I thought it would be interesting to find out some facts about women and money especially as I used to spend, spend, spend money on clothes, shoes, books and Bibles. I have so many Bibles. The clothes I bought I had to donate because they couldn’t fit me. I had to get new clothes when I became pregnant. I had to get Employment insurance when I went on mat leave. I am still paying off my VISA debts. I had planned to buy new clothes and shoes which I really need but will have to wait until the next time I get paid because I have to pay the rent.
Being in debt makes me feel a bit overwhelmed sometimes and find myself longing for the days when I used to be able to pop into my favorite stores and buy what I needed. I needed tips on how to stay on top of my debts until they are all paid off and came across these 8 must-follow tips from the Women in Red online community for reducing debt by M.P. Dunleavey.
Face Up to What You Owe Financial solvency starts with fearless honesty. So sit down and tally every last dime.
Set Up an Emergency Fund
Having backup savings will help keep you from going further into the red.3.
A good online debt calculator (like the one on bankrate.com) lets you run “what if” scenarios with different repayment amounts and deadlines. Choose a plan that’s more demanding than you’d like.4.
Track Your Money
It’s duller than eating Weetabix for breakfast, but keep a spending diary for at least two weeks. What you’ll learn: why and how your cash is leaking away.5.
Visualize your post-debt life, when you will be able to use your money for some interesting or more important things.6.
Go On a Cash-Only Diet
It’s a known law of financial physics: Plastic attracts debt. So cut up all your credit cards (except one, for emergencies), and when you buy, spend actual money.7.
Pay Bills More Often
Many Racers make debt payments two or even four times a month. This pares down principal faster and reduces interest, too.
Adopt a “No Excuses” StrategyYou may not want to take on a weekend job or sell your grandmother’s jewelry — but maybe you should. Do whatever it takes to succeed. You’ll thank yourself when your debt load shrinks
Right now I have one credit card which I can’t use because I am trying to pay off the debt I still owe. I am using cash only to buy what I need. I am really trying to conserve and only buy things that are essential. I have enough clothes for now and I can survive on three pairs of shoes although one pair looks worn. I have my moments of discouragement and a sense that I will never get out of debt but then I get suggestions from my fiance and I feel optimistic. Right now I am looking into an option he suggested to me. Hopefully it will work.
If you are in debt, don’t be discouraged. Just focus on paying off your debts using these tips.