If you're like many Americans, you own one or two vehicles, have a mortgage and are saddled with unwanted debt. Who among us doesn't like the finer things of life? But then again, "enjoying the good life" is often a fast track to debts that could pile up until you can't take anymore.
That sneaky smile on your face tells us you've got a new gadget, but what's to do when you get that credit card bill of yours? If you're serious about eliminating your debt, then stop spending and start planning.
A bad day at work or at home is never an excuse to go shopping - no, no, no! Stress leads people to spend money in an attempt to relieve some of the life pressures they're under. Behavioral experts often call this emotional spending.
And when the jig's up, you're back down in the dumps after realizing how much you've uselessly spent. When you're upset, don't look for answers in retail therapy and don't shop to keep up with friends or family who can afford a higher lifestyle than you can.
If you can't afford it with cash, don't buy it. That way, you can finally put a stop to all that frivolous spending on your credit card. Carry a certain amount of cash with you and leave the ATM card at home - along with the credit cards.
You need a concrete strategy if you wish to eliminate debts. Your "playbook" will be a spreadsheet to be created on MS Excel or other similar programs. Food and other living expenses can be placed in the first section.
The second section will be devoted for your debts, as well as other expenses spent on movies, CDs, or other secondary expenses. By doing this, you know where your money goes to and you can keep track of it as you go along with your spending.
Once you see where your money is going, take steps to eliminate unnecessary spending. While you're cutting back, start putting any extra money that you're saving toward paying off the existing debt.
It is a common pitfall for people to start spending like there's no tomorrow to celebrate being debt-free. This just puts you in the same bind and causes you more stress. It is so much more worthwhile to be like one of the many people who have conquered their debts and are now paying for everything, cars and homes included, in cold cash.
That sneaky smile on your face tells us you've got a new gadget, but what's to do when you get that credit card bill of yours? If you're serious about eliminating your debt, then stop spending and start planning.
A bad day at work or at home is never an excuse to go shopping - no, no, no! Stress leads people to spend money in an attempt to relieve some of the life pressures they're under. Behavioral experts often call this emotional spending.
And when the jig's up, you're back down in the dumps after realizing how much you've uselessly spent. When you're upset, don't look for answers in retail therapy and don't shop to keep up with friends or family who can afford a higher lifestyle than you can.
If you can't afford it with cash, don't buy it. That way, you can finally put a stop to all that frivolous spending on your credit card. Carry a certain amount of cash with you and leave the ATM card at home - along with the credit cards.
You need a concrete strategy if you wish to eliminate debts. Your "playbook" will be a spreadsheet to be created on MS Excel or other similar programs. Food and other living expenses can be placed in the first section.
The second section will be devoted for your debts, as well as other expenses spent on movies, CDs, or other secondary expenses. By doing this, you know where your money goes to and you can keep track of it as you go along with your spending.
Once you see where your money is going, take steps to eliminate unnecessary spending. While you're cutting back, start putting any extra money that you're saving toward paying off the existing debt.
It is a common pitfall for people to start spending like there's no tomorrow to celebrate being debt-free. This just puts you in the same bind and causes you more stress. It is so much more worthwhile to be like one of the many people who have conquered their debts and are now paying for everything, cars and homes included, in cold cash.
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