Six Simple Steps to Get out of Debt

Debts can be a burden emotionally,physically, and spiritually!



1.  Buy a calender and a notebook as you will write in these a plan to get out of debt.

2.  Write down all your bills in the notebook including pay-off balances, APRs, and monthly recurring fees. Example:.
Bill                              APR                    Balance Due                 Monthly

Wells Fargo                6.9%                   $1,200                         $100
Walmart                    19.9%                   $2,500                         $60

• Figure out the bills that need to be paid off right away due to high APRs and low balances.
• Try to pay off small bills first.
•  Pay a little extra every month to the bill you want to pay off, then once it is paid off, pay off another bill.
• Try to avoid getting into more debt, avoid charging during this time.

4.  Put all recurring bills on a calender (monthly) so you know when and what bills are due for the month - writing the specific bill and how much is due on its due date.  This practice will help to avoid late fees. 

5.  On another page in your notebook, write the specific dates you get paid during the month. Say I get paid on the 7th and the 21st of the month.  Therefore, I write out  the bills that I need to pay from looking at my calender that indicates due dates of bills and I figure my strategy to pay them before they are due.  I sometimes may need to look to the following month to ensure my strategy will work.

 For example, bills that are due by the 7th are:                             
 Wells Fargo (due the 5th)                      $100                            
 Food Expenses                                    $ 100
 Sears                                                   $  30

Due by the 21st:
Walmart                    $  60
Food Expenses          $100
                                              

• Remember to put all expenses on your calender/notebook including groceries, gas, spending money, etc.

* Now You Can See If You Have Extra Funds to Pay on a Selected Bill to Pay Off.*

5.   Save a little each check for yourself, even if it is only $ 5.00 so if you should have an emergency, etc., you have money, and don't have to borrow it.

6.  Get in a habit of giving 10% of your income to a local church or in giving to others as the habit of giving reaps mental, physical, and spiritual rewards.

Other Great Resources:

Student Debt http://finance.yahoo.com/college-education/article/110724/digging-out-of-student-debt
Financial Guide for Students http://www.finaid.org/loans/
Practical Steps to Get out of Debt in a Bad Economy http://www.central-florida-magazine.com/practical-steps-to-get-out-of-debt-even-in-a-bad-economy/
Smart Savers http://www.pinoysmartsavers.com/guide006.html
3 Simple Ways to Get Out of Debt http://www.articlesbase.com/debt-consolidation-articles/3-simple-practical-steps-to-get-out-of-debt-2979064.html
Financial Advice for Couples http://marriage.about.com/od/finances/p/financialadvice.htm