Five Secrets of Debt Management

Five Secrets of Debt Management

There is an old saying: “When you find yourself in a hole, the first thing to

do is stop digging.” When you are taking control of your finances, that old

saying applies.

The sooner that you can get control, the financial hole that you have to

climb out of won't be as deep.

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When you get that first double electric bill, or when you find yourself using

your credit cards to pay for the necessities, you are in trouble.

Stop digging. Take control now.

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1. Stop using your credit cards. Cut them into pieces and cancel the

accounts. If you don't, the hole will only get deeper.

2. Sit down with a pencil and paper and figure out how much you have coming

in versus how much you have going out. If income is more that out-go, you

have a chance to get things right yourself. If income is less than out-go,

you need to seek help from a qualified financial planner or debt consultant...

NOW.

3. Cut your monthly expenses for the necessities. Eat in rather than out.

Turn off lights when you leave a room. Raise or lower the thermostat so that

less energy is used for heating and cooling.

4. Start saving money. All this requires is a trip by the payroll department

where you work. Even if you start by having only a few dollars taken out of

each paycheck and saved for you, it will be a beginning that you can build on.

Think of saving as paying yourself first.

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5. Avoid all impulse buying. When you go to the grocery store, take a list,

and stick to what is on the list. Don't look left or right at the checkout

stand. Use cash to pay for groceries rather than a check.

Rev. Dr. Maggie Crook
http://homeincomeportal.com/magcro766/

Article Source: http://www.mycontentbuilder.com

Rev. Dr. Maggie Crook homeincomeportal.com/magcro766/

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