Monday, March 30, 2009

Beginnings...Getting Out of Debt


Getting out of debt assumes you're in so many of us are.

Where to start?

*First, incur as little new debt as possible. No matter what.

*Second, learn to live on your current income. Stick to the basics of place to live, utilities, food, gas/repairs for your vehicle.

*Third, cut down on those 'basics' wherever possible.
--Can you live without cable for a few months, until things steady out? (Free installation is rife nowadays; you can sign back on with little difficulty -- and probably get a better price, anyway.)
--Can you turn the heat down...or off altogether? (Spring is almost here, after all.) Turn off nonessential appliances/computers, etc. when they're not in use?
--Can you eat less? Buy only foods on sale? Live mostly on groceries you already have in the pantry or freezer?
--Can you drive your car less? Get a higher deductible on insurance, or switch to liability only? Carpool with friends or a co-worker for trips to work or errands?

*Fourth, cut back on 'luxuries.'
--The world will not end if you don't get a slice of cheesecake this week. (Or skip the meal, and have the cheesecake, instead!)
--Buy presents/shower & baby gifts on sale. Set yourself a figure -- say, $10 -- and stick to it. if you can't find the gift at that price, send a gift card or cash, instead.
--Start looking now for plane tickets to events you know you must go to. (Family weddings, for example.) Can you go cheaper by taking the train? Must you go at all?

More on this in coming posts...but just thinking and starting to plan is -- well, -- a START. And that's important.

Being Frugal has a great post on this subject:

Back soon...

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