Five Secrets of Debt Management

There is an old saying: " When you find yourself in a hole, the first thing to do is stop digging."When you are taking control of your finances, that old sayingapplies. The sooner that you get control, the financial hole that you have to climb out of won't be as deep. When you get that first double electric bill, or when you find yourself using your credit card to pay the necessities, you are in trouble. Stop digging. Take control now.
1. Stop using your credit cards. Cut them into pieces and cancel the accounts. If you don't, the hole will only get deeper.
2. Sit down with a pencil and paper and figure out how much you have coming in versus how much you have going out. If income is more than out-go you have a chance to get things right yourself. If income is less than out-go, you need to seek help from a qualified financial planner or debt consultant ... now.
3. Cut your monthly expenses for the necessities. Eat in rather than out. Turn off lights when you leave a room. Raise or lower the thermostat so that less energy is used for heating and cooling.
4. Start saving money. All this requires a trip to the payroll department where you work. Even if you start by taking a few dollars out of each paycheck and saved for you, it will be a beginning that you can build on. Think of saving as paying yourself first.
5. Avoid all impulse buying. When you go to the grocery store, take out a list, and stick to what is on the list. Don't look left or right at the checkout stand. Use cash to pay for groceries rather than a check.
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