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Thread: reducing debt.

  1. #1
    leonard.wilson2008
    Guest

    Default reducing debt.

    Besides saving a fixed amount on a daily & consistent basis, what is a

    method of bringing down debt?








  2. #2
    shawnonline
    Guest

    Default reducing debt.

    Here's some ideas that my family did. I would recommend Crown Financial

    Concepts (www.crown.org) or Dave Ramsey (www.daveramsey.com) for help in

    ideas on how to pay down debt.



    Here's some of the things we did primarily to get out of a van loan in 18

    months

    ================================================== ===

    1) Got rid of the credit cards. I never had a credit card debt that would

    carry month to month, but I had a Discover card I would use to pay for alot

    of things each month. I figure I spent about 15%-30% more when I used

    credit cards and I could never seem to make progress before on the other

    debts and regular savings because of the credit card bill being so high each

    month (even though we paid it off each money it was a ball and chain to

    us!!!!).



    2) Started a budget and followed it very carefully. Cut most expensive

    entertainment and extra spending and out to eat costs. We spent alot of

    time doing our inexpensive hobbies. Riding Bikes, Walking, going to the

    Library. We had alot we could find to cut because we wrote down everything

    and evaluated what we did the previous months and where we could cut. We

    got SELF-CONTROL.



    3) Stopped extra payments on the house



    4) Adjusted my Federal Tax Withholding temporarily so I would get less back

    in tax refund and more back throughout the year.





    5) Adjusted my 401K temporarily to 2% while getting out of the car debt.

    (Only temporarily for 6 months)



    6) Sold a few things.





    ----- Original Message -----

    From: "leonard.wilson2008" <leonard.wilson2007@gmail.com>

    To: <Budget101_@yahoogroups.com>

    Sent: Sunday, April 06, 2008 12:21 PM

    Subject: Budget101.com : reducing debt.





    > Besides saving a fixed amount on a daily & consistent basis, what is a

    > method of bringing down debt?








  3. #3
    Herlean
    Guest

    Default reducing debt.

    Eliminate credit cards. Do not use them.



    If you have them, pay them off ASAP.



    Cut them out of your life however you have to. They are not your friends!



    Herlean



    "leonard.wilson2008" <leonard.wilson2007@gmail.com> wrote:

    Besides saving a fixed amount on a daily & consistent basis, what is a

    method of bringing down debt?








  4. #4
    Jessica and David
    Guest

    Default reducing debt.


    Look at your budget. If there are things that you find in your budget that you really don't need that much alotted for it put it towards debt.

    ie.
    Per month
    Entertainment $50
    Fuel $100
    Food $250

    If for each of those you notice that you only spend about half of the estimated amount put the rest to the debt payments. Then once the smallest debt is paid off you take the money that you were using to pay that debt and put it towards the next debt.

    Later on you may want to look at your budget later and challenge yourself to cut back more on what you spend for entertainment and fuel. By finding free entertainment and start carpooling where everyone pitches in for gas.

    This is just an example that I use often. Dave Ramsey calls it the Snowball of debt reduction. I think that it truly is helpful.

    Jessica
    [quote]
    ----- Original Message -----
    From: leonard.wilson2008
    To: Budget101_@yahoogroups.com
    Sent: Sunday, April 06, 2008 11:21 AM
    Subject: Budget101.com : reducing debt.





    Besides saving a fixed amount on a daily & consistent basis, what is a
    method of bringing down debt?








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  5. #5
    mem68
    Guest

    Default reducing debt.

    It's the many little things that you do. Hang your clothes outside to dry,

    pay all your billd by bank draft (saves time,gas,stamp)(keeps a good track

    record for you), use coupons for groceies, Auto Zone,Reily's ( got all the

    men in my family their car items on sale w/ coupons and rebates_mostly

    free),start a pantry, buy loss leders, plan meals around what items are on

    sale,drink water and cut all other drinks until you get staightened out,

    budget, include the family in mking the budget,

    I use red nail polish to put a mark on the inside of the tub so my 10 yo son

    knows how much water to use,I put a red mark on the spigot on the side of

    the cold water,I put a mark on each item that plugs into the electricity-so

    I don't waste time turning it over to see how it fits,(time is money)

    Start w/ the lowest debt and concentrate on paying it off-then work on the

    next one etc.

    I use the estimate / month electric bill paying by bank draft.

    ----- Original Message -----

    From: "leonard.wilson2008" <leonard.wilson2007@gmail.com>

    To: <Budget101_@yahoogroups.com>

    Sent: Sunday, April 06, 2008 1:21 PM

    Subject: Budget101.com : reducing debt.





    > Besides saving a fixed amount on a daily & consistent basis, what is a

    > method of bringing down debt?








  6. #6
    Wilfred Allen
    Guest

    Default reducing debt.

    One addition
    The money should be put towards the highest interest debt.


    ----- Original Message ----
    From: Jessica and David <dwjdw@telus.net>
    To: Budget101_@yahoogroups.com
    Sent: Monday, April 7, 2008 10:18:58 AM
    Subject: Re: Budget101.com : reducing debt.






    Look at your budget. If there are things that you find in your budget that you really don't need that much alotted for it put it towards debt.

    ie.
    Per month
    Entertainment $50
    Fuel $100
    Food $250

    If for each of those you notice that you only spend about half of the estimated amount put the rest to the debt payments. Then once the smallest debt is paid off you take the money that you were using to pay that debt and put it towards the next debt.

    Later on you may want to look at your budget later and challenge yourself to cut back more on what you spend for entertainment and fuel. By finding free entertainment and start carpooling where everyone pitches in for gas.

    This is just an example that I use often. Dave Ramsey calls it the Snowball of debt reduction. I think that it truly is helpful.

    Jessica
    [quote]
    ----- Original Message -----
    From: leonard.wilson2008
    To: Budget101_@yahoogro ups.com
    Sent: Sunday, April 06, 2008 11:21 AM
    Subject: Budget101.com : reducing debt.





    Besides saving a fixed amount on a daily & consistent basis, what is a
    method of bringing down debt?





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    No virus found in this incoming message.
    Checked by AVG.
    Version: 7.5.519 / Virus Database: 269.22.8/1362 - Release Date: 4/6/2008 11:12 AM





  7. #7
    Diane May
    Guest

    Default reducing debt.

    Make a budget! That is the easiest way to get control of your money ad

    throw more at your debt. Like Dave Ramsey says, "Spend every dollar on

    paper, on purpose every month." That means making a 'spending plan' if

    the word "budget" scares you. As soon as we did that we saw what we

    need to do and where we needed to focus our efforts.



    If you find out you have more debt per month than income, prioritize.

    Cover shelter, utilities, food, transportation, clothing first. Then

    work your way down the list of who gets paid until you are out of money

    that month. Typically after "the four walls" (housing, utilities, food,

    transportation) you should pay, in general order IRS, 2nd

    mortgages/HELOCs, credit cards. After that you look at increasing your

    income, take a second job, part time job, get a better job. Credit

    card collectors use crazy scare tactics but have no teeth - they get

    paid last. Make sure the IRS is happy and your home is safe by paying

    the HELOC. After that it is simply cut your lifestyle to the bone.

    (Harder to do these days I know). Do not eat out, no Starbucks, no

    movies, vacations etc. throw every spare penny toward your debt. Sell

    stuff on eBay, have yard sales. Loose the cable/satellite. Cut back on

    extras.



    There is no easy way to get out of debt, but have a plan makes it so

    much easier. Once you are in control of your money and not the other

    way around you find you actually have a lot more money. Weird huh?

    Good luck.






  8. #8
    Carole Durand
    Guest

    Default reducing debt.

    Hello! Blessings to you! I didn't understand your meaning (and/or

    motivation) for these... can you please explain your actions, the

    effects, and the projected outcome? These ideas are wonderful, and I

    actually use some of them as a rule. I also go straight to the

    clearance area (true clearance is at least half off, but usually 70 or

    more off), and, if I WILL use it, I buy the item. This often

    determines my menu, if the store is a grocer. Thank you!



    Posted by: "mem68" mildreda@lcs.net mildredal378142000



    I put a red mark on the spigot on the side of

    the cold water,I put a mark on each item that plugs into the

    electricity- so

    I don't waste time turning it over to see how it fits,(time is money)








 

 

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