A Get Out of Debt Plan – This Will Work!

Written by admin on December 7th, 2010

I want to tell you this right at the beginning: Without a get out of debt plan, you will not get out of debt! Does that sound like too bold of a statement? I hope it does, because most people that are in a lot of debt need to hear it straight or they will never shake out of it. So, do you have a plan or are you just scraping by payment after payment just making the minimum payments? What I want to do in this article is give you a straight forward and simple plan that will help you to get out of debt, if you make it happen.

Evaluate – Where exactly are you at? You need to take an honest and serious look at your current financial situation and consider all your options.

Ask yourself a few simple questions like: How did I get here? What can I change today that will help me tomorrow? Is there anyone I know that has been in a similar situation that can help me get my finances in order?

Budget – As much as you may hate the sound of that word a budget is absolutely essential if you are at all serious about getting out of debt. Start with a very specific budget in which you account for every dollar of income that you get. Don’t forget to put an emergency category in your budget so that if you fridge or car needs repairs you won’t have to take that money from your mortgage category.

Many people see a budget as restricting, but it is actually very liberating. If you will stick with it long enough, you will agree.

Be Disciplined – Another word most people don’t like but this is also something that you will have to become in order to keep yourself from accumulating more debt. Stop spending where ever you can. Get rid of all non-essential recurring bills. Stop going out for meals and stop going to the movies! Instead, take the family to the park for a picnic and some homemade sandwiches and chips! (You’ll be glad you did!) It is little things like this that will make the difference in the long run!

Tags: , , ,

Leave a Reply