Calculate your balances to understand the severity of your spending and debt problems. Knowing how much you owe major credit card companies and retail stores can help you decide the best plan of attack. Plus, getting out of debt involves setting goals and meeting your goals in small increments. For example, if you owe $6,000 in credit card debt, and you have an extra $300 each month after recurring expenses, you can set a goal to pay off your debt in approximately 20 months or less than two years by spending your disposable income on debt payments.
Some women enjoy shopping, and there’s nothing wrong with the occasional purchase. But if you spend every weekend shopping and buying items you don’t need, debt problems can escalate. Limit your payment option to cash only; and even with cash, establish a spending budget. This budget should include money spent buying clothes, hair appointments, nail appointments and recreation. Adopt frugal habits to save money, such as doing your own hair and nails instead of using a professional, or browsing thrift stores or secondhand stores for clothes in good condition. Put the money saved towards your credit cards to eliminate debt.
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