If you’re like most I’m sure the bills are piling up and the collection calls aren’t slowing down. Everywhere we look, every media we plug into – the news, TV, radio, magazine stands – they’re all talking about the debt crisis in not just America, but around the Globe, at some point or another. While these media streams do a great job at scaring us about our debt one thing I’ve noticed is that many of them don’t offer a simple solution to paying off debt.
I’m really not sure what caused you to go into debt, all I know is just a few years after I got out of high school, by the time I was 22, I had already accumulated close to $25,000 in debt between a car payment, student loans and credit cards. Just 18 months after losing our home to foreclosure, starting a GBG Business Opportunity and plugging into professional equipping and training, I have been able to pay down close to $17,000 of debt.
While increasing my skill at learning how to manage money and pay off my debt I learned one small principle that you can begin using today called “trimming the fat.” It basically sounds like what it reads – when you trim fat you take off the excess, un-needed, un-wanted (by most) part of the meat. And you can apply the same rule to your every day spending. Simply start looking at what and where you’re spending your money and ask yourself if it’s something you really need. I don’t know about you, but for me, one of the first places I had to start doing this was in the grocery store. I had to resolve to a) not go to the grocery store hungry, b) plan meals ahead and c) buy less.
It just so happens that I found a company to help me get out of debt that was a christian business opportunity and that may or may not be something that interests you. You don’t need to increase your income to begin paying off your debt. I started while my income was less than $20,000 a year. Either way, if you begin applying something as simple as “trimming the fat” you can start using the money you save (or don’t spend) to begin finding ways to pay down your debt today. Just try it each day and see where your finances are at a year from now.
- Tax debt: Getting help with debt on IRS payments (2010tax.org)
- IRS Tax Debt – Resolving the IRS Dues that you Owe (2009tax.org)