Posted by bobnone | Posted in Credit Card | Posted on 18-05-2010
Credit Card Debt Reduction Spreadsheet ~~Financial Matters of Life ~~
25 Tips for Reducing Debt
Do you bill a month random to decide what to pay first? Is there unopened mail sitting on the counter? Account control has never been balanced? Are you always borrow some money from family and friends? Do not write a check, but then forget e-mail? If any of these questions hit home for you then you need this information.
Until you have your debt under control is very little that can do to increase your wealth. Wealth creation is a function of their thinking about money, what to do to allow it to flow, and how to talk about it. Here are some tips to start getting control of your financial future.
1. Get Real ~ The first thing to do is admit you have a problem. Get real really means looking at the bills, adding the debt, and seeing how good or bad, your situation is.
2. Plug the hole ~ After knowing what is real and what not, has to plug the holes. Stop going further into debt by creating new debt. Remember, a dollar lost not only the costs that dollar, but also costs that the dollar could gain if I still had it. We call this opportunity cost
3. Remove unnecessary items ~ Look things you can live without and learn to say no. Do you really need magazine subscription or cable service? Remember that the opportunity cost.
4. Plastic Surgery ~ Get rid of the letters that created this mess in the first place. This is often the hardest for most of us do, but will the greatest reward.
5. Keep records of maintenance of Home ~ it spends the money. Buy a small notebook and record what you spend and spend. A Then transfer to a spreadsheet so you can see exactly where the money goes every week and every month.
6. Debt is a temporary situation ~ No look at their debt as a permanent thing. You can pay the creditor and each time that you can do so comfortably without missing. You can live a life of prosperity and abundance.
7. You have more than you think ~ Do not let the temporary condition of its debt cloud of the many blessings you have in your life. Be thankful for your family, your job, your ability to work, and material things in your life.
8. Bankruptcy is not an option ~ Bankruptcy is only a delaying tactic. Give you a little more time, but do not reach the underlying cause of your debt. Sooner or later you will end up in the same position. Bankruptcy does nothing to change their beliefs about money, it could leave with a sense of shame and embarrassment, and infestations of your credit for 10 years.
9. Debit Cards ~ Once the credit card are gone you should get a debit card to buy things you know you can afford. Using a debit card is limited to the balance in your account Checking and savings accounts. This eliminates one more way of getting into debt.
10. Make More Money ~ What can be done to bring more money at home? A job part-time, a garage sale, consulting work? Use your imagination or bring the family together and brainstorm. You will be amazed at the ideas that comes to mind.
11. Celebrate the end of each bill ~ Do not suffer more than its debt, will celebrate its demise. You should be rewarded when each debt is paid off. Perhaps is a meal out or a day trip to the beach or dinner at home. Let your success be recognized.
12. Take Action ~ Make a list of actions you can take. Keep track of spending, look at the classifieds, do some extra calls a day, create mailing lists, change your hairstyle, wake up early, make exercise, meditate, to turn a hobby into a profession. Stay in the action and success is guaranteed.
13. Balance your checkbook ~ Know where we are each day. Make sure when you balance your checkbook, do not forget to add in all the things that happened in cash.
14. Get Support ~ It's just how he got into this mess and chances are one will be how to stay there. Ask for help. Get a coach, hiring a credit counselor is debtors anonymous bind or share only with a friend who is waiting for his word.
15. Keep It Simple ~ Do not let yourself think you will never succeed. The letter of creditors who arrived just a letter. You will not die if you open and will not die if you do not pay them this month. Keep your attention on one thing at a time and pay their creditors out of one one.
16. Have a Plan ~ If you are going to succeed you need a plan. A way to plan is to begin to pay its creditors smaller proportion of debt first. Once you have paid off, take the money they were putting in this bill and add it to the next bill. This will accelerate debt reduction.
17. Truth ~ Do not lie to your creditors. Trust me: you've heard them all. Be honest with them and ask them things. Let's see if they would be willing to reduce interest rates or creating a different payment plan.
18. ~ Take notes when speaking with your creditors to take notes of who spoke and what was discussed. Be sure to note the date and time of the call and any pertinent. Keep your notes in a place that is easily accessible should have a question about the conversation in the future.
19. ~ Consolidation Consolidate your debts can help but watch what could cost you. Can you afford to pay and can be combined saved to take on new debt?
20. ~ Speaking of success begins to be responsible for what you say and how you say it. Get the negative aspects of his speech: "I have a lot of debt, "" I wish I had more money ", etc. Start talking about the abundance and prosperity:" I am "free of debt, "More money comes to me every day," "I do wonderful work in a wonderful way," I give a wonderful service payment wonderful. "
21. ~ Create a group sharing are debt of the agencies that will negotiate with your creditors and pay their monthly bills. Send to a single check each month. The cost of this service may be high, however. Make sure you check them out thoroughly before signing anything. A better approach might be to use one of the organizations legitimate non-profit organization in your area.
22. Define what you want ~ Home to dream a little. What would you do, be or have if money were no object? Get a piece of paper and write down all the things you'd like to be, have or do, and begin to feel what it would be like to get what they want.
23. ~ Be prepared to seek opportunities for miracles and serendipity to appear in your life. When you open your mind to what you want, do not be surprised if it starts to appear. Be prepared and willing to act on those opportunities.
24. Create multiple revenue streams ~ No one ever got rich working for someone else. Look for ways to add additional sources of income. Maybe it's the book that had the intention of writing, a rental property or a large marketing business network. Keep your eyes and open heart to what the business could be.
25. Never return ~ A commitment not to return to the debt trap again. Build cash reserves, in addition their investments, and develop multiple sources of income. Feeling good about yourself and what you have achieved and share their knowledge with others. You can be proud of yourself and your achievements.
About the Author
Marc Cram is a CFP in Durham, North Carolina. He works to protect and increase people’s assets using safe liquid investments. Marc holds a free online seminar every Monday evening at 9:00 pm Eastern time and can be contacted through his website at www.cramgroup.com. You can download a free 12 page article on how to safely and conservatively build wealth at www.wealthyyou.us
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