa, Mastercard or some other credit card company. Debt is a much dirtier word than credit, and using that word will help you avoid mistakes.
Tip 9 - Make some extra money. Getting debt free might involve more than just eliminating expenses, it may also involve you making as much money on the side as possible. Side income from a night time pizza delivery job or a weekend paper route can act to both humble you and provide a way to put money towards your debts.
Tip 10 - Mark you progress. If you start out with $55,000 of debt in June and get it down to $45,000 of debt by September, then you should mark your debt free progress with some sort of celebration. It will help serve to encourage you as you continue to shrink that number.
by: J Chase
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