7 ways to eliminate dept

7 ways to eliminate dept

7 ways to eliminate dept

Many Americans today find themselves in large,seemingly insurmountable amounts of debt. They ignore the problem until it threatens their financial health and has huge negative effects on their life. Learn how to take control now and eliminate your debt by following these seven easy steps and the best part is that it won't cost you a dime to do so!

1. Use Common Sense

People fail to realize how much they have already spent, and before they know it, they're maxing out their credit cards on a monthly basis. The best way to know just how much money you are spending is to pay for everything in cash. This means using credit cards only for emergency purposes, such as unexpected car expenses and medical emergencies. By paying with cash, you will gain a higher appreciation for every hard-earned dollar.

2. Stop Impulse Buying

Do you really need that item? Instead of buying it now wait a week and see if you still want it. If you want to freeze your debt, you must freeze your spending.

3. Develop A Plan

There is an old saying in the financial world: If you fail to plan, you plan to fail. This advice applies to everyone, including family households. Start by developing a road plan that will take you to debt-free zone. You need to know how much your total debt is and how long it will take you to pay it off given your current payment plan. The next process involves establishing a budget. List all your revenues and keep track of your expenses. This will give you a better idea of how much money is coming in, how much money you're spending on different activities, and whether or not you can sustain your current spending habits. Once you know exactly how much you're spending, it's time to cut back on unnecessary expenses. Take a close look at each expense and determine which ones can be eliminated. You can then use that extra money to lower your debt. Cutting back takes a lot of willpower. If you find it difficult to do so, I suggest you set up expense jars. They work in a very simple manner: Set up a jar for each main activity, such as movies, clubbing, restaurants, fast food, gas, and so on. Every month, put cash into each jar according to your budget. Once the money is gone, stop that particular activity. If there is money left over, apply it to reducing your debt. As rudimentary as it may seem, this technique works wonders.

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