I am drowing in debt! i need some answers in making my $ last.?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
To start - cut up the credit cards.
I am drowing in debt! i need some answers in making my $ last.?Get rid of the credit cards and get on a budget.
I am drowing in debt! i need some answers in making my $ last.?First you need to start by cutting your two credit cards and STOP USING THEM UNTIL YOU PAY OFF ALL YOUR DEBTS. Second step is gather all your bill and know how much you need to pay every month, that also including credit card bills. With credit card, you need to include the higher of minimum due OR the month interest accrued. Don't forget the auto insurance or any other insurance (or let's just say things you pay every six months or annually), and find the monthly amount for those bills. As for groceries and gasoline, you will need to start to see how much you need every month by tracking your spending. Now you are ready to total all the monthly amount required. Third, take your take home pay (after tax), and starting to subtract all the bills need to be pay. I hope is not a negative number. If so, start review your bills. Maybe your cell phone plan can cut down to $35 a month plan instead of $150 a month plan. Start cutting down the unnecessary stuffs, and stuffs that you cannot afford, like eating out too much, clubings, and going to movies too mucy. How much is too much you wonder? After you start budgeting and track your expenses you will have an idea. I do suggest you to treat yourself once in a LONG, LONG WHILE ONLY IF YOU CAN AFFORD IT. So start tracking your spending and know where your money is. Start paying off your debts by focus on the highest interest rate first (pretty much would be one of the credit cards).
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