Debt Free Living – Consumer Debt Consolidation Tips
June 19th, 2007 | by admin |Think that debt free living is something the other person can do but not you? Think again. If you are ready to get out from under the looming shadow of debt you may have found yourself under, there are some steps you can take.
Make a realistic budget. In order to not miss any extra spending you might do, write down every time you make a purchase. Do you really need that Wall Street Journal? Do you really need that Egg McMuffin? At the end of the week, make a list of purchases you really cannot do without, such as gasoline for the car, food, and add in your rental or mortgage payments and utilities. Add in your credit card and loan payments and see how much you have left over. That amount is what you are wasting in frivolous spending habits.
Start cutting corners where possible. Take your lunch. Make your breakfast. Stop buying packaged foods and buy fresh. Cooking is relaxing for most people and it is far healthier to eat your meals at home. Hold on off on clothing shopping until absolutely necessary, then visit discount stores – don’t pay department store prices.Learn to look in your Sunday paper for coupons for the items you purchase most. Add up one month’s worth of savings from using coupons to purchase your groceries and you will find the amount truly eye-opening.Use the money you’re saving to double up on your credit card payments where possible. Pay off the smaller balances first and then take the money you were using to pay off those smaller cards and disburse it to the next lowest balance. Each time you pay off a loan or credit card – move the funds you to the next debt. You are already spending that much per month anyway, you shouldn’t miss it. Doubling up on your payments will help wipe out your debts much faster.Look realistically at your debt and start making positive changes in your lifestyle and you will find yourself living truly debt free in no time
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