2006-11-14 06:23:15 · 7 answers · asked by shovelhead182005 2 in Business & Finance ➔ Personal Finance
Dont be lazy
2006-11-14 07:52:52 · answer #1 · answered by will 2 · 0⤊ 0⤋
Best formula I know:
First of all try to consolidate what payments you can. This will save you some payout each month. Put all your debts together on paper from first to be paid off to last. After you have done that you know how much you are paying out each month for the debts. Pay any extra you can (Start by using the money saved each month by consolidating) toward the first payoff. When that bill is paid off in full use the same payment amount along with the current amount you are paying and apply it toward the next on your list. You are paying out the same amount each month so it will not be a hardship. You are simply paying the next bill off that much sooner and saving yourself a ton on interest. When that bill is paid off do the same with the next bill. The key to success on this method is you cannot incur any new payments during this process. You will be surprised how quick this works. You did not get deep in debt in one day and you will not get out in one day. It takes time and remember how you got that way so it doesnt happen again.
2006-11-14 14:37:56 · answer #2 · answered by lil_julbug 2 · 0⤊ 0⤋
You obviously need to decrease you outgoings and increase your incomings.
You and your friends could make a list of any ways that you waste money at the moment. If you spend lots on entertainment, drink or clothes, etc, is there a way to have a similar amount of fun that is cheaper. Are all your suppliers of services the cheapest (internet, phone, etc).
Get a second job, such as a night-job in a filling station. You don't have to do a lot, so you can do any study-reading that you have to do, listen to music, talk to your friends on a cell phone (if you're on a flat-rate deal).
Transfer any credit-card debt that you are paying interest on to another card offering an interest-free period.
Stop spending on credit cards/debit-cards and use cash. It concentrates the mind.
Sell stuff on eBay. There are loads of online guides. Also, see any previous answers on here to 'how do i sell stuff on ebay'.
If you have your own place, take in a lodger. It restricts your privacy, but its only temporary until you clear your debt. Take your time to pick someone you get on well with (not an existing friend) who will keep the place clean and do their share of the chores.
If you spend a lot on eating out, learn to cook 4 or 5 dishes from recipes on the net (italian pasta dishes are quick and easy). It saves money and girls love it.
Make a written budget of your cash-needs for the months ahead. It gives you an overview of your financial situation.
Instead of shopping (online and offline) like a guy (making instant decisions "That's nice I'll have it"), take more time to compare prices to get a good deal on the things you buy. Also, ask yourself "Do I really need it/want it", "Have I been suckered by advertising to want it" and "Is this the best use for this amount of money".
2006-11-14 14:34:34 · answer #3 · answered by ricochet 5 · 1⤊ 0⤋
Spend less than you take in each month and apply the leftover to paying down your debt.
Once you have dug yourself out of the hole you can start taking that leftover and put it aside for a down payment on a home, a rainy day, a college fund, or retirement.
2006-11-14 14:27:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Do you own a home? Maybe you could consolidate your debts into your mortgage. The interest you pay is not compounded and it is tax-deductible.
2006-11-14 15:48:45 · answer #5 · answered by Justin 3 · 0⤊ 0⤋
Stop spending on all but the bare essentials.
2006-11-14 14:30:42 · answer #6 · answered by Steady As She Goes 2 · 0⤊ 0⤋
pay more than the minimum. slowly but surely. learn to save.
2006-11-14 14:31:00 · answer #7 · answered by phantasmo 4 · 0⤊ 0⤋