Let’s face it; a lot of people are having trouble with their debt load these days. If you are having trouble with mounds of debt, obviously the best thing to do is to get rid of it. Ignoring your debt will quite literally only make it worse, potentially much worse. Here are some simple ideas to help you get out of debt. Some of them might be common sense, but you may very have spending habits that are making your problem much worse.
First, and this could be a tough one for most people, look at how you eat and entertain yourself. These two factors are of massive importance, in part because you can make changes to these two categories quickly. If you are in serious financial trouble, you should probably skip going out to eat (no matter how addicted you might be to going out). This includes paying too much for coffee drinks or going out to a bar. Until you get your debt paid down, your drinks should be those you have at home. Eating out means tipping as well, this just adds to the cost of your overall food bill. If you shop wisely and buy foods that are nutritious and cost effective, you will save money. The “lowly” bean is what helped many people through the Great Depression. The same can be said of all root vegetables, like sweet potatoes and potatoes. Stay away from the overpriced processed food, and your wallet will be heavier and you will likely be lighter.
The second step may also seem obvious, but it is so important that it should be greatly emphasized- stop spending. If your car breaks down, your roof starts leaking or you need to go to the doctor, that is an exception. A new set of golf clubs isn’t an exception, nor is buying something strictly to “keep up with the Jones’.”
Information is key. You should know exactly where your money is going. However, just as important as where your money is going, you should know where and how to eliminate expenses. For example, if you are almost never home, why bother having cable television? In fact, there are a surprising amount of shows now available for free directly from the websites of the networks that produce them. This is just one small example of how you can reduce your debt and the stress it puts on your life.