5 Get Out of Debt Tips For Financially Strapped Women

get-out-of-debt-tips2I don’t know about you, but I sometimes feel like I could use some get out of debt tips to pull myself out of the metaphorical hole of debt I find myself in.

You may be able to benefit from the 5 get out of debt tips I discovered, so I would like to share them with you.

1. Do NOT Buy What You Cannot Afford

This may sound logical, but it’s so easy to whip out a credit card and “buy on impulse”. It takes discipline and self control to remind yourself that you do not really need the item and neither can you afford it. We live in an “I want it now” age and when combined with a “would you like to charge that” commercial system, mountains of debt is the tragic result.

This year, I am determined to be more disciplined in my spending habits. Instead of splurging on gadgets that I don’t really need and fancy clothing that I cannot really afford, my goal is to just wait and save up for it.

2. Stop Trying To Impress Your Friends

One of the biggest challenges some women face when applying get out of debt tips is to resist the pressure to overspend when shopping with friends. It can be tempting to spend money just to impress friends or just to keep up with what your friends may expect of you.

Planning ahead and calculating a limit to your spending when going out with your friends can prove to be very beneficial. Better yet, try to go shopping only with those friends who are also careful with their money and who will encourage you to stick to your get out of debt goals.

3. Reduce Expenses Where Possible.

get-out-of-debt-tips5Most get out of debt tips include some form of sacrifice. Look for ways you can reduce your monthly expenses.

Are there ways you can cut back on grocery bills Can you cut your cable bill or get basic cable instead of all the movie channels?

There may also be room to reduce your utility bills.

The more expenses you can reduce each month, the more funds you will have available to put towards paying down your debt.

If you developed the habit of eating lunch at fast food restaurants every day, it may be time to prepare a brown bag. Not only will the lunch you prepare be more nutritious, it will save you money too.

Love going to the movies? Can you rent a DVD instead?

These are all personal sacrifices in your lifestyle that can go a long way in helping you get out of debt quickly.

4. Make An Organized Plan

If you are facing a landslide of debt, it can be overwhelming to decide where to start . How do you eat an elephant? One bite at a time. The same holds true when it comes to getting out of debt.

Start by making a clear overview of your anticipated personal cash flow over the next 24 months. Be honest, but also realistic and include every bit of income you expect to have, no matter how small. Next, make a list of all your debts that have to be paid as well as your regular monthly expenses. Make sure to make some allowance for unexpected or emergency situations.

Next, list your debts in order of priority. My credit card debt comes first, then my student loans, then my consumer loans. Decide what priority is best for you. Finally, set a target payoff date for each debt and allocate a proportional amount of money so that each debt receives the payment needed to comply with your payoff target date.

5. Communicate With Your Creditors.

get-out-of-debt-tips3One of the best get out of debt tips I discovered was the importance of staying in touch with your creditors. Not responding to creditor letters and phone calls can easily get interpreted as indifference on your part or as a blatant refusal to pay.

Any get out of debt plan will require communication in order to be successful. So instead of ignoring the calls or letters from creditors, its good to be proactive. Try visiting or calling each creditor and share your 24 month plan to pay off the debt you owe them in full. Then stick to your plan until you achieved the debt-free life you deserve!

DIY Financial Resources To Help You Get Out Of Debt

If you are serious about getting out of debt, now is the time to take a pro-active approach to your finances and learn to master the art of money management.

The DIY financial resources below are excellent reference sources for learning how to budget and control your spending, to get rid of debt. I highly recommend them.

 Debt-Free Forever: Take Control of Your Money and Your LifeCheck Price Spent: Break the Buying Obsession and Discover Your True WorthCheck Price How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*Check Price

About Darlene

Darlene is passionate and enthusiastic about helping women simplify their lives, develop stress resilience, regain balance, and find happiness, despite the personal storms life throws at them. She has published a popular series of stress management books which focus on simple, practical and healthy stress relief strategies, as well as provide FREE resources and services that help women become more stress-resilient.

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