Lots of P
eople Are in Need of Reducing Debt
Everywhere I turn I hear people talking about reducing debt. So I thought I would talk about healthy finances!
Basically, debt has taken over our lives. Here is what Dave Ramsey says:
“Debt is so ingrained into our culture that most Americans can’t even envision a car without a payment … a house without a mortgage … a student without a loan … and credit without a card.’
Here’s an Insanely Simple Tip for Reducing Debt
The insanely simple tip for having healthy finances and reducing debt is . . . (drum roll please) to spend less than you earn. Then take the difference to pay off your debt and start a savings for the future.
Cut out the “fat” in your spending! We all have “fat” in our ”out-go” each month. (“Out-go” is the opposite of “in-come”!)
Here are some ideas to get you started:
1. Purchase food in most economical form and do the work yourself (i.e. buy block cheese and grate it yourself).
2. Stick to your needs’ list & don’t make impulse purchases.
3. Give “work coupons” instead of purchased gifts (i.e. “good for an evening of babysitting,” “good for a car wash done by me,” etc.)
4. Meet at a library or in your home for a “coffee date” with a friend. Did you know that 11 million people purchased a Starbucks yesterday? No wonder we are in debt!
5. Use up EVERYTHING in your frig, freezer, and cupboards before buying more. You can probably eat for a month by doing this. Just buy the minimum like milk and fresh vegetables and use up the rest. Find a canned good and be creative to make it into a meal.
Make a game of it. See how LITTLE you can spend this month and then check your bank account. Reducing debt is easier than you realize. The key is to stop spending so much. You’ll be amazed by how this little tweek can help you.
The key to healthy finances is not how much you make but rather how much you keep. Even people with huge incomes are in debt and can go bankrupt. Live below your means.
Want to know more skills for reducing debt?
Check out this War on Debt program by Dani Johnson to help you “cut the fat” and get out of debt. Or just get on her website at http://www.danijohnson.com/category/personalfinances/ to learn more about having healthy finances.
Better yet, find a buddy and split the cost of the program and be accountability partners for getting out of debt.
Investigate working from home opportunities to find one that is right for you – if that interests you, that is. Here is my story about how I found the right tool to solve the poor economy dilemma.
What are you doing for having healthy finances? What success tip can you share for reducing debt? Leave a comment below so we can all benefit from your experience too in reducing debt.
