In this economy, it's not uncommon to be struggling financially. Regardless of your financial status, there are things you can do to change your situation. By applying the following tips, you'll be on the right track to debt reduction and financial success.
1. Be honest with yourself.
Find out exactly where you stand financially, no matter how scary this seems. Write everything down on a piece of paper from how much you owe to your monthly expenses. Once you see everything on paper, it seems a lot less overwhelming.
2. Use cash.
Instead of using exact change when paying for things, break a dollar. Save the change in a glass container or milk jug. Place it where you can see it everyday, you'll be surprised how fast it adds up.
3. Have only one credit card.
Stop getting further into debt by using too many credit cards and applying for new ones. Use just one with a low limit and set this one aside for only emergencies.
4. Set a budget.
Put aside a certain amount of money each month for all of your expenses. Don't go over the budget, this includes money for groceries.
5. Stop splurging!
Cut down spending with everything from food to clothing. Don't just buy things because you have a coupon or the store is having a sale. A few dollars here and a few dollars there adds up to a nice chunk tucked away in a savings account.
6. Eliminate the unnecessary.
Sacrifices must be made to stay financially fit. Eating out, Cable TV and double-tall lattes are not necessities. If this is a challenge for you, use a calculator and add up these seemingly small expenses each month. You’ll be shocked at how much extra you are spending, money that could be saved.
7. Pay your bills on time.
Paying your bills on time prevents late fees and gives you the financial satisfaction of knowing they are paid. If you can't pay a bill on time, at least stay in contact with your creditor. These companies never refuse to take a little that day and work on a payment arrangement.
8. Get a calendar.
A calendar is an easy and inexpensive tool for keeping track of your finances. There is nothing more satisfying than seeing those giant letters reading “PAID” to remind you everyday that you are on the right track.
9. Sell some stuff.
Clean out your closets and have a yard sale. Sell some of those never-watched DVDs you don't need. For big ticket items, set up a sale through Craig's List or Ebay. It's so rewarding to clean up the clutter that we simply don't need.
10. Stay positive.
This is so important to stay on track. Remember, even the deepest debt situations are repairable. With a positive attitude, patience and determination, your financial situation will drastically change for the better.
1. Be honest with yourself.
Find out exactly where you stand financially, no matter how scary this seems. Write everything down on a piece of paper from how much you owe to your monthly expenses. Once you see everything on paper, it seems a lot less overwhelming.
2. Use cash.
Instead of using exact change when paying for things, break a dollar. Save the change in a glass container or milk jug. Place it where you can see it everyday, you'll be surprised how fast it adds up.
3. Have only one credit card.
Stop getting further into debt by using too many credit cards and applying for new ones. Use just one with a low limit and set this one aside for only emergencies.
4. Set a budget.
Put aside a certain amount of money each month for all of your expenses. Don't go over the budget, this includes money for groceries.
5. Stop splurging!
Cut down spending with everything from food to clothing. Don't just buy things because you have a coupon or the store is having a sale. A few dollars here and a few dollars there adds up to a nice chunk tucked away in a savings account.
6. Eliminate the unnecessary.
Sacrifices must be made to stay financially fit. Eating out, Cable TV and double-tall lattes are not necessities. If this is a challenge for you, use a calculator and add up these seemingly small expenses each month. You’ll be shocked at how much extra you are spending, money that could be saved.
7. Pay your bills on time.
Paying your bills on time prevents late fees and gives you the financial satisfaction of knowing they are paid. If you can't pay a bill on time, at least stay in contact with your creditor. These companies never refuse to take a little that day and work on a payment arrangement.
8. Get a calendar.
A calendar is an easy and inexpensive tool for keeping track of your finances. There is nothing more satisfying than seeing those giant letters reading “PAID” to remind you everyday that you are on the right track.
9. Sell some stuff.
Clean out your closets and have a yard sale. Sell some of those never-watched DVDs you don't need. For big ticket items, set up a sale through Craig's List or Ebay. It's so rewarding to clean up the clutter that we simply don't need.
10. Stay positive.
This is so important to stay on track. Remember, even the deepest debt situations are repairable. With a positive attitude, patience and determination, your financial situation will drastically change for the better.
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