Are you up to your eyeballs in debt? Can't see a way out of the mess? Welcome to the club. Most American families are weighed down with too much debt, causing them stress and worry. There is a way out. All it takes is some knowledge and commitment. Do you dream about being debt free some day? This can be a reality if you follow some basic rules and do what it takes. To start down the road to financial freedom you need to do a few things first. Are you ready? Let's go. Tip #1. You need to admit there is a problem. Is there not enough cash coming in or is it spent too quickly, or both? Is the money being spent on non-essentials? Is the income being spent unwisely on luxury items that you cannot really afford? Do you know how much you really have to spend? Do you know how much you owe and to whom? You need to honestly answer these questions and be prepared to take some action. Tip #2. You need a make a plan and stick to it. First of all, you need to know your financial situation. Take out all your credit cards' statements and add up the outstanding balances. Make a plan to reduce the debt to a certain level within a fixed period of time. Once this is done there are tools you can use from the Internet to track your spending and your debt reduction. Imagine what you will be able to do with the money you currently use to pay off debt. Tip #3. Never add to your debt. Cut up the credit cards and live within your means. Work out ways to cut down on your expenses so that you can live within your means. Start to put some funds aside for emergencies. You can cut down your expenses easily if you just think creatively. Here are a few suggestions to get you started. a) Anything you need (not just want) can usually be bought at a sale. Commit to not buying at retail prices again. Look in newspapers, wait for sales and be patient. b) Cook at home a lot more often. Freeze leftovers. Plan you food needs for the week. Make your lunch for work instead of buying it each day. c) Read magazines, get DVDs and Videos for free from your local library. d) Take up a hobby. Get busy - shop less. Maybe your hobby can create some income? e) Give up the coffee bought while shopping or at work. f) Maybe if you tried you could get away with only 1 car. Travel by bus or train if possible. Tip #4. Don't compare yourself with others. If you spend to keep up with others, think whether they may be in a similar position to you. Work out and understand how much you can spend and how much needs to be put aside for saving or emergencies. Tip #5. Pay off one small debt completely. This will give you a boost and help you keep on track more easily and you'll be more motivated to pay off all the debts. Tip #6. Keep some fun money. This process needs to be fun, not a misery. If it becomes a chore you will be tempted not to meet your goals. Keep some money aside that allows you the freedom to spend on things you want, occasionally. You'll feel so much better about spending on items that you can afford. To truly solve your debt problems you need to keep yourself under control. There's no one else who can do this for you. Ask for God's help also. You'll be so glad you did, once the debt burden has been lifted and you can become your own person.
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