{"id":1116,"date":"2018-07-26T20:18:54","date_gmt":"2018-07-26T20:18:54","guid":{"rendered":"https:\/\/cpatardy.wpengine.com\/?p=1116"},"modified":"2018-07-27T20:32:01","modified_gmt":"2018-07-27T20:32:01","slug":"undebting","status":"publish","type":"post","link":"https:\/\/cpatardy.com\/undebting\/","title":{"rendered":"Undebting"},"content":{"rendered":"

Getting into debt is easy, but getting out of debt and staying out is much harder.\u00a0 It\u2019s not complicated, it just requires a certain force of will that can be challenging for some people.<\/p>\n

Very simply, getting out of debt means setting out a plan for living within your means and sticking to it: no impulsive purchases, no extravagant amenities, just an understanding of what you make and how you need to spend it.\u00a0 Here’s what you do:<\/p>\n

First:<\/strong> Figure out what you make and what you spend.<\/h4>\n

This might means tracking your income and expenses over a period of time, which is much easier than it used to be.\u00a0 It\u2019s not about needing to keep a perfect check register (although you should totally do that if you use checks) but rather downloading your checking account history.<\/p>\n

You can set the period, say a few months, and then separate the income and spending into a few categories by month.\u00a0 The big ones are essential and nonessential, essential are your rent or mortgage, car payments, utilities, and your average grocery bill.\u00a0 And your student loans or class payments, if applicable.<\/p>\n

On the opposite side of your downloaded ledger is: How much do you get paid in an average month?\u00a0 (If you get paid biweekly that\u2019s two paychecks, not three).<\/p>\n

Take a look at it and see if there\u2019s anything obvious about it: how much do you spend on coffee or lunch every day?\u00a0 Drinking on the weekend?<\/p>\n

Second:<\/strong> Budget<\/h4>\n

Okay, now you know how much you make and how much you spend . . . how much should<\/em> you be spending?\u00a0 Write it down. Or type it and then save the file. Just get it out of you and put it down on the paper.<\/p>\n

Be realistic.\u00a0 If you go drinking every weekend, don\u2019t pretend you\u2019re going to go teetotaler all at once.\u00a0 Think about how many drinks you have and cut down by one per night or one night per week.<\/p>\n

Now you have a plan.\u00a0 Stick to it, and here\u2019s one thing to remember: if you screw up once, everything is not ruined.\u00a0 Get right back on the wagon and try again, and the next time too.\u00a0 So many people just give up if they encounter a hiccup, but you don\u2019t want to be one of them.<\/p>\n

Third:<\/strong> Save something<\/h4>\n

Start small, but get bigger over time.\u00a0 How about starting with a dollar this week, then two next week, then three, then four, until you reach the level you think is reasonable (maybe $20 a week?\u00a0 $25?)\u00a0 This will also allow you to deal with emergencies better, and without going into debt in some cases.<\/p>\n

You actually have to move it to the savings account though, if you’re going to do this.\u00a0 No cheating by trying to leave it in a checking account.<\/p>\n

Fourth:<\/strong> Control your access to debt<\/h4>\n

So there are two sides to this particular point.\u00a0 First, if you go into debt, try to do it for things that will keep their value over time.\u00a0 A car to get around will help you get or keep your job.\u00a0 School will help you make more money in the future.\u00a0 A trip to Vegas . . . well, how much value are you going to get out of that after the trip ends.<\/p>\n

On the other side of that, don\u2019t allow yourself easy access to debt if you have trouble controlling yourself, and the big one here is credit cards. It\u2019s really easy to accidentally load up on credit card debt and if you\u2019re one of those people you should think about cutting them up once they\u2019re paid off.\u00a0 Use a debit card, which is only money that you currently have, and that might make you think twice about impulsive purchases.<\/p>\n

Summary:<\/strong><\/h4>\n

Staying out of debt isn\u2019t exactly sexy at first, but having your finances together gets better over time, because it means better spending in the future.\u00a0 Maybe a nicer house or a better car.\u00a0 If you want more specific help, including help saving on your taxes, give us a call.<\/p>\n","protected":false},"excerpt":{"rendered":"

Getting into debt is easy, but getting out of debt and staying out is much harder.\u00a0 It\u2019s not complicated, it just requires a certain force of will that can be challenging for some people. Very simply, getting out of debt means setting out a plan for living within your means and sticking to it: no […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,20],"tags":[],"acf":[],"yoast_head":"\nUndebting - Tardy & Co, PC<\/title>\n<meta name=\"description\" content=\"Getting into debt is easy, but getting out of debt and staying out is much harder. 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