These small changes could make a big difference in getting your debt under control.
Getting debt under control is one of the hardest things to do, especially with how easy it is to get yourself IN to debt! If you've decided to make forward strides in your debt, keep reading to find useful Tips for Getting Debt Under Control that will help tremendously!
Tips for Getting Debt Under Control
Stop dining out! While dining out, it can be easy to rack up a huge bill with a normal sized family. If you really break down the costs, you're paying way more than you would for the same exact food in the comfort of your own home. There are thousands of copycat recipes on Pinterest so that you don't have to give up your favorite treats. Instead, you can make them on your own and save tons of money! One of the fastest ways to getting debt under control is by cutting this expense out of your budget. It adds up quick and when you stop spending there, you'll have more money to pay off your debt and get it under control.
Set up a budget. While cutting the dining out of your budget is a great idea, it won't help much unless you have an actual budget. Find a budget planner and get to work! It can be helpful to setup a spreadsheet for all the months of the year with a column of all the different bills you have. This way, you can mark them off as you go. Having a visual aid for your budget is never bad!
No more impulse buying! Discourage yourself from impulse buying. All purchases can wait. Once you decide to buy something, let the thought linger overnight while you think about it and decide if it's really worth it. If you still really want it tomorrow, go for it. Just stay within the limits of your budget!
Consider settlements on past due debts. Often times, companies will call or send letters about past due debts offering to take less in a lump sum. If you're able to pay the lump sum, do so right away and get rid of the debt completely! Sometimes your debt can even be cut in half by taking settlements like this. Granted, letting your debt go this far will affect your credit score, but getting your debt under control affects it too- in a good way!
Stop using your credit cards! Do your best to live without the plastic! Of course, emergencies happen in life and that's okay if you need to use your credit cards then. That's fine. However, do not use your credit cards for frivolous purchases! Spend as much as you can paying DOWN the debt instead of creating more. Creating more debt is detrimental to getting your debt under control.
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Taylor Speikers is an Arizonan mom blogger. She is currently studying Secondary Education to become a high school English teacher. She publishes articles related to parenting, food, and beauty products on her blog The Tailored Mama.