Don’t know what to do, and feel like the debt just keeps piling up? Here are a few tips that will help you.
Assess the situation (get all of your debt in order)
In this section, you will need to face your debt. Do not just let it keep piling up or wait for the phone calls from the bank. Get ahead and calculate out how much debt you have.
Calculate your debt ratio.
After you have added up all your debt, next you will divide your debt by your income. Basically, how much debt compared to how much is coming in. This will show you how to allocate your money, or budget your money.
Don’t forget to break those habits that got you into debt.
Once you have set the budge stick to it! Having a budget will help you break those habits. Make sure to write down your budget. If you write it down you will be more likely to stick to the budget. Remember, do not use your credit cards, try a cash only basis. Having cash shows you how much money you have to spend, and how quickly the money can go.
Finally set a goal or goals for yourself. Make sure you keep with it. Have weekly, monthly and yearly goals.
Setting goals for yourself will motivate you to reach those goals. When you have weekly and monthly goals, you will achieve little victories. Those little victories will help you achieve your yearly goals. Again, write down your goals. You will be more likely to power through your goals if you write them down.
What’s your game plan? Come on you can do it! Just face the debt head on and you will have victory over that debt! Just remember you can do this and you will get out of debt. You just have to work at it!
You do not have to go through this alone. We, at Louisiana Approval, want to help you with your financial needs. We want you to see you become successful! Reach out to us, and we will help you.