5 Fixes for Financial Woes Get Out of Debt Fast

This year we are not in a good shape when we talk about financial status. We expect too much of our farm crop. We think that the price of our crop is good but turn out very cheap. Economy really is not great this time and this makes us worried. I found this tips to fix this problem hope that will work for you and me. Take a look of this.

1. Sort Out the Good, the Bad, the Ugly
***Write down each and every debt. Include the debtor’s name, the amount of the debt, the interest rate, and the minimum payment. At the bottom of the list, write down the “good” debts, such as your mortgage and student loans. Put “bad” debts, such as unpaid high-interest credit card balances and payday loans – cash loans against a future paycheck or infusion of money – at the top of your debt-elimination list.

2. Figure Out How Much You Earn… And Spend
***Knowing how much you earn, spend and overspend each month is key to stopping the financial bloodletting. Begin by reviewing several months of bank statements (including ATM cash withdrawals) and all bills. Then review the income you received during that period.

3. Lose the Flab
***Consider how much you spend on mortgage, rent, car payment, insurance, groceries, utilities, gasoline – everything. If you’re consistently spending more than you earn, consider taking in a roommate or even moving to a less expensive house or apartment.
Try these five fast fixes:

1. Does your utility company charge you higher rates during peak hours? If so, wash your clothes and run the dishwasher at night or early in the morning to save on your utility bill.
2. Do you have multiple phone lines with all the bells and whistles? Trim back the service and consolidate your lines for more savings.
3. Shop around for better insurance rates.
4. Buy groceries in bulk.
5. Carpool when possible and incorporate errands into your work commute to cut down on gas costs.

4. Boost Your Bucks
***Consider asking for a raise at work. “Work a second job or start a side business that will actually make money from Day One, like house-sitting, errand running, pet sitting – something that doesn’t require a big up-front chunk of change,” Weston advises. The goal is to generate money that you can set aside for faster debt repayment.

5. Prioritize Your Payments
***Once you’ve got your spending in line with your income and you’ve generated some extra cash, return to your debt list and attack your most expensive debts first.

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