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				Debt Management - Free information to help YOU manage all your debts.		Thursday, July 02, 2009

How Can I Get Debt Free?

However much you owe, no matter what the size of your overdraft or the length of your last credit card bill, you CAN get free of debt. Often things seem out of control. You seem to be constantly robbing Peter to pay Paul, shuffling money around to pay the smallest amount you can get away with, just keeping your head above water. Meanwhile the bills just get larger with interest increasing every day.

It doesn’t have to be like that. By following the simple steps below you can start to reclaim control of your finances clearing the way for a debt free future.

Prepare a Budget:

Do you know how much you spend each month? The first step to taking control of your finances and getting debt free is to prepare a budget.

Find out what you are spending and where. Everything that gets a share of your money has to be budgeted for. GET THAT LIST STARTED. Itemise everything; write it all down and not just the large expenditure such as rent or mortgage but the little things too. All those incidentals such as cinema trips, magazines and take away meals. You’ll be surprised where the money goes and how all those ‘little things’ seem to mount up.

Don’t forget to list your income. Not just how much you earn, but include things like child benefit, maintenance, CSA payments and pensions.

Once you have both expenditure and income totalled up, you can see just what money you have and where it is going. Then you can get on with the next step.

the next step........