Money Stand

Dreaming of being debt free? Three tips for today!

December 16, 2009

The first step is to notice that you have a problem so well down you have completed the first step and hopefully the only way is up! It will take a lot or determination and maybe even some sacrifices however it will be worth it in the end. The second step would be to stop spending. Of course there are always the essentials you need to buy but could you cut down on luxury products and nights out etc. Also it does help to cut the cards up; it means the temptation has been removed.

There are many things that you can do to get you started.

• How about looking at the interest rates on credit cards. Is it possible to switch these over to something that is 0% and stop you wasting money on just paying off the interest which can take years to clear off the balance?

• Earning more money is also a good way to chuck some extra money at the debts to get them paid off quicker. How about extra shifts, a second job or even selling unwanted items on the internet. It can be hard work but remember your aim – to be debt free. It can help setting yourself a goal and give yourself something to work towards.

• Something that is definitely worthwhile doing is drawing up a list of all your incomes and out goings. This way you can pin point areas which may need a bit of work and help to save any money which you can throw at the debt. A budget for food etc can stop any wastage. Also it is a good idea to work out which debts need the most attention, these are usually the ones with the high interest.

Filed under: Debt Advice, Debt Management, Money, Savings