21 Great Ideas for Controlling Debt

     1)     Don’t eat out could save you thousands per year

2)     Cut up credit cards

3)     Build an emergency fund for unexpected expenses

4)     Entertain yourself at home or by hiking etc. rather than using expensive forms of entertainment

5)     Spend less than you earn

6)     Use cash for your purchases

7)     When debt is paid off increase your savings

8)     Don’t use the government tax system as a bonus plan, if they have your money they earn the interest and you do not, your money should be working for you not the government

9)     Use a realistic budgeting system that works for you and live by it

10)  If married, work on the budget together and discuss any deviations from the budget plan

11)  Read Dave Ramsey’s “Your Money or Your Life”

12)  Be patient, it takes time to get rid of debt, but it’s worth it

13)  Stop borrowing money no matter what

14)  Track all of your expenses...I like to use mint.com, but there are other useful tools

15)  Maximize a retirement savings plan

16)  Have a long range vision for your future

17)  Examine your expenses and decrease where possible, you will be surprised how well this works, negotiate with cable, phone, and other providers

18)  Don’t impulse purchase anything, educate yourself on the alternatives before making a decision

19)  Put a note in your wallet that says, “Do I really need to buy this”

20)  Think about debt as slavery and savings as wealth-for-your-future

21)  Improve your health to lower your health costs with dentists and doctors

For more detailed information about this topic and others related to preparing for your future sign-up for my secure email group postings to the left of this blog.