Get Out of Debt

Use Coupons to Cut Cost of Purchases by 5% to 25% or More

Using business coupons can save you a lot of money on your purchases now and in the future. Although you have bigger fish to fry in developing and running your business than to become a coupon fanatic running to nine different stores for the best buy, with a couple of simple steps, you can take advantage of the big savings[Read More…]

Debt Settlement Is Not an Easy Way to Fix Your Money Problems

Debt settlement, credit card debt settlement “for pennies on the dollar”! We all want to find an easy way out of debt, but taking the debt settlement route with a debt settlement company that you know little or nothing about is literally and figuratively stepping out of the frying pan and into the fire. You hear the ads on television[Read More…]

Bartering: Find People & Websites Where You Can Trade Services

Use barter wherever you can to save on cash outflow. You are skilled at certain things, others are skilled at other things. For example, if you are an accountant, trade your tax preparation skills with a painter or plumber for their services. Call it what you will…barter, barter and swap, barter trade or barter exchange, it is a tip that[Read More…]

Discontinue Use of Your Credit Cards; Use Cash Instead

One quick way to get your spending under control in a debt situation is to leave all of your credit cards at home and spend only cash. It will focus your spending and do away with all of those “lost transactions” you do, like $20 on a credit card here, $40 on another and $60 on another. If you use[Read More…]

How to Create an Emergency Fund

Life is iffy, that’s why we all need an emergency fund: an amount to see us through tough times. But how much? How to we save it if we are spending almost everything we bring in, or worse, spending more than we are bringing it? As a rule of thumb, financial advisers suggest a enough money in an emergency fund[Read More…]

Use a Credit Card to Boost Your Credit Score

If you have already been hit with some of the consequences of poor credit, like losing your credit cards and being closed off to most lending, one thing you might be able to do to improve yourself going forward is to get a secured credit card and then carefully pay that bill on time. The secured credit card is reported[Read More…]

(49) Set up Automatic Payments on All Borrowed Money

With the increased banking regulations today, banks are hemmed in on where they can make money and are just waiting for you to make late payments so that they can tighten the interest screws on you. Don’t let them. Start automatic payments on all of your credit cards and loans for the minimum monthly payment. We don’t recommend that you[Read More…]

(46) Identify and Remove All Overspending Triggers in Your Life

Everyone has overspending triggers and if you want to get debt under control and build credit, you need to find and eliminate them. It could be the people who you shop with, the mood you are in, anything. You have to figure out what makes you spend money and stop or change it. One debt-ridden reader told us that she[Read More…]

(45) Challenge All of Your Expenses & Rethink All of Your Spending

If you have money flowing out in every direction, get control of it by making a list of where your money is going, then readjust where you are spending it. If you are an entrepreneur, the above advice goes doubly for you because a small business can be an endless money pit of leased equipment, employees, expense accounts, etc.

(45) Use the 20% Rule for Debt Repayment

Take 20 percent of your monthly disposable income to pay down all debts until they disappear, then use that money to build up your emergency fund and then retirement savings.

(43) Always Use Windfall Cash to Pay Down Debt

Anytime you get in a windfall of cash, use it to pay down debt rather than buying a present for yourself. This includes tax returns, bonuses at work and, yes, your increased salary from finding and taking a better job. Most people, when they get a better, higher paying job, will crank up spending and debt. Be smart, use the[Read More…]

(42) Narrow Down to One or Two Ways How You Spend Your Money

If you are charging various purchases, writing out checks, paying cash, withdrawing money from the ATM and not accounting for it, stop! Money is sailing out and you do not really know where it is going. Figure out one or two ways to spend your money and stick to it. For example, pay for everything through your checking account and[Read More…]

(40) Always Use Price Comparison Websites

Once you have made the decision to commit yourself to getting out of debt and rebuilding your credit, you will see ways to begin freeing up money in many areas of your life to focus on reducing that debt. One way to do this is to always use price comparison sites before buying anything. Take it a step further and[Read More…]

(39) Contact Your Creditors If You Have Fallen Behind on Payments

Don’t try to hide from creditors if you have fallen behind on your payments. Contact them and determine what can be done to work out a new payment schedule. Nothing makes a lender more nervous than having someone with late payments who they are unable to reach. If you contact them early enough in the process and show a willingness[Read More…]

(38) Try Direct Paycheck Deposit with Withdrawal Limits

If cash seems to fly through your fingers and you struggle to get a handle on debt and build credit, leave your credit cards at home and get your paycheck deposited directly into your checking account and set withdrawal limits of how much you can take out from an ATM in one day.

(34) Fully Grasp the Slow Death Spiral of Minimum Monthly Payments

Minimum monthly payments on credit cards is like someone with their hands around your neck and squeezing you…not enough to choke you to death, but certainly enough to make it hard to breathe. The only thing banks like more than you making a minimum monthly payment is for you to be late on a couple of payments so they can[Read More…]

(31) Don’t Think of a Student Loan as Income

Use student loans only to pay for college that you cannot afford to pay for right now. Using student loan money as if it were cash income will come back to haunt you later and impact you for years. Need income? Get a job!

(30) Properly Insure Yourself to Prevent Nasty Surprises

While you may need to cut costs in order to see you through your debt crisis, don’t be penny wise and dollar foolish by not having adequate insurance for both your property and yourself. Without the right insurance, you have a disaster waiting to happen.

(27) Create a Financial Plan

Create a long-term financial plan and include where you want to be in a year, five years, 20 years. Things happen to change the best laid plans, but you need a plan to begin with and then adjust it as the reality changes.