Reducing Your Debt When Bill At A Time
Nobody likes the feeling of being in debt. Everywhere you look people are trying to sell ideas about how to get out of it. Here is an idea that I will give you absolutely free. Now doing this is going to take some self discipline and control. But if you commit to this idea You will find your debt being reduced before you know it.
This plan works by paying more on each bill until it is paid off and then taking that money and putting it toward the next bill. To start off you will have to find a way to create or add extra money to you first bill. You will keep paying all your bills as normal. But as you pay a bill off, you will take the money you saved from that bill and put it on the next bill. This will increase your payment on your next bill thus paying the bills quicker.
You will need to get your bills in order. You will want organize them from the lowest to the highest. This way it will not take long to pay the small bills off and you will have encouragement to move on to the next bill. You would get discouraged trying to pay the highest bills off first.
You are going to want to keep paying you bill the same way you do every month. Pick the lowest bill and start putting the extra money you make in that month toward the bill. If you are creating twenty dollars a week in extra income you will find that you have an extra eighty dollars to put towards your bills.
After you pay that one bill off take the extra money and the money that you would normally pay on that bill and put it to the next highest bill. So you will be putting the eighty dollars, the amount of the last bill, and the amount you usually pay on the bill. If you keep doing this with every bill it will not be long till you see a significant reduction in your debt.
Now this plan is going to take discipline. If you take your extra money and spend it on something else you will mess your whole system up. You have to make sure that all the money you save by paying bills off is going to the next highest bills,
I am not saying that you have to wait till all your bills are paid to be able to spend some of the money you save. This will be a personal decision that you will have to make. Only you know your financial situation and it will be primarily up to you what money goes to bills and what comes back to you.
The first step to this plan will be to make the decision to do it. You can not finish anything till your start it. So commit to a plan like this today and start tearing your debt down one bill at a time. The freedom you feel as each bill disappears will be awesome.
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