J. Curtis
1) Create a budget. A budget should lay out all of your incoming money, where it is going and how much you have left over. This can help you take control by being more aware of your money and how it is being spent. Be realistic and stick to your budget each month.
2) Avoid unnecessary spending. While this may sound like an obvious strategy, the only way to make it worse is to continue bad spending habits. Before you purchase anything, ask yourself, "Do I need this item? Can I survive without it?" Purchasing those items that you need, like food and shelter. Cut any other unnecessary expenses.
3) Call your credit card company and ask about lowering your interest rates. Often, if you mention that you were thinking about switching to another type of card with a lower rate, your current card company will match that interest rate, saving you money.
4) Increase your income by looking for side jobs that you can do to increase the amount of money you bring in. Use that extra money strictly to pay down your debts, like credit cards and student loans.
5) Visit a credit counselor who can look over your spending habits, incurred debts and salary and work with you to create a personalized financial plan designed to get you out of debt as soon as possible. This can also help you be accountable to someone other than yourself.
6) Look into debt consolidation. If done with a reputable company, consolidating your debts can help keep them manageable, as well eliminate some of the high interest rates you've been paying. Investigate consolidation companies and choose a reputable one.
7) Let your family and friends know about your struggle, and use them as daily checkpoints who will help you stay on track with controlling your spending and paying off your debts. Just a simple phone call to remind you when a bill is due can help you to stay true to your plan.
8) Don't restrict yourself to the point where you can think only about spending. Being unrealistic about your debt plan is an easy way to sabotage yourself when your plan doesn't work. You'll become discouraged and only spend more.
9) Withdraw your budget in cash at the beginning of each week. You'll be able to see the money leaving your wallet, and once it's gone, it's gone.
10) Get rid of your credit cards so that you are no longer relying on them as a source of money. Leave one with a good friend or family member for emergencies, like health care costs.
Source: KING.NET
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