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Let’s face it. You have a load of credit card debt and you don’t know what you can do. Allow me to share some practical solutions to your situation. No matter how much you would like to wave a magic wand and make the debt disappear, it won’t. No, these are not magical solutions, but sensible solutions to get out of debt and stay free from debt.
The very first move is to realize that your spending is out of control. It truly is. I know you had good reasons to buy as much as you did. Most likely those reasons were emotional reasons. People expected you to buy all that stuff. You were emotionally drawn to it. You just couldn’t prevent yourself from buying those things.
Bear in mind, commercials you read, hear or watch have just one aim: to get money out of your pocket into the pocket belonging to the advertiser. Commercials are built on emotion. You have got to recognize this and begin acting logically when it comes to money.
Hence, now’s the time to be sensible. Meaning you should start practicing money management methods that work in your best interests over the long haul. You’ll have to let go of emotions and do techniques that make sense. Toward that end, here are some practical steps you should take to erase your debt and live debt free.
First, establish how long it’s going to take you to eradicate your debt. Paying out the minimum required every month, it will probably take 5 to 10 years to pay off your debt. That’s if you don’t increase it by buying more things. You can likely pay more and may even find a way to negotiate a reduced interest rate with your credit card companies. Both these steps will help you grow to be debt free quicker.
Second, put a small amount of extra cash aside for emergencies. Everybody has unexpected bills. You should anticipate the bills unexpected events will produce by establishing an emergency fund to cover the costs of these unforeseen and unwanted events.
Third, as you can probably tell by now, you are going to be running really tight on money. Therefore, you’ll really need to develop a budget. Establish just how much money is coming in and what your required expenses are. Include in your expenses money for eliminating your debt, and your emergency fund plus other costs like groceries, housing, utilities and transportation. Discover places to reduce spending. Don’t let others kick your feelings into spending mode. Remain loyal to your budget.
Fourth, when you’re having difficulty eliminating your debt, you should get help from a credit counseling agency. The U.S. Trustee Program has a list of credit counseling services that will assist you. Some help you at no cost (and are paid by the credit card companies whereas other agencies charge you a fee for their services. Be sure you understand the fee structure before you contract to participate in their program.
The more you know about credit and debt the more easily you will be able to manage your money and remain debt free.
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Tags: debt
Posted in Budgeting · March 9th, 2010 · Comments (0)
I can’t believe how much I hate shopping for groceries. The only reason why I do, is because unfortunately my body needs food to survive. If I had my way, I would not eat and therefore would be able to save copious amounts of money each day to be able to spend it on what I actually want to spend it on. Am I venting? Well yes, it looks like you may have caught me in a moment of weakness where I have just returned from grocery shopping and my wallet is feeling significantly lighter. In this financial downturn where money is so difficult to come by, coming back from weekly grocery shopping depresses me somewhat. In fact the thought of having to shop for the groceries depresses me. Do any of you feel like that? Bottom line, many families are now struggling to make ends meet and to be able to put food on the table.
However in recent times, I have discovered a few key ideas that companies are engaging to not only help the consumer but also help their own back pocket (basically a win/win situation for these companies). There is no point pricing products out of the reach of the masses because in the end they will suffer themselves when they need to report on earnings. The 2 concepts which I am referring to are coupons and free samples.
Coupons: This has become a multi-million dollar concept with businesses willing to offer discounts or freebies in attracting new customers whilst trying to keep current patrons loyal. There are a number of websites that offer coupons across a large range of categories.
One of the top websites that offers coupons on a daily basis is coupons.com. Check it out. From $1 off and upwards to sometimes offering substantial savings, coupons combined with sales at large stores like CVS and Walmart can often mean free stuff. It is considered part and parcel of these cutting edge and ruthless times. In fact coupons are being used through social media like Facebook and Twitter by a number of major companies. By creating a buzz around their company, businesses are trying to gain relatively cheap promotion using Facebook groups and fan pages. If you don’t use coupons when shopping for your groceries, then I suggest you begin using them to save yourself some serious money.
Free Samples: This is the other concept that has grown in status over the past couple of years and definitely more during the recent financial economic crisis. By providing miniature samples of their products, businesses are able promote their products at a relatively cheap price than advertising on television or radio. By releasing new products to the public via freebies also allows for feedback and whether or not they need to tinker with the product or marketing. By surfing the Internet, there are a range of free stuff sites available including FreeStuff4Free.com which allows you to trial products without any obligations, often saving you money and trips to the stores as the samples are posted to you.
Engage with these 2 concepts and start saving now!
Tags: cheabies, Coupons, free samples, free stuff, freebies
Posted in Budgeting · February 26th, 2010 · Comments (0)