May 11, 2009
- Neck Deep In Debt?
If you or someone you know is struggling with too much debt and they're at the point where they don't know what to do, here are some suggestions to help them find a little peace as they fight to get out of the financial mess they find themselves in:
Set up a realistic budget. It's common sense, but unfortunately many people overlook the simple fact that unless you're bringing in more money than you're spending each month, you'll NEVER get out of debt. If this is a problem, the only way to truly get a grip on it is to set up a realistic budget and then stick with it. If possible, you should allow a little room for an occassional treat, but if you're in serious trouble, try to stretch the reward periods out as long as possible in order to maximize your ability to get back to where you need to be financially.
Contact your creditors. Even though you may think they're only out to get you, in most cases your creditors do better when you're debts. Yes, they may try to collect past due amounts or may threaten all sorts of scary 'things', but in reality they want you to be in debt to them so they're going to be willing to work with you. Unless you want your personal credit to be seriously blemished for many years to come, it really is in your best interest to figure out a way to pay back your creditors and in many cases, the only way to make that happen is to work with them.
Manage your secured assets. Debts like a mortgage or car loan are considered 'secured' because the debt is secured by the asset the loan was taken out to purchase. If you get behind on your car payments, your lender could reposes your car with little notice to you. For your mortgage, you typically have to be 90 days behind before the serious stuff starts happening, but whenever possible you don't ever want to let it get that bad. Again, contact your lenders and let them know what's going on because they're better off if you make good on your loan agreements.While being in financial hot water is never a fun experience, it's something that can be avoided with some careful planning and a little financial discipline. Having a plan in place for getting out of debt as quickly as possible is smart for everyone because when you don't have any debt, secured or unsecured, your money is freed up to work for you in other ways.
If you haven't yet taken a close look at the Money Merge Account® system from United First Financial®, you owe it to your financial future to give it a look. You could be completely debt free in as little as 1/2 to 1/3 the time you're probably expecting it to take now and that's without ANY additional income because the system works with just the money you already have.
We also offer a free 'how fast can I pay off my debt' analysis to help you see the exact month and year when you could be completely debt free. Contact Us today to learn more.
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March 9, 2009
- Planning A Budget To Help Pay Off Debt Faster
When trying to create a budget to help pay off debt as quickly as possible, one of the BIGGEST mistakes you can make is only including the bare essentials. You know, things like your mortgage payment, car payments, utilities, telephone, groceries, and other basic necessities we need to live.
The problem is, you'll never be able to stick to a budget like that forever anymore than you could stick to a diet of Wonder bread and water. As a result, it's important to budget in a few luxury items, even if you don't think you can afford them.
Now I'm not talking about eating out at your favorite restaurant every week, but budgeting in a little money for the occassional luxury item will certainly help you stay on track with your budget. Otherwise, you may get completely overwhelmend and frustrated and not stick to it at all.
One way you can squeeze even more of these 'luxury' items into your budget is to find some lower cost alternatives that will still provide the opportunity to enjoy these luxuries, but you'll be enjoying them at a lower cost, allowing you to squeeze more of these actitivities into your monthly budget.
Start by making a list of luxury items or activities you normally spend money on. And be honest with yourself. Leavging something off the list just to make it "look good" isn't doing anyone any favors.
Some of these luxuries might include eating out, the movie theater, the beauty salon, birthday or other occassion gifts, lunch with co-workers, a gym membership, or cable tv. In reality, any item or activity NOT on your budget as absolutely necessary could qualify for this list.
Once you have this list, brainstorm some low cost alternatives that might be able to take the place of some of the more expensive luxuries. For example, instead of going to the regular movie theater, check around to see if there's a $1 theater in your area. If not, instead of actually going to the theater consider renting movies and watching them at home, saving you money on both the ticket price and the outrageous cost of the typical movie theater snacks.
Another example might be instead of spending money each month on a gym membership, find a program that allows you to work out at home. A quick search online will reveal literally THOUSANDS of such programs that teach you how to work up a good sweat from the comfort of your own home. And many of them require only a comfortable pair of sneakers and a little space in your home or apartment.
So as you continue your quest to pay off debt as quickly as possible, keep these budgeting tips in mind to help stretch your dollars are far as possible.
Of course when you can divert more of your money to paying off debt it'll help pay if off much quicker, but with the Money Merge Account® program, you don't have to scrimp and save. By simply applying the very same principles banks have been using for years to make money off your debt, you become the bank, using your money as strategically as possible, allowing you cancel years of interest and save yourself thousands in interest.
To learn more about this powerful program visit www.PowerfulDebtPayOffSystem.com.
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December 15, 2008
- Getting Out of Debt Is Easy To Do, But…
This is a saying from a good friend of mine, Michael York, although I think he borrowed it from the venerable Earl Nightengale. He says, "it's easy to do, but it's easier NOT to do it."
While this statement applies to a great many things in life, it most DEFINITELY applies to getting out of debt. There's a myriad of reasons you find yourself currently in debt, but it doesn't have to be this way.
And while it's certainly possible to get yourself out of debt simply following sound financial management principles, far too many people can't make it work for one reason or another.
Here's a short video clip with some great ideas and suggestions for eliminating the debt that's holding you down:
If you're sick and tired of trying to get yourself out of debt and you want to do it in 1/3 to 1/2 the time it would normally take with NO ADDITIONAL income, visit the 'Debt Free At Last' link above to learn about a revolutionary tool that can help you do just that.
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