The Debt-Free Spending Plan by Joanneh Nagler

Author:Joanneh Nagler
Language: eng
Format: mobi, epub
ISBN: 9780814432433
Publisher: AMACOM Books
Published: 2005-12-26T21:00:00+00:00

Start Simply and Incrementally

If you’ve got shell shock right about now from the wake-up call of realizing that you need to cut some Bills and Daily Needs, then you’re not alone. Most of us freak out when we realize just how much effort it’s going to take to unload the ten-ton debtor rock that we’ve been carrying around on our backs. So start simply. Cut your Daily Needs expenses first, and make adjustments to your Debt-Free Spending Plan and record everything in your Magic Little Notebook. Then, start tackling your Bills reductions.

My advice is to investigate one Bill per week. If your phone plan is overpriced, then spend a couple of hours comparing three new plans and get the new, cheaper one under way. Here’s one absolute rule: Do not go into debt to get a cheaper plan, subscription, gym membership, computer, or anything else. No high-end start-up fees that cause you to debt. There’s no justifying a cheaper purchase by debting for it.

Then, the following week, take on your car insurance, making sure to get a monthly automatic deduction rather than a quarterly or annual bill. Go from small to large. In the very first week, make all the cancellations you need to make: newspapers, expensive movie subscriptions, magazines, cable—whatever it is that is not in line with your cash income. Then, week by week, address your remaining Bills, cutting and reducing where appropriate. Yes, it’s a bit of work. But when you’re sitting in Costa Rica, sipping a margarita, knowing your whole fourteen-day vacation there is covered in cash, you won’t care that it took a few hours to cut some Bills to more manageable amounts.

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