| |
| |
|
|
Debt Relief Information |
|
Budget the Luxuries First!
Strictly speaking, his advice was preceded by another Heinlein maxim as well. "Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity." Today, that advice gets abused eight ways to Sunday, as the average household is currently carrying credit card debt to the tune of over $10,000. Assuming an interest rate of 18%, this works out to about 150 bucks a month going to the credit card company. That's money NOT available for things like fresh flowers on your desk... new skis... upgrading to gourmet coffees and wines for daily consumption, or dinner out (including tips and babysitter). Luxury item #1: Get out of consumer debt Being debt-free is an incredible luxury! There are a ton of books and articles out there already on how to budget and avoid debt, so I won't hold forth on how to do it. The important issue is WHY to do it. And the answer is simple. Peace of mind is the ultimate luxury! Luxury item #2: Make some time to make a wish list! While putting the wheels in motion on reducing debt, there's a happier issue to think through as well: What is it you really want out of life? Peace of mind (and of household) starts with asking these Really Big Questions! More importantly (assuming you actually care about your relationship), what is it your partner craves? If you don't know, well... it can be fun finding out. Too many financial planning exercises are painful, which is why not enough people do them. This exercise, finding out what really matters to you both, isn't. What are the things in life that really feel like luxury to you? Now is the time to identify them, and separate out the smaller, less satisfying things you're paying for that keep you from getting what you really want. To keep to the spirit of fun, I've found it's useful to agree to some simple ground rules:
Being realistic, there will, of course, be a price tag associated with the wish list. Also being realistic, not all luxuries cost an arm and a leg, either. If you have the iron will to make a strict budget and do without so that you can go hang out in Tuscany for a month next fall, good for you (and yours!) If you're like me, though, it may make sense to make do with lesser luxuries. Luxury item #3: Keep looking until you find reasonably-priced luxuries that really make your life more worth living, then revel in them! That's all it takes. If you get this far, you've done a few extremely healthy things. For starters, you've actually talked to your sweetie about money, without it being a crisis! You've spent some time dreaming together. You've examined your debt and thought about what it's costing you. And with any luck, you've found at least one thing you can enjoy without feeling guilty about what it's costing you... because it's an investment in your piece of mind. -- Print and Internet publication rights are granted, free of charge, for this article, provided the credit paragraph and copyright remain intact. If you use this article in HTML form, please set resource link as a hyperlink. Please e-mail me the URL of any place the article is posted, or a copy of any electronic newsletter or eZine, etc. A copy of any printed publication using this article would be greatly appreciated (contact me via e-mail for mailing address!) About The Author © Andy White, budget guy for Coudy Coffee - because life is too short for mediocre coffee. For gourmet coffee and espresso; coffee gifts, information and resources, visit http://www.coudycoffee.com.
MORE RESOURCES:
Debt-Relief - Google News |
|
|
|
RELATED ARTICLES
IVA Advice An IVA (individual voluntary arrangement) is an alternative to bankruptcy introduced by the government as part of the Insolvency Act 1986. This article provides an overview of IVAs and suggests what readers should watch out for when looking for IVA advice. Senate Passes New Bankruptcy Law The United States Senate passed a law on March 10, 2005 that changes the bankruptcy laws in America. It is expected that the House of Representatives will look to pass the same bill in April, which will send it to President Bush for his signature. What is Debt Settlement and How Does it Work? Debt settlement involves negotiating with a creditor or creditors to pay off a percentage of your total debts at an agreed upon settlement amount. Often, people choose to utilize the services of a debt settlement company rather than attempting to do it on their own. Bankruptcy Reform There are some new bankruptcy laws going into effect before long and many think they are much needed. Of course, that depends on which side of the bankruptcy you are a part of. Credit Card Debt Elimination Credit card debt elimination can be done with a good plan and a little patience. The important thing is to find what works best for you and stick to your plan. Credit And Debt Relief--A One Stop Solution Amy Wright, 34, was extatic when her realtor showed her the three bedroom townhome overlooking the lushious golf course. It was exactly the home she was looking for. Debt: Dont Pay Your Minimum Balance Almost all Americans carry credit card debt. Actually, over 40% of US families spend more than they earn. Debt Elimination If you're reading this article right now I'm sure that you are looking for a debt elimination system that will help you get out from under you personal mountain of debt. Hopefully you're not looking for the magic pill that will suddenly dissolve your debt problem. Deal with All Your Debts with Care! Lots of people take a large ammount of loans and suddenly they discovered that they're in debt and life seems pretty gloomy for them, in this situation please don't despair. Most people have been there and know just how easily it can creep up on us. Debt Management Systems What is a debt management system, and when do you need it? Like any kind of management system, debt help systems can be good or bad. We will take a look at what you can do to manage your debt better. Tips For Saving Money Still living from pay to pay? Or envying those great wealth accumulators and wondering how they did it? Every month you make a resolution of saving some dollars from your paycheck, but only end up breaking it. Looking for some magic formula for saving money?Well, there’s no magic formula—only some simple rules to be followed with determination and persistence. Budget the Luxuries First! Strictly speaking, his advice was preceded by another Heinlein maxim as well. "Sovereign ingredient for a happy marriage: Pay cash or do without. Currency Trading Fee Concept Troubles with Global Economy; Do you see future problems with our global economic plans to make a one world system, where free trade and prosperity can rein the world over. Many world leaders have agreed a one-world system is best for all. Personal Debt Reduction Practices Personal debt reduction practices, the steps people take to relieve the debt in their lives and to become more financially free, are a hot topic among financial circles. American spending habits are producing more people who are deeper in debt rather than people trying to achieve financial freedom. What Is A Chapter 13 Bankruptcy? Many consumers that are bogged down in debt frequently turn to bankruptcy as a form of restoring their financial status back to a zero balance. Unfortunately many of these same consumers are confused when it comes to the difference between a Chapter 13 bankruptcy and a Chapter 7 bankruptcy. Use A Debt Checklist To Examine Where You Are A Debt Checklist allows you to look at items and areas of your financial life. You need to examine these to gauge how you stand. The Last Debt Solution Should Be Bankruptcy A debt solution like bankruptcy should really only be used as a last possible solution. The problem with this solution of debt problems is that it includes a lot more than simply eliminating debt. Take Careful Consideration Before Filing Bankruptcy Filing bankruptcy is not fun! It is a last resort if you are interested in keeping an active and acceptable credit report. Bankruptcy is the condition of bringing all your assets and deficiencies into an insolvent state. Debt Relief with this Simple Formula Is there a way to get out of debt without getting a second job or having to increase your income in some way? Can the average person take his or her current income and pay off his or her bills in a matter of a few years, including the car and mortgage payments?The answer is YES!!! You can do it without having to cut out all of your fun and extra-curricular activities as well. Now, you may need to cut down on going to the movies or going out to eat, but you will not have to stop altogether. Bankruptcy: What You Need to Know Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. Many people do not realize that there are five types of bankruptcy options available under the U.
|
||||||||||||||