You Can Retire Debt Free

Are you looking for debt management assistance? Do you want to resign debt free priority wise? If so, you can do this. Many are learning that this needs to be of great importance as the economy is so unstable right now. If you are living paycheck to paycheck, you need to make some changes to allow this to happen. You can retire debt free if you just do certain things. They aren't always easy, but when you reach your goal and find that your financial worries are over, you will see the journey was worth it in every way.

• Make up your mind to get rid of the credit cards permanently. If you are hesitant to do this, gather your credit card statements from the last year and add up the amount of interest you paid. Once you do so, you will see how much money you could be saving each year. Although this won't be easy at first, you can do it. Lifestyle changes are required, but it will be worth it in the end.

• Build up an emergency fund. This fund should be equal to six to twelve months of your basis expenses. If you lose your job, you will know that you have the money to survive until you find another one. Remember that this is for basic expenses. If you have a YMCA membership or 500 cable channels, those are extras that you can easily eliminate. Once you cut your expenses back to the bare necessities, you will find this fund does not have to be as big as you first imagined.

• Make a budget and stick to it. As Dave Ramsey, a get out of debt guru, often says a budget is required so you can be in charge of your money. When you first make up a budget, expect to have to fine tune it. It can take three to six months before you have your budget down. Don't get discouraged. With time, you will get this process right.

• Make resign debt free priority one when it comes to your goals in life. Many experts will tell you to list your debts by interest rate with the highest interest rate at the top. This does not work for most. You need to list all debts from smallest to largest and pay them in that order. Each time you pay one off you will have the motivation to continue working toward becoming debt free.

• Self-control is essential when it comes to debt management. Don't buy something you cannot afford by putting it on a credit card. This will set you back financially each time you do. Save up cash to buy these items. If you see something you really want to have, wait a few days before actually making the purchase. By doing so, you can ensure that you want to spend the money. Impulse buys are frequently mistakes. By following this rule, you can make great headway in your debt.

• Don't try to keep up with the Joneses. If your neighbor runs out and buys a new car, don't follow suit. Stop and think for a minute how much his car payment is each month. Do you really need a new car and are you willing to make those payments for the next five, six or seven years? Take the money and put it toward your debt. By doing so, you can be debt free and, in most cases, it won't take five or more years to do so.

Christopher Benoit www.WealthProtectionOnline.com