Get out the cycle of debt by following these 10 steps:
1) Set up a budget and stick to it
2) Stop using your credit cards – really! stop!
3) Know where every penny of your money goes. You can do this by setting up an online tracking system on a website such as mint.com or carry a written register with you.
4) Sign up for online bill pay and pay your bills online automatically.
5) Start an emergency fund (for example $1000), and set it up to receive savings every payday.
6) Meet with your accountability partner or spouse weekly for at least a half an hour to review your finances, purchases and bills.
7) After withdrawing your spending money for the week (which is allotted for in your budget) put away your debit and ATM cards so you cant access them for frivolous purchases and blow your budget.
8) Visualize your financial goals by writing them down (or typing them up – to each his own, lol). Take small steps toward your goals everyday. If you see them in writing – this is a constant reminder and helpful tool for helping you to stick to pursuing these financial goals.
9) Dont make impulse purchases. If you want an item – wait 24 hours. If you still want it and you can squeeze it in your budget do so. If you dont want it after 24 hours – you just saved yourself some money. High five!
10) Dont let setbacks sabotage your long term success. If you overspend or face emergency expenses, return to your budget immediately.
If you are interested in speaking with a California bankruptcy attorney, contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200.
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