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Its a new year and time for a new start! If you are looking to get rid of your debt in 2007, this article is for you! Below are some key tips from that will help you become debt-free! We feature a seven day money challenge that will help you determine where you spend your money and what you can do to cut back on your spending.

Don't spend more than you earn!
Its is impossible to become debt-free if you do not live below your means. Yes, it is as simple as that!

Determine where your money is going to be spent!
This decision needs to be yours! Don't let anyone else tell you how to spend your money. Determine exactly how much money is coming into your household, how much is being spent and where. If you are not content with the results of these questions, you need to alter the way you are spending! Only you (and your spouse) are accountable for your spending.

Pay your bills timely, every month!
Managing monthly bills is an important aspect of  continuing to be debt-free and sustaining a positive credit rating. If paying your bills is difficult, develop a formula to avoid paying your bills late, i.e. pay all of your bills on the same day of the month.

Establish financial goals, short-term and long-term!
When you have goals in place, it makes it easier for you to make adjustments to your spending so that you can accomplish your objectives. If you have no reasons for changing spending habits so that you can save, you will be forever wasting money on purchases you don't need. Learn more about saving money.

Utilize any sort of credit wisely!
These mans formulating a plan. Determine when you will be using credit, for how much and when you expect to pay-off the balance. Think about constructing a new home without any blueprints. A good rule of thumb is to try and pay your credit within four months of use. The longer it takes you, the more money you will pay in interest. Learn more about eliminating credit card debt.

Develop a sufficient fund for emergency spending!
Life will often deal you unanticipated cards, ranging from having to make car repairs to being temporary unemployed. Having a minimum of three months worth of money saved to cover the absolute minimum cost of living expenses is very important. If saving three months worth of living is difficult, take one step at a time. Keeping the money in the bank will allow the savings to accumulate interest. Learn more about dealing with a financial crisis.

Start investing the money you save!
If you invest, your money will work for itself; earning more money over the years! This will help you stay out of debt, especially in your golden years! A good idea would be to take a class, read some books, and establish a relationship with a financial planner. Its never too early or too late to start investing! Use our investing and savings calculator.

In conclusion...
It does not matter who you are, managing money is not easy. However, if you abide by the simple outline above, your chances for becoming debt-free increase! However, if you don't use credit wisely, you will end up making bad credit worse.

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