One Simple Idea to Help with Debt

July 2, 2008 · Filed Under help with debt, money saving ideas

Who needs help with their debt? Who’s sick of those dreaded credit card payments? Who’s tired of being behind every month? Who’s ready to get ahead and take charge?

That’s most of us, isn’t it?

All we have to do is understand one idea: KEEP THINGS SIMPLE!

Let’s take a look at our lifestyles and spending habits. Take out your bank statement for the past month and examine your expenses.

Are you going to Starbucks every morning?

Are you going out to lunch and dinner every other night?

Are you at the gas station often?

Are you spending too much over the weekend?

Are you shopping impulsively?

Are you making purchases on ebay and online?

Only you can figure out where your paycheck is going. Only you can decide if you want to get serious about this debt and do something about it. Only you can change those nasty spending habits.

When you’re ready, here are 4 simple rules to live by. This will help you with debt and help you avoid using those credit cards.

1) ONLY SPEND ON THINGS IF YOU NEED IT TODAY. Ask yourself, “Do I need this today? Can I wait until tomorrow?” If so, WAIT!

2) QUIT TRYING TO KEEP UP WITH THE JONESES! (Who are they anyway?) Do you really need that status car? Do you need those rims? Do you really need that phone that does anything more than call someone? Do you need that calling plan with unlimited calls and texts? Do you need 1000 channels on your TV plus Netflix plus Blockbuster? Do you need a tv *and* a computer in each room? Can you hold off buying a new pair of shoes?

3) USE YOUR DEBIT CARD TO MAKE THOSE NEEDED PURCHASES. If you don’t have the money in your account, don’t make the purchase. We need to learn to budget. We need to learn to say NO to ourselves. Does anyone have their own saving funds anymore? One for Christmas, one for birthdays, one for vacations, etc. Do we just continue to charge things that aren’t within our means? People are even charging phone bills and property taxes. We need to plan ahead for these expenses or we’ll be in big trouble!

4) DON’T GET OVERWHELMED! Start off with one expense that you’d like to eliminate and go from there. Maybe pack your lunch for work this week. Maybe take your coffee to work instead of stopping at Starbucks. Maybe go to the library instead of purchasing that book. Something. Just start somewhere. Take some action. And then, stick with it. You’re going to have to make sacrifices and it’s going to hurt but you’re tough so just stick with it.

These are just basic suggestions. You can add to it. But if you’ve read this far, you have to do something. Start today. For a comprehensive website that has a wealth of information to help with your debt, check out www.bankrate.com . It has information about credit cards, CDs, mortgages, retirement, taxes and so much more.

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Comments

5 Responses to “One Simple Idea to Help with Debt”

Tim Ramsey on July 2nd, 2008 7:16 am

I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog.

Tim Ramsey
Epiphany on July 3rd, 2008 7:30 am

Great tips! Using your debit card instead of a credit card is a good one and doing a budget is really good advice.
Chris on July 14th, 2008 7:40 am

Thanks for your comments Tim and Epiphany!
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