Overtime = extra money = reduction in debt
Work longer hours? You can't be serious?
I am serious. Every hour of overtime is worth at least one poke in the eye of the debt monster; and when you've paid off your debts and find yourself reaching for the credit card (perish the thought), you'll be able to bring up some nice memories of working overtime to coax you into saving up for that "must have" item instead of taking the easy route.
No overtime available at your place of work? A second job is an option. If it' something completely different to your actual job, it could be extremely enjoyable. Doing something enjoyable to reduce debt... sounds good to me.
Surely I can make some extra money using the internet!
Of course, but don't dive in without researching first. There are genuine opportunities and many scams. Remember, if it seems too good to be true, then it most definitely is.
Showing posts with label reduce debt. Show all posts
Showing posts with label reduce debt. Show all posts
Sunday, 24 January 2010
Friday, 22 January 2010
Reduce debt by reducing how much you spend
Sit down with a pen and some paper.
Write down a list of all your expenditure; mortgage/rent, fuel, mobile phone, clothes, food, etc.
Categorise them into:
Fixed (eg mortgage)
Essential but not fixed (eg fuel, food)
Non-Essentials (eg mobile phone, treats)
If you really put your mind to it you can make significant reductions in the essential but not fixed category. Heating, for example: During winter, do you have the heating turned way up? A lot of people go overboard with the thermostat, and turn their home into a furnace.
Reduce your heating bill by turning the thermostat down and adding a layer of clothing. Think of it as adding a layer of protection from the debt monster lurking in the corner.
Non-Essentials (also known as the Debt Creation category)
This is the category that has most likely contributed to your debt problem; so it makes sense that reducing the items in this category will reduce your debt. Before you begin reducing the items in this category, be certain that you haven't "mistakenly" ;) listed items in the second category that really should be in this one.
If you really cannot survive without your mobile phone, and you have a contract, then consider switching to pay-as-you-go.
Create a Budget and stick to it. Easier said than done, I know. Just try it.
Write down a list of all your expenditure; mortgage/rent, fuel, mobile phone, clothes, food, etc.
Categorise them into:
Fixed (eg mortgage)
Essential but not fixed (eg fuel, food)
Non-Essentials (eg mobile phone, treats)
If you really put your mind to it you can make significant reductions in the essential but not fixed category. Heating, for example: During winter, do you have the heating turned way up? A lot of people go overboard with the thermostat, and turn their home into a furnace.
Reduce your heating bill by turning the thermostat down and adding a layer of clothing. Think of it as adding a layer of protection from the debt monster lurking in the corner.
Non-Essentials (also known as the Debt Creation category)
This is the category that has most likely contributed to your debt problem; so it makes sense that reducing the items in this category will reduce your debt. Before you begin reducing the items in this category, be certain that you haven't "mistakenly" ;) listed items in the second category that really should be in this one.
If you really cannot survive without your mobile phone, and you have a contract, then consider switching to pay-as-you-go.
Create a Budget and stick to it. Easier said than done, I know. Just try it.
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