Develop Workable Budget – First Step for Getting Out of Debt

Young black couple planning budget together at home and writing notes

The first and most important step for getting – and staying – out of debt is to create a workable budget. Whether you use a spreadsheet or other form of tracking your spending, you’ll feel more empowered when it comes to your finances and can finally begin to save money for things you want and need when you know exactly where your money is going. First, assess your net income – the money you bring home for expenses. Make sure you don’t use your total salary as your net income, but only what you get to spend after taxes and …

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Do You Have A Good Get Out of Debt Emergency Plan To Live By

Debt emergency plan

Heavy debt can make you feel as if you’re drowning. You may feel like an elephant is sitting on your chest preventing you from breathing, feel out of control and feel panic that keeps you from thinking clearly. Until you formulate a plan for getting out of debt, you’ll keep floundering and the debt situation will only get worse. When you’re finally determined to rectify the situation by doing everything possible to get out of debt – it’s time to formulate a plan. First, carefully assess your debts. You can request a free credit report each year from the three …

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