Hello,
As a mother of Seven children, I have always had to be sensible with our money. I find myself budgeting more and more. It is tedious at first, but it gradually becomes easier.
My husband and I are also making every effort to get rid of our credit cards. We are working on them one by one, starting with the most expensive. It is such a relief as you get rid of those monthly bills.
My Daddy always used cash (didn't have any credit cards). What a sensible man he was.
Angel cuddles,
Sarah
Angel Cuddle Publishing - By Sarah Pritchard - 
How to go about Debt management
Debt management is not as simple as paying for your debts, although you can also do that if you can. Unfortunately, most will not have the capability to pay for debts that you have incurred in the past. Otherwise, you would have paid for it before right? The most that people can do right now is basically to pay a part of the loan every month and to keep paying for it until every dollar is paid for.
Debt management is hard and it can be really detail oriented but if you are really determined to get out of debt, you will endure all of it. Here are some of the things that you can do to minimize your debt and live a more or less comfortable life in these economically-hard times:
1. Get a loan with lower interest
As much as it surprises you to find out that the answer to your problem may be another loan, this is a tried and tested solution. But what you have to do here is to get a loan with a much lower interest and use the money in that loan to pay for all your other debts. That way, you interest payments will be much lower. You, however, have to make sure that you will use all the money to pay for the debt. Some people who do not know how to manage their money get a loan but do not use it to finance their loans. This is the wrong approach.
If what you will be loaning will not cover all the debts that you have, then pay for the loans that have the highest interest rates. That way, you will only have debts that have lower interest rates.
2. Pay the higher ones first
As much as you can, prioritize the loans that have the highest interest rates. This will help you lessen the amount of interests that you will be paying for your debts. This is not to say that once you paid all those that have high interests, you will be stopping the payments.
Also, if you have loans that do not have ant interest payments yet but will eventually have in a couple of months, prioritize those too. Remember that your target is to minimize your debts and one way to do help you do this is to have lower interest payments.
3. Practice budgeting
It may be tedious but budgeting can help lessen the amount of expense that you will incur in a month. This is because you will be in a way curtailed into spending for specific products and services. Any additional expense will have to be thought about first and oftentimes, you will be able to rationalize against such expenses. This is also true when buying food from the grocery stores. If you have a set budget and a list of products that you will be buying, your expenses will be significantly lessened.
Debt management is easy. You just have to be really determined to make it through.
Comments
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21st April 2009 - 6:49am
21st April 2009 - 6:49am
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What a Great Site you have here Mick very good. - By Keith Rankin - Homepage
I wish to share this also for you and visitors.
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21st April 2009 - 7:15am
Great site I am just trying to learn to make money online.
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30th April 2009 - 4:47am
Hi Mick
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16th May 2009 - 11:10pm
Dear webmaster,
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I am Dorothy Parker. I have visited your website and I would like to congratulate you on building such a valuable online resource. I am sure your visitors find your site as useful as I did.
My site also has relevant information in the same context, which I am sure your visitors will really appreciate. It would be great if we exchange links with each other. It would boost your search engine rankings, as relevant inbound links is the most important criteria for ranking on most search engines. It would also help bring targeted traffic to your site and reach out to a valuable, relevant audience.
If you are interested then please revert back to me ASAP. If you are not the concerned person then would request to kindly forward the mail to the respective person.
Waiting for your quick and positive reply to come.
Have a great day.
Thanks and regards
20th May 2009 - 1:44am
Hi Mick,
Great site and very informative. Keep up the good work.
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Great site and very informative. Keep up the good work.
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