Debt Getting You Down? - Make a List!

Debt is not much fun and when faced with it, people sometimes look for complicated debt solutions and often overlook the many simple ways that you can save money. Believe it or not, one of the simplest and most effective debt solutions is to get hold of a pen and a piece of paper and make a list. By this I mean that keeping a daily record of your expenditure can reveal some interesting facts about your spending and point you in the direction of how you can make easy savings right away. My Father first introduced me to this, showing me the little piece of paper that he kept in his wallet. But at the time I just rolled my eyes and ignored his advice ? big mistake. It was only a few years later when I wanted to try to seriously start saving money in order to make a dent in my mortgage loan. But this debt solution is not only useful for helping you to pay off a mortgage debt, but also credit cards and student loans and many other types of debt.

At the beginning of each month, I would just tear a piece off an old envelope and write my salary at the top and then immediately subtract the amount I want to save in order to pay off my mortgage debt. I could then clearly see how much I money I had to get me through the month. I then simply subtracted everything I spent when I spent it. The key to this is to writing down absolutely everything, no matter how small. I found that it was really easy to do ? I would either write something down on the list as soon as I spent the money or take two minutes in the evening at home to go back over what I had spent during the day. Whenever there was a fairly large sum on the list, I would just write down what it was next to the amount, so that I could remember.

Once you have kept your list for a couple of weeks, you already start to make some fascinating discoveries. It was not the big amounts on my list that had to be dealt with, as I had imagined. These were essentials, which there was no way I could do without. However, the small amounts on my list were doing the damage! I was well aware that I was buying something to eat EVERY morning before going into the office, but I was totally unaware of what it was costing me. I was spending 2.75 British Pounds every morning on this. That was adding up to around 55 Pounds per month! As soon as I realised this, I started making my own. In addition to this, I could always turn to my list at any point during the month and see how much money I had left until the next pay day. This way, there was never any danger that I would have to go into the overdraft on my bank account.

This in itself represented a real saving that I started making each month and once I had cut one or two other unnecessary expenses revealed by my lists, I was making very significant savings, which I then put towards paying off my mortgage debt. Keeping a list of this type is a simple yet powerful tool because it will clearly and simply show you where your money is going, and give you the control to make some changes.

Emmanuel Mendonca is the webmaster of Debt Genius at http://www.debtgenius.com which provides free advice on debt consolidation, how to get out of debt and on saving money.

---

Reduce Your Debt

Do you want to reduce your debt? Having trouble paying... Read More

Do It Yourself Debt Relief

With mounting bills and unforeseen hardships, you may be considering... Read More

Debt Getting You Down? - Make a List!

Debt is not much fun and when faced with it,... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More

Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors

Do you, like millions of other Americans, feel like you're... Read More

Christian Debt Consolidation ? Feel Comfortable About Managing Your Debt

Many Christians feel uncomfortable with the notion of being in... Read More

How to Avoid Bankruptcy

Bankruptcy is a legal way to offer folks with high... Read More

Bankruptcy: What You Need to Know

Personal bankruptcy is a legal way to give people with... Read More

The Human Side - Debt Stress

In all the technical discussion you hear about credit... Read More

Personal Debt Reduction Practices

Personal debt reduction practices, the steps people take to relieve... Read More

What Does A Bankruptcy Trustee Do?

Once you file bankruptcy a court appointed bankruptcy trustee will... Read More

Your Secret Weapon... A Budget

For many, the word 'budget' immediately sends shivers down the... Read More

Student Loans Can?t Be Swept Away Through Bankruptcy

Bankruptcy is in the news these days, as Congress has... Read More

The ONE Law You Should Be Breaking

There is a law all smart people break.Parkinson's law.Parkinson's law... Read More

Turning Bad Debts into Good Debts through Investing Fundamentals

If you've ever earned enough money to put some aside,... Read More

Debt Reduction, a Necessary Endeavour

Massive debt is something many Americans face. Debt reduction is... Read More

The Debt Free Lifestyle

Many people have been taught that you cannot get ahead... Read More

Credit Counseling or Bankruptcy: Which is Best for You?

People often get to a place where they simply can't... Read More

British Families and Debt

There is current concern from the Bank of England that... Read More

Dont Drown Your Debts, Manage Them!

Are you among the millions of people who have found... Read More

Debt Management - Is It the Right Choice For You?

Debt Management plans offer credit counseling clients a different and... Read More

How to Protect Yourself: Debt Collections

So you are getting collection calls? You're desk is full... Read More

Questions to Ask a Credit Counseling Service about Debt Relief

Debt relief is a topic on a lot of consumers'... Read More

Utah, the Nation?s Bankruptcy Capital

Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection... Read More

Ten Ways to Get Out of Debt

1) Use your AssetsIf you have assets with some significant... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

Purchase Your Future Now While It Is Still Inexpensive

Leaving school, getting a new job, or even a raise... Read More

How Do I Lower My Debt Burdens?

How do I lower my debts?There are several ways of... Read More

Debt Settlement

What is debt settlement?Debt Settlement is a process to settle... Read More

Benefits and Drawbacks of Bankruptcy

Outlined below are some of the benefits and drawbacks of... Read More

Creating A Realistic Budget

Budgeting -- ooh, what a scary word! If you want... Read More

Credit Counseling ? Signs That You May Need Help

Credit counseling is a viable option for those who are... Read More

What is Bankruptcy?

Here is a useful guide to bankruptcy. It should be... Read More