Free Debt Management & Bankruptcy Articles

Professional Authors - Professional Articles

Debt Management Advice – Getting Your Priorities Straight

Once you have been in debt for a while you start to realize that some changes have to be made. Even if you can meet your monthly payments, it still is a good idea to take a look and see what can be done to get rid of some unnecessary payments. After all, giving your money away on interest payments is a waste of your hard earned cash.

The first thing you need to do is to collect all of your monthly financial obligations and document them all. Make a worksheet and fill out every payment that needs to be met every month. Once you have this on paper you will create a clear view for yourself from which you can move on.

Right away there will probably be some costs attracting your attention, and making you wonder if they are really necessary. For the time being set those thoughts aside and concentrate on what is necessary first.

Next you take another piece of paper or worksheet on your computer and start making notes on what is really necessary. This can be different for everyone, but the basics are of course your mortgage or rent payments and utility payments. These are the payments that make sure you have a place to stay and where you can turn on a light.

Next we have insurance payments, maybe for your home, liability or health. You have to decide which are really needed and which ones are not necessary because the risks being covered are not so high at all. If you do not have any dependents, it is likely that life insurance is not a necessity.

The next priority is groceries. See what you are spending on food and household items (cleaning products, etc) each month and how you can reduce that amount. Of course your groceries are needed, but when you pay a little more attention to where you buy them, what you buy and what brand you use, you can save a lot of money. And of course there are other money savers such as coupons!

The next step in getting your priorities straight is to take a look at your casual expenses. Is your work location five minutes from home. If so, do you really need a car? Are your children buying lunch at the school cafeteria or are they bringing their much healthier (and less expensive) sandwiches from home? Do you really need your clothing renewed every month or is twice a year enough to keep up? Do your children really need you to pay for their privileges such as their hobbies, car or telephone bills or are they old enough to take on after school jobs?

Once you have established your financial priorities, you will be able to take the unnecessary obligations and cut them back so you will can have a clear conscience and know that you are not wasting any money on things that aren’t necessary. Once you know you can do without these things, it will be easier for you to decline any of these expenses in the future.

Post has no comments.
Post a Comment

Captcha Image

full details credit companies paycheck info lending companies saving money finances financial education house loan bank accounts rebuild good credit younger children credit bureaus debt management tips debt management advice expenses good credit budgeting legal action introductory offers own money debt payment period cancer second job restrict spending credit card high interest rate check card comfortable living illness credit card company loan amount investing extra money credit cards unreasonable expectations credit card debt payment frequency building debts pay off bill interest home equity credit company loan companies insurances loans implement a budget payday loan companies credit score children budget seperate accounts installment plans credit card traps honesty need money down payment debt traps reduce debts injury debt consolidation medical debt unsecured loan repay loans pay off debt debt management mistakes charitable organisation stop harassment control spending ongoing bills debit card whole family Chapter 13 family assistance insurance prioritizing credit report losing a job home debts utility payments teaching children finance debt unexpected expenses mortgage payments car loan help with debt extra payments purchase protection loan initial research monthly bill credit bills bad financial decisions great budget ideas financial security loan agents flat broke short sale monthly payment debt collectors gambling debts debt management payday loan payment behavior bad debt management deb consolidation consumer lawyer borrowing credit rating management tips credit accounts classify bills low interest handling money personal finances loss of income candidate child spending tracking money common debt more income debt free groceries your rights debt solution phone calls assets debt company monthly budget repayment plans debt relief agency debt settlement hospital understanding child support debt tax info careful handling salary cable bill paying out debt savings debt consolidation loans borrow money school jobs live your life managing debt account interest paycheck paying bills taking responsibility fly-by-night income medical bill making payments professional learning experience negotiate good debt part time job cash card good credit record doctors become free common debt traps account fees installment plan invest money loan harassment security losing your job visualization total balance receipt Consolidation Company credit history good budget regain control new job child support debt problems education borrower personal finance software budget ideas social services credit card help ill health creditors court appearance debt programs get out of debt budget household items credit card companies children saving purchases debt consolidation credit reports money allowance chapter 7 lose your job secured loan sickness save money buying a house negotiation liability discounts medical bills help bankruptcy back support interest payments debt collector help order report understanding home equity take control of debt budget categories cash less money mortgages lending company deals in writing original creditor emergency savings account telephone bills monthly payments debt collection agency gambling problem family budget job loss live within means internet credit checks piling debts worksheet checks debt relief hobbies rent payments credit limit unemployed checking account overspending repay interest rates great budget saving good credit rating budget sheet past bad debt spend money government assistance credit repair filing bankruptcy savings account domestic support bank specific budget categories bad debt management program account charges overcharging trusted friends management advice asset info credit line credit scores modified payment plan overbearing bills home equity loans debts spending interest rate

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
best blogs