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.



Comments
Post has no comments.
Post a Comment




Captcha Image






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



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

Finance Blogs
best blogs