livingdebtfree

1. Live within your means! I know that it is very easy to take out a loan for a home or a car that is beyond your ability to afford. Do not charge your movie tickets instead pay with cash. Do not spend more than what you have.

2. Don’t count your chicken before they are hatched. You are not able to fully guarantee that you will still have your job next month. So make sure that you are spending less than you earn.

3. Keep one credit card for emergencies only, an emergency does not count as tickets to the ballgame or an appointment at the spa.

4. Keep track of all that you owe. An idea best would to use a spreadsheet include the interest rates, balances, monthly payments, and a total of all the balances. Update this monthly if you are paid monthly, or update it biweekly if you are paid twice a month at your job. If you do not have a spreadsheet on your computer there is a free program called OpenOffice that you can use.

5. Save up for a rainy day. It is good to save some extra money and put it aside for any emergencies make come along. An emergency is an issue that requires immediate attention such as an accident or a family emergency.

6. Talk with a credit counseling service to help you work out a plan to see if the amount of your debt can be reduced and make an easy monthly payment for all of your debts.

7. Don’t eat out. Learn how to cook and make your own meals. It is easy to make several meals to last for the week. Also make your lunches from home. This will not only help your pocketbook but will help your health as well.

8. Rent DVDs from the library. In some libraries they are free to rent and if they do cost, sometimes it is for $1 or $2. I have noticed that many libraries do carry the latest titles.

9. Make a budget. Figure out what your expenses are, and make sure to have enough to put to your “Rainy Day” fund.

10. Eliminate items that are not necessities such as buying lunch, cable tv, etc. This will help you to save even more money.

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