Slowing Spending - The Key To Your Debt Plans Success

Anyone who embarks on a debt reduction program should know the rules for success. There are two. You need to stop adding to your debt. You need to find extra money to pay it off quickly.

You also need to know the deck is stacked against you. The sellers of goods and services have gobs of information at their fingertips. They know where you live. They have a close approximation of your income. They are aware of your interests. They also know your buying habits.

The information to which they have access is endless. They know the age of your car through its registration. The appliances you have because of the warranty cards returned. Where you shop because of the credit and store cards you have used. How old your mortgage is and what you owe from public recording of the deeds.

Because they have this information, you end up on a number of lists. The sorting and use of these lists are an art and science. It is the source of the mail you receive, the offers you are made, and the advertising to which you are exposed.

This makes for very effective advertising. They can target your "known" wants and desires. Huge amounts of money are spent to convince you to buy this or that product. You have heard how expensive Super Bowl ads are each year. They pay this type of money because it works.

Then to top it all off they make it so easy to buy. If you don't have the cash, they provide you with credit, easy-pay plans, personal loans; anything to make the purchase possible. Many companies make as much from their financing divisions as they do from selling you their products.

So what do you do? How do you fight this financial onslaught and win? It requires effort and advance planning. You need to wring all the value you can from your money. Become adept at making each dollar do the work of two.

You need to budget for purchases. Even if that means that you think about it for just a few minutes before you plunk down your hard earn money. Justify your purchases; do you need it, does it make sense, can you do without? These are questions you need to ask yourself. They may fly in the face of the materialism which surrounds us all, but they need to be answered nonetheless.

You may find using a purchase-checklist helpful. Anytime a purchase exceeds what you have in your pocket tick down this list and see if it really makes sense to buy it.

*How much is it?

*Is this a sale price?

*If so what am I saving over regular price?

*What will happen if I don't buy it now?

*Can I pay cash?

*Where will the money come from?

*If not cash, what will be the credit cost?

*Is it worth it at the price with the credit cost added in?

*Does the purchase fill a need or a want? (think hard)

*Why do I need this item?

*Why do I want this item?

*Can I justify this purchase to another person?

*What would I say?

*Would I accept these reasons from someone else?

This should help in slowing you down. Couple this with not taking your credit cards with you when you shop. It does take work, but a little extra work is better than being a slave to your debt.

Now with the money you save go to work on your debt reduction plans. Work that side of the equation as hard as you do the spending side. Place as much as you can on your bills. Reduce and eliminate them.

(c)2005 David Wilding

David Wilding has for the last ten years worked with both groups and individuals to rid their lives of debt. Visit his site http://www.debtattack.com for more ideas, tools, and strategies to get rid of your debt.

---

A Debt Elimination Process Must Be Initiated From You.

The first and maybe most important step in a debt... Read More

How Do You Spell Debt Relief?

Of all the problems possible in a marriage, finances cause... Read More

Dealing with Thingitis

Debt is quickly becoming an epidemic in America. However, through... Read More

Bankruptcy As An Option

If your financial worries are preventing you from sleeping at... Read More

Tips For Saving Money

Still living from pay to pay? Or envying those great... Read More

IVA Advice

An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More

Debt Management - Is It the Right Choice For You?

Debt Management plans offer credit counseling clients a different and... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

Credit Repair - Understanding The Basics

What is Credit?Credit means that you are using someone else's... Read More

Do It Yourself Debt Relief

With mounting bills and unforeseen hardships, you may be considering... Read More

Debt Help and Advice for the UK

At some time or another during our lives most of... Read More

Bankruptcy, Is It A Way Out

Negotiations with creditors have failed. Repossession is imminent and foreclosure... Read More

How to Protect Yourself: Debt Collections

So you are getting collection calls? You're desk is full... Read More

New Bankruptcy Legislation May Make it Harder to Find an Attorney

The recently passed Bankruptcy Abuse prevention and Consumer Protection Act... Read More

Learn How to Get out of Debt

Debt is becoming number one problem in the United States... Read More

Reduce Your Debt

Do you want to reduce your debt? Having trouble paying... Read More

Credit Card Debt: How to Get Rid of It

This method is simple, but requires some discipline.First, you have... Read More

Debt Relief -- Why Most Programs Have A 75% Failure Rate

Debt consolidation, equity loans, credit counseling, debt management plans, even... Read More

The New Bankruptcy Law -- How Will It Affect Debt Negotiation?

In April 2005, Congress made sweeping changes in U.S. bankruptcy... Read More

Is Independence Overrated?

Happy Independence Day from The Money Motivator!If you don't celebrate... Read More

How To Get Out Of Debt

If you have found yourself in a position where you... Read More

Credit Repair? Its All Up to You

Log onto to a search engine such as google.com and... Read More

The Human Side - Debt Stress

In all the technical discussion you hear about credit... Read More

The Bankruptcy Code Acknowledges the Validity of the Homestead Exemption

Many times the subject of bankruptcy seems baffling in its... Read More

Debt

We all know about debt. If you don't have too... Read More

You Can Make Financial Resolutions Anytime

The New Year often brings with it a desire to... Read More

Free Quick and Easy Money Saving Tips ? Part 1

With the high cost of gasoline and the amount of... Read More

Craving For Financial Freedom

Have you ever felt trapped in a Rat Race and... Read More

Bankruptcy 101

Bankruptcy still remains a mystery in the eyes of many... Read More

Yes to Less Debt

Feeling stressed by the amount of debts you have? Three... Read More

Life on a Debt Management Program

Signing up for a debt management program is easy; it's... Read More

New Bankruptcy Law Makes it Harder to Stop Foreclosure

On October 17, 2005 President Bush's sweeping bankruptcy reform law... Read More

Debt Free Living - 5 Tips To Get Out Of Debt

A few times I wonder what sort of credit system... Read More