10.07.2010 / Debt Reduction Tips

Getting out of debt can take time, but there are things you can do along the way, while you are paying off your debt, to make sure it does not happen again. Here are a few ideas from the First National team to help you reduce your debt.

"Having a solid plan on where your money goes will not only help you pay off debt, but will also help you ensure you do not get back into debt."
Debt Reduction Tips

Tip #1: Start a Budget – Sometimes it’s not just enough to set up payments on a debt, but make sure you are keeping up with a budget. Having a solid plan on where your money goes will not only help you pay off debt, but will also help you ensure you don’t get back into debt.

Tip #2: Plan Ahead – One of the biggest reasons people go into debt are unplanned expenses. A little planning (and some preventative spending) can help avert disasters. Great example - instead of waiting to take your car in for an oil change, plan for it so your engine doesn’t fall out! Another planning example – weekly menus – can stop you from splurging on takeout when you get busy.

Tip #3: Reduce & Recycle – Get rid of stuff you no longer need or use by selling it – used bookstores, eBay, classifieds and consignment shops are all great ways to recycle and make some cash. Instead of spending that cash on new stuff, apply it to your debt.

Tip #4: Revaluate Expenses – It’s one thing to cut the “fat” in your budget – cable, magazine subscriptions, etc – but by doing a little comparisons shopping can help you out too. Check your other bills – like car insurance, grocery shopping – to see if you’re getting the best deals you can.

Do you have any other debt reduction tips that have helped you?


Posted at 01:58 PM | Permalink
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