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The first item to evaluate when
taking charge of your debt is your
income. Review you income and
determine how much money you
actually make. This amount should be
your take home pay (net income)
after taxes and deductions. Next
you need to make a list of your
monthly necessities. These means, a
list of items or bills you have that
cannot be removed. Examples include:
rent, day care, insurance and etc.
Determine how much expendable
income (extra after your primary
bills) you actually have. This is
where you'll be able to get the
"extra" cash you need to get things
back in order.
Cut back on "pleasure" items
including eating out, going to
movies and etc. You can find
inexpensive alternatives to these
items. Instead of going out to eat
cook or even purchase TV dinners.
You'll be amazed at how much you
save in a months time.
Pack a lunch to work. Since most
people spend most of their time at
work, the work place is usually
where a lot of cutting back can be
done. If packing your lunch saves
you an extra $2.50 per day - that
translates into more than $56 per
month in savings without adding the
cost of gas. (And most people spend
more than $2.50 on lunch).
Visit your banker and find out if
there are things you can do to
maximize your assets and minimize
any fees charged to your account.
Contact the various government
agencies to determine if government
assistance is available for your
specific situation or background.
There are programs available for
military personnel and their
families - but you have to ask
before you can be helped.
Visit a credit counselor. For
best results review the items above
before visiting a counselor. You
need to know where your money is
going before they can help you to
manage it. Also make sure the
counselor is accredited. |
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