Wednesday, February 22, 2012

Reduce your debt


~ Make a list of all your bills (Electricity, Rent or Mortgage, Cable, Gas, Cell Phone, Phone, Groceries, Internet, Entertainment, Insurance, Clothing, Water, Eating out, medical bills, Car payments, other loans, Credit Cards)
~ Next list all of your income
~ Add all your expenses and subtract that number from your income
~ If your balance is positive you are doing fantastic and you should be saving some of the excess for an emergency fund or paying off bills
~ If your balance is negative changes need to be made so that you can get out of debt
~ You will need to reduce your bills (or increase income) to balance your budget
~ Decrease grocery bills by using this site and others like it
~ Reduce your cell phone costs by eliminating internet and texting
~ Sell things you don't use or not necessary things like extra cars, clothes, electronics, etc and use the $$$ to pay off other things
~ Reduce your cable bill by having only the basic channels instead of one with tons of channels
~ Decide to cook at home 6 days a week and stick to it
~ Rent movies instead of going to the movies

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