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



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

Finance Blogs
best blogs