New Year means new moves.
As we said sayonara to 2007, we bid hello to a year of fresht starts. And what way to start this year than to trim down on our debts.
I know, everyone of us have debts in one way or another. Maybe painful to admit, but borrowing is something that is almost next to the inevitable things on earth. Once or more occasions in our lives were forces to owe someone money. We make promises to pay them off as soon as possible but they end up piling faster than the birds migrate south during winter.
Slowly but surely
There have been a gazillion money saving tips on being debt-free in this lifetime and we tend to take them seriously at first but eventually we fall from grace and set them aside with the thought of a promising tomorrow. But thing is, they won’t go away when we wake up. They’ll hunt us till we want to just sleep all the time so we don’t have to stressed out. So, here are five money saving tips on tslowly but surely taking out debts out of our system.
1. Don’t treat the past as past
When it comes to debt, anyway. Surely, we had things that we regret spending on. So, the first wayto being debt-free is to take note of our “spending shortcomings” in the not-so-distant past and make sure that we will NOT do them again. Looking back isn’t enough, learn from them.
2. Put pay the bills on the of your must-do list
This may sound stressful because we all try to evade bills talk as much as we can. But facing the reality that they will be there even if we move houses will lessen our worries. Make sure that your first priority on pay day will be to pay the bills.
3. Flush a portion of your bonuses to your outstanding debts
The last month of the year was THE month for bonuses. So, if there’s still something left, use them to pay your debts.
4. Pay-off your outstanding credit card balances
Be content with just one card. If you have more than one, examine the one which you regularly use and a higher limit and payoff the ones which you rarely swipe. This way, you have gotten rid of a considerable percent of your debts.
5. Keep track of what you owe
Adding to this tip, check them regularly. It’s somewhat stressing but the rewards are very fruitful. For a more interactive approach, you can log on to geezeo.com and wesabe.com. These two websites will be able to show your financial activities.
6. Earn extra
Sometimes, no matter how we live frugally, it all comes down to the fact that we don’t earn enough. So, why don’t you opt for a second job. It may be lesser hours or a full-time one but the bottom line is, we need to earn more to get rid of our debts and by earning more, we owe less.
Easier said than done
Know that these money saving tips spell easy to do. Decreasing our debts is hard to do. The challenge is to do them one day at a time.