07 March 2012

Control Your Urge to Spend

The first thing to do for debt elimination is to control your expenditures. Here we are talking about the unplanned, spontaneous expenditures you often use credit for. Remember that the main reason being your getting into debt is uncontrolled expenditure. If you are really serious about debt elimination, this controlling your spending will help in debt elimination by preventing accumulation of further debt.

Here is what you can do to control your expenditures:

a.  You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything that you don’t really-really need. If it's too tempting remember the $100/24 hour rule, after all you are looking for debt elimination not supplementation.

b.  Leave your credit card at home. If you really, really need something and you don't have the cash to pay for it, then you can go home and get your credit card from your house. This will stop you from giving in to the too-attractive-to-resist sale offers (that are actually there all the year round - or at least every few weeks). This debt elimination technique, again, works on the principal of ‘prevention is better than cure’. This will prevent unplanned expenses from happening.

c.  Prepare a monthly Spending Plan and stick to it. This is really a very important debt elimination measure. This Spending Plan will form the basis of your debt elimination plan. So if you deviate from Spending Plan, your debt elimination plan will go backwards instead of forwards.

No comments:

Post a Comment

Thanks so much for taking the time to leave a comment...I just love hearing from you!

Just a couple of things:

Please don't use your comments to advertise your business or goods for sale, any such comments will be removed.

And please include your name, anonymous posts will not be published and will be recorded as spam.