Get out of Debt

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Expense #6: Other "Stuff"

Similar to entertainment, the other "stuff" category can vary greatly.  It could be music equipment, car washes, computer games, anything.  You need to figure out one other thing you can give up.  Make it something between $25 and $100.  True this is a sacrifice.  Maybe there isn't anything you can think of, but there probably is.  If you can't come up with one single type of item, maybe it's impulse buying.  Maybe at least once a month, when you go to buy something on impulse, you force yourself not to do it.

One real key to all of these steps is to try and make it fun.  Try and make it a game.  Make saving money and getting out of debt "your thing".  It's a goal, a challenge, something that makes you different.  Try to get to the point where you get as jazzed about saving $30 as to get about spending $30.  This will make saving money easier and life more enjoyable. Keep in mind that you will come out the winner in the end. If you can get out of debt you will have more money to spend in the long run. These small sacrifices can lead to significant changes in your debt level.

 

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6 Steps to no Debt 

Step #1:  Renegotiate debt, consolidate debt, and settle debt

2) Pay off your credit card

3) Get some emergency savings

4) Start investing in 401k plan or IRA

5) Pay off other debt

6) Invest conservatively

Controlling Expenses 

1) Utilities

2) Food

3) Clothing

4) Entertainment

5) Gas

6) Other "Stuff"

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