Debt Getting You Down? - Make a List!

Debt is not much fun and when faced with it, people sometimes look for complicated debt solutions and often overlook the many simple ways that you can save money. Believe it or not, one of the simplest and most effective debt solutions is to get hold of a pen and a piece of paper and make a list. By this I mean that keeping a daily record of your expenditure can reveal some interesting facts about your spending and point you in the direction of how you can make easy savings right away. My Father first introduced me to this, showing me the little piece of paper that he kept in his wallet. But at the time I just rolled my eyes and ignored his advice ? big mistake. It was only a few years later when I wanted to try to seriously start saving money in order to make a dent in my mortgage loan. But this debt solution is not only useful for helping you to pay off a mortgage debt, but also credit cards and student loans and many other types of debt.

At the beginning of each month, I would just tear a piece off an old envelope and write my salary at the top and then immediately subtract the amount I want to save in order to pay off my mortgage debt. I could then clearly see how much I money I had to get me through the month. I then simply subtracted everything I spent when I spent it. The key to this is to writing down absolutely everything, no matter how small. I found that it was really easy to do ? I would either write something down on the list as soon as I spent the money or take two minutes in the evening at home to go back over what I had spent during the day. Whenever there was a fairly large sum on the list, I would just write down what it was next to the amount, so that I could remember.

Once you have kept your list for a couple of weeks, you already start to make some fascinating discoveries. It was not the big amounts on my list that had to be dealt with, as I had imagined. These were essentials, which there was no way I could do without. However, the small amounts on my list were doing the damage! I was well aware that I was buying something to eat EVERY morning before going into the office, but I was totally unaware of what it was costing me. I was spending 2.75 British Pounds every morning on this. That was adding up to around 55 Pounds per month! As soon as I realised this, I started making my own. In addition to this, I could always turn to my list at any point during the month and see how much money I had left until the next pay day. This way, there was never any danger that I would have to go into the overdraft on my bank account.

This in itself represented a real saving that I started making each month and once I had cut one or two other unnecessary expenses revealed by my lists, I was making very significant savings, which I then put towards paying off my mortgage debt. Keeping a list of this type is a simple yet powerful tool because it will clearly and simply show you where your money is going, and give you the control to make some changes.

Emmanuel Mendonca is the webmaster of Debt Genius at http://www.debtgenius.com which provides free advice on debt consolidation, how to get out of debt and on saving money.

---

The 7 Secrets to Getting?and Staying?Out of Debt

As vice president of the American Credit Foundation, a nonprofit... Read More

Two Ways To Debt Relief

There are many debt relief programs out there both off... Read More

How to Protect Yourself: Debt Collections

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

Debt and Financial Optimism in the UK Continue

With £1.3 trillion pounds worth of debt in the UK,... Read More

Debt Management - Is It the Right Choice For You?

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

Questions to Ask a Credit Counseling Service about Debt Relief

Debt relief is a topic on a lot of consumers'... Read More

Debt Elimination

If you're reading this article right now I'm sure that... Read More

Bankruptcy: Who is to Blame?

If you are considering bankruptcy as a solution to your... Read More

Is Filing for Bankruptcy an Option for You?

Bankruptcy laws give debtors a way to resolve debt by... Read More

5 Methods Toward Reducing Your Debt

Decreasing your debt is paramount to having a good credit... Read More

Is There Any Way To Get Out Of Debt?

In this era where we are bombarded daily with commercials... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

5 Options Toward Debt Relief

If you are in debt, well over your head in... Read More

How To Pay Credit Card Debt Off

If you are determined to pay credit card debt off... Read More

Mandatory Credit Counseling for Those Considering Bankruptcy

Most Americans are aware of the sweeping changes in U.S.... Read More

Christian Debt Consolidation ? Feel Comfortable About Managing Your Debt

Many Christians feel uncomfortable with the notion of being in... Read More

How to Get Triple A Credit in 25 Days

Good credit is everyone's dream. A wise use of credit... Read More

Debt Free Living - 5 Tips To Get Out Of Debt

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

Is My Credit Card Debt A Problem?

For most Americans, credit card debt is a dangerous and... Read More

Bankruptcy - Your Fresh Start

Most American consumers are living too close to the edge.... Read More

Are You Beating Up On Yourself About Debt?

When you hear the word "debt", whats the first thought... Read More

Credit Repair? Its All Up to You

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

What Does A Bankruptcy Trustee Do?

Once you file bankruptcy a court appointed bankruptcy trustee will... Read More

Eliminate Your Credit Card Debt, But How?

Can a debt consolidation loan eliminate your credit card debt?... Read More

Why You Should Get Out of Debt Today?

The main reason for getting out of debt today, is... Read More

Currency Trading Fee Concept

Troubles with Global Economy; Do you see future problems with... Read More

Bank Like a Banker

The business of banking has changed dramatically over the last... Read More

Fast Track Out of Debt

You go to the mail box and scan - a... Read More

What Is A Chapter 13 Bankruptcy?

Many consumers that are bogged down in debt frequently turn... Read More

Bankruptcy - Is It The Right Choice For You?

Bankruptcy is one of the tougher choices we as adults... Read More

Debt Getting You Down? - Make a List!

Debt is not much fun and when faced with it,... Read More

Going Bankrupt in the World

It all starts by defaulting on an obligation: Money owed... Read More

Five Major Ways to Save Money

There are two main roads to improving your personal finances:... Read More