9 Ways To Stay Of Debt And Manage Your Finances

Knowing that you have a load of debt and constant money problems can be quite stressful and often weighs you down.  Learning how to get out of debt can be challenging and adventurous.  Here are some ways to get out of debt and be in control of your finances, so you can have more for spending wisely.



You need to Setup a Budget and Commit to it.

You need to know where and how you are spending your money. Record all your expenses, from your rent or mortgage payment to present utility bills, car insurance, car payments, food and clothing, dining

out and other purchases. Then, list your income and spouse income and see how much money is left over after monthly expenses. Look at your bank statements to see where you need to cut down your spending.

Avoid Getting yourself into future Debt

say no to any new purchases and throw away catalogs, avoid impulse buying, watching QVC channel and other shows to tempt you to make purchases, and shopping online Also avoid going to mall too often. Don’t open any more credit cards

Develop a system in paying off your present debt

First, list all debts in a notebook or notepad from the smallest to the largest. List the credit card name and the balance, the interest rate and the minimum payment due. You can pay more than the minimum payment. List your mortgage payment, car payment and other bills and list your liabilities. Determine if you need to get an extra part time job or work more hours in your present job to pay off your debt.

Do not let Credit Cards control you

Only use credit card for emergencies. Make purchases wisely with cash or debit card. Determine if you can afford to make a purchase or should wait for a few


Don’t live beyond your means

Assess your situation financially. Do you need to sell your home and move into smaller house or a condo/townhouse to get out of debt? Should you sell your car for a used car? Should you cut down on eating out and make meals at home.

Don’t Pay for Anything Full Price

Look for deals and sales, but be wise and determine if you are getting very good price for the item. Buy things at a garage sale, discount outlets and ebay.

Find Ways to Save

Use coupons for department stores, grocery shopping and eating out. Look for coupons in the Sunday newspaper, free coupon websites (eversave.com, coolsavings.com, couponbug.com), Sign up at manufacture’s website, supermarket websites and restaurant websites to receive coupons by mail or email. Cut down on eating out a lot.

Have a Savings Account

Put Aside a Certain Amount Of Money From Your Paycheck monthly into your savings account.

Look for Free Activities to Enjoy Life

Exercise for free, walk the stairs, visit a free museum, read magazines at your local library, instead of paying money for magazine subscription. Check out videos at the library, instead of renting and buying them. Check the internet or your local newspaper for free events in your area

Article Written By Janellegems

freelance writer, counselor, mentor

Last updated on 21-07-2016 260 0

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