- Personal Finance
To many bills at the End of the Month....
I may have the solution for you. Do you feel under paid for all those bills you have accumulated? I did say "YOU", hard fact is that it's my fault and your fault that we're in debt. Whether is was a friends debt, child, husband (ex) who helped to accumulate those bills. Myself and yourself gave that person permission whether is was directly or indirectly to put yourself into debt.
There is help for all of us. How you ask? Read on.
I have paid off a large amount of debt in a short while using these proven methods.
Remove the DENIEL from your live and except that you are in debt. Do you have bad spending habits, use credit cards way to much or borrow money out that you simply don't have. Don't borrow money out if you can not afford to lose it.
Tilth... Yes, tilth. Give 10% of your money away to a charity. Allow God to take care of you financially. I started tilthing 5 years ago and have not gone without our needs being met once. It's a promise that only God can keep.
Save 10% of your income for emergency fund. You never know what will happen in the future. You should have 3 months of your income saved in an account.
Are you asking-how is this possible? Well, it does seem a bit steep-20% right off the bat. Add up all those Tim Horton coffees you drink in a day. If you drink a small coffee-$1.24/one=$37.20/month=$446.40/year. A small Cappuccino-$1.53/one=$45.90/month=$550.80/year. That's only a small in one day, most people drink more then that in a day. Do you smoke? I know people have probably told you that it's expensive (you know this already) but have you done the math? $9 for one pack for two days=$135 in a month that's $1620 per year.
So far you have saved yourself a lot of money and we haven't even added up the movie rental's, eating out, the extras you buy at the grocery stores. I challenge you to add up those extras. Keep your receipts or write it down each time you buy something, then add it up at the end of the week. You'll be surprised of how much you spent in a day. Even a pack of gum, a chocolate bar, pop ex.. adds up quickly.
When you go grocery shopping make a list and stick with it. Do a meal plan for the week. This is fun when you get the family involved. Teach your kids healthy spending habits early-they'll thank you later in live. There is a lot of good websites to help with meal planning.
Don't go to rent your furniture it will cost you a lot more then if you just saved the money and received a discount. Most stores will give a discount if you have cash on hand. Drive a slightly used car instead of making high payments each month.
Throw away your credit cards!!! Out of sight-out of mind
Just a few suggestions to cut your debt load. I recently read a wonderful book by Dave Ramsey (he has his own talk show), "The Total Money Makeover". I highly recommend it.