All it takes is a bit of care and a tiny amount of effort on your part for debt reduction. To reduce your piling debt, which you seem to be sinking into, you have to be bold enough to take a number of steps. You don’t need to go to the pros. You can handle the rising debt on your own.
- The first thing you need to do is make a re-evaluation of all your debt values. Scribble down all the facts and figures and try to make sense of them.
- Next make a budget and stick to it. Planning comes first and foremost in the money game.
- Credit cards may be smart money but that does not mean you go on a free-for-all shopping spree with them in your pocket each and every day.
Then there are a number of little tips and hints that will tweak your yearly budget in small places so that you save up on cash and thus shave off a hefty amount from your debt. A brief list (debt reduction tips) will include the following:
- cheaper service packages,
- appliance reduction,
- buying secondhand,
- occasional garage sales,
- avoidance of expensive deals,
- part time work besides the job,
- library ands gym membership,
- simple living and high thinking and
- last but not least car pooling.
Debt reduction involves
- goal-directed behavior,
- saving and frugality,
- punctual bill payment,
- forethought and
- a degree of material conservatism and economical thinking.
One of the most obvious things that stand out is that you have to opt out of the rat race. And don’t keep up with the Joneses either, since it is too stressful and doesn’t pay in the long run.
Remember, your debt reduction is something you control. It doesn’t control you! That is the spirit with which you ought to go about your business of debt reducing behavior that behooves you.