Ready to live debt-free? Get started with these tips influenced by author and radio talk show host Dave Ramsey:
Know you’re not alone. Other families are looking at a mountain of debt, and there are resources to help.
Be intentional with your money. Tell your money where to go instead of getting to the end of the month and wondering where it went.
Pick a plan and follow it. Whether it’s creating a budget using free money-tracking tools such as Mint.com or mapping it out on paper, you need a plan to pay off your debt.
Put necessities first. Keep the mortgage paid, lights on and food on the table. If there’s nothing left for entertainment or gifts, there’s nothing left.
Stuff is stuff. Many families have sold thousands of dollars’ worth of possessions on Craigslist to jump-start their debt payoff. They don’t regret it.
Value your money in hours. Another family started equating purchases in terms of the number of work hours it would take to afford it. That curbed the desire for a lot of needless spending.
Look for side jobs. They are out there. Look for an extra job that’s on the way home from your current job, Bob suggests. “Ask, ask, ask,” Jennifer said. They take vacation days from their day job and go to work.
Life happens. Car repairs can be expected. So can broken water heaters and doctor’s appointments. Plan and save for these expenses.
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