Is money tight?
In this particularly insane economic time, people might tell you to join the club, but I decided to offer something a little more useful. So, before you go deciding on things to cut back – like the Cable TV, that system you got from homessecurity.com, or even the internet – take a look at some tips to help you get out of debt and get your life back on track.
1. Take Inventory – Yeah, it can be ugly totaling all those sums, but knowing how much you are paying and taking stock of all your typical purchases each month based against your income can really help you formulate a plan to deal with that debt.
2. Attack Your Debt – Find out which debt you can tackle easiest. For example, if a portion of your debt is going to a credit card and the amount is significantly smaller than the rest and you can easily pay it off then do it. The sooner you pay off that credit card, the less interest you will accrue over time.
3. Discipline and Reward – Think long and hard about what you are purchasing. Do you really need it? Will it be cheaper later on down the road? And, remember, just because you are trying to save doesn’t mean you can’t reward yourself for your effort, but be prudent and mindful.