Q: I'm so stressed right now because all I can see are more and more bills coming in, and not enough money to pay them. Can you tell me what my FIRST step is to stop the cash bleeding out of my accounts?
A: I know how confusing everything seems to you right now, so I'm going to give you some simple ideas that will put the brakes on your situation, so you can start thinking clearly about reducing your debt quickly.
1 - Be tough and stop spending - I know it can be hard to do. Just say you have a subscription to a magazine or newspaper - ring up and cancel it immediately. Do you buy a coffee or 3 everyday? Make your own coffee and save a few dollars with every cup. Do you love to each chocolate in the afternoon? Cut back - it will do your health and your bank balance a lot of good!
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2 - Take the time to write down your expenses - I know that some of you get scared off by the word 'budget', but that is not what this is about. If you are not good with figures, it is still critical that you know what your big expenses are. On a big piece of paper that you will stick to the refrigerator, you must write down your regular bills.
Just focus on the larger ones like electricity, property taxes, groceries and gas. Turn them into monthly expenses. For example, if your electricity bill comes every 3 months, then divide the bill by three and write it on you list. If you buy groceries every week, then pick an rough amount that you spend and multiply that by four. Now you will have a good idea of what bills are coming and how much you need in your bank account to pay these bills.
3 - Consolidate your loans - If you are running out of cash, you will need to consolidate debt loans into one low interest consolidation. This means that you take your credit card debt, college loan debt and personal loan debt and roll them into one consolidating loan.
The benefits are immediate. Your interest rate will be lower than what you were paying, you will only be making one monthly payment, and your repayments will be much smaller. The extra cash that you get from making lower repayments must be paid into this consolidation debt equity loan [http://www.consolidatingloan.lifeandmoneyonline.com/credit-and-debt-counseling-consolidate-bills.php] immediately to reduce debt quickly.
4 - Bring in some extra cash - In these times of recession, this tip might sound hard, but it's not. There are plenty of people doing OK right now, because they are providing a service that's required, no matter what financial crisis we are facing. Families still need child care, so why not offer to babysit? Some people don't have enough time to walk their dogs, so why not offer a dog walking service? Houses still need to be repaired, so if you are handy, advertise locally and tell your neighbors about your handyman skills.
The next thing to do it to take a good long hard look at your assets/debts and income/expenses and turn your situation around.
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