29 Tips on Getting Out of Debt
- Wednesday, August 29, 2012
24. Shop smart – pool coupons with others, plan a menu around what is on sale at the grocery store, buy in bulk if it is reasonable… etc…
25. Pray, with God anything is possible
27. Do whatever is possible and legal to increase your income short term and set goals to increase your base income long term.
28. Stay focused, stay disciplined, see the end, see yourself debt free. You can do it! It wont be pretty and it will be frustrating at times but you can do it. In other words, keep yourself encouraged
The one tip I am torn on is #29. It seems like this debate will live on as long as the chicken and the egg debate. I personally like Dave Ramsey’s Debt Snowball approach and generally recommend that for most people. I understand that mathematically it is better to pay off higher rates first, but the reason most people are in debt isn’t because they are bad at math, but that they are undisciplined and need all the motivation help they can get. If they quit halfway to their first goal, it doesn’t matter how much they saved by paying off the higher rates first. This is why I generally recommend the Debt Snowball approach. But, study it out for yourself and pick what you think will work for you.
29. Regardless of what anyone says about debt snowballs, etc…. pay off the highest interest rate first. Mathematically, you come out better
For additional information, I suggest reading the series I wrote about how to get out of debt.
Publication date: August 29, 2012
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