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GETTING DEBT FREE IN 2007!
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
StarLoanServices.com 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.
Signs I Have Too Much Debt
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