Stop Wasteful Spending
Bit of a hard time of year to talk about wasteful spending and how to get out of debt. But soon enough the credit card bills will be arriving and folks will be wondering how they are going to pay for all the purchases.
Are you sick of running out of money before your next payday?
Do you experience stress about money?
Do you argue about money and spending with your partner?
Here is how you can can stop wasteful spending and get out of debt.
Sign up for online banking if you do have not already done so.
Go back over the past month worth of spending and add up every penny you spent. Too afraid of what you will see? Well that is the point. Time for a reality check. You are probably spending more than you even make. Just throw it on the credit card. Or use the debit card. “But it’s only 4 dollars”. But do that 3 or 4 times per day, everyday, and pretty soon you begin to see how it adds up.
So add up every penny you have spent over the past month.
How much do you make in net income per month?
Are you carrying a credit card balance? If yes, why? You are continually paying interest.
Cut up the credit cards. Take out cash and live on it only. If you can’t pay cash, you can’t afford it.
Sell anything you can and use the proceeds to pay of the highest interest debt first.
Write down every thing you buy and how much you spend.
Spend on necessities only. If something is a frivolous expense, it has to go until all outstanding bills are paid.
You will be surprised how you will be able to make this work.
This is how to get out of debt.