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Learn to become Debt Free in 45 Days
Want to become debt free? Take this challenge and learn the simple habits to change your financial position for the rest of your life.
How Do I Take This Challenge?
- First you must face the reality of your situation - Take out all bills and create a spreadsheet of every debt.
- Fix the leaks - Cut down your expenses by eliminating every non essential item - Cable TV, eating out etc Anything which can be eliminated should. If you have a second car sell it. You goal is to reduce both the number and quantity of items comming out of your income base.
- For essential items look for more economical options.
- Look to use coupons, buy in bulk and shop around and negotiate
- Spend time each week brainstorming ways to increase your income - the extra income should go strait to the debt
- Identify bad spending triggers. If you spend when your bored find new ways to have fun. If you spend when you hang out with certain friends avoid them or discuss your situation with them.
- Each week look to eliminate more leaks. Keep looking at your statements and bills to identify new opportunities.
Tips
- Debt is a simple of spending more than you earn - Find ways to earn more and spend less every day
- Everything is negotiable
- If you have multiple credit cards, consolidate. Move to the cheapest one
- A consolidation loan is one you use to move all your debts into a single lower interest loan (A great idea if your situation is bad)
- Share your own tips with others, when your mind becomes focused on fixing leaks and increasing income creativity can do incredible things
