how to stay out of debt

Download How to Stay Out of Debt

Post on 20-Aug-2015



Economy & Finance

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  2. 2. Debt Overview
    • "Debt" is such a powerful world that can have control over your feelings and emotions.
    • We hear stories everyday of common Americans who are drowning in debt with no relief in sight.
    • With the uncertainty in the job market, more and more people are relying on credit cards and loans in order to survive.
  3. 3. Overview Cont.
    • If you are still employed in this economy, then it is important that you do everything that you can to get yourself in the best possible financial position so that if you have a job loss later then you will be okay.
    • So, how do you do this?
  4. 4. Curb Spending
    • First thing that you can do is to curb your spending as much as possible.
    • Next, look for ways to earn extra income while cutting any and everything that you can.
    • You may not be able to get rid of the cable or satellite service that you have, but you can search for a cheaper rate or use a service like Netflix as an alternative.
  5. 5. Save for Rainy Days
    • You will need to allocate any money that you have at the end of the month to go to debt and to also go towards an emergency fund in case you have no savings already.
    • An emergency fund generally needs to be at least 6 months of your living expenses.
    • However, there are experts that recommend 9 months at the minimum as rainy day fund savings.
  6. 6. Way To Save
    • This figure may sound like something that cannot be accomplished. However, if you are able to set aside a few hundred dollars a month, then you will start to see your savings grow larger and larger.
    • To get started, you will need to allocate the first couple hundred dollars to your emergency fund.Cutting your expenses will be vital here.
  7. 7. Increase Income
    • If you cannot find the extra money in your budget, then you will have to find additional sources of income.
    • If you are unable to find a second job, then see if there are any hobbies or things that you do on the side that could earn you some extra cash.
    • There are actual ways to earn extra cash in order to get your income greater to reduce debt and save.
  8. 8. More Strategies
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