One couple proves that it’s completely possible to get out of debt – their own experience involved paying off $52,000 in 18 months. How? Through a combination of cutting back spending, selling belongings online, and taking on a second job. Here’s 10 bits of their advice:
1. Track your finances on a weekly, bi-weekly or monthly basis
2. Put all of your financial data on one page to see exactly what you’re up against, and assess whether a change in your spending habits is necessary
3. Separately, list your debt smallest to largest, regardless of the interest rate
4. Create a solid financial plan
5. Stop borrowing money
6. Get a part-time job if you can, to make extra money on the side
7. See how you can reduce every service you receive, i.e. cable, cell phone, gym membership, insurance, going out to eat
8. Take a financial class
9. Sell what you don’t need on Craigslist, eBay or Amazon
10. Finally, don’t have one foot in, one foot out: Getting out of debt is a commitment and decision you need to be clear about
Deacon Hayes learned from his experience and now runs a website with a number of free resources (and podcasts) on how to control your spending. He includes forms mentioned above which are highly useful. We guarantee he can teach you how to get out and stay out of debt for good! Take a look at his website here.
Source: U.S. News
