

Survivify: Family

Getting out of debt is a lot like losing weight. You have to decide to do it and commit to the process before anything good starts to happen.
One debt reduction strategy is known as "debt snowballing." Simply pay off the smallest debts first and then use the money you have left over to pay down the next biggest debt. This method works because you'll start making progress very quickly, which will help reinforce good habits. As you knock off each debt, you will have more money left over to pay down the larger ones. Another approach is to list your obligations in order of their interest rates, and put more money into paying off the debts with the highest interest rates first.
Regardless of which method you choose, the important thing is that you've decided to improve your financial situation. So, yay! Congrats on taking the first step.
Look on the bright side:
- Just think, paying off debts will give you more money to spend all over again!
- Managing your spending can't possibly be harder than being broke. It's all a matter of perspective.
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Tips from the trenches:
- Avoid payday loans like the plague. In fact, they ARE the plague.
- Put money into an emergency fund each month. You never know when you'll be out of a job.
- Avoid paying just the minimum amount due each month. This will let you pay the debt off in many fewer years.
- Pay yourself. As you eliminate each debt, put the same amount you were paying each month into your savings or IRA.
- Steer clear of those debt consolidators advertised on late-night TV.
- Living with a budget is not the same as having to say "no" to things you want to do or buy. It's about finding a way to do everything you want to do.
- Get to know Excel really well.
- Thrift shops are in. You'll be surprised at some of the great bargains you'll find.
- Buy household stuff in bulk. Bonus: you'll be prepared for the apocalypse while you save money!
- Have a garage sale.
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Survival kit contents:
(replenish as often as needed)- Read
- Life or Debt 2010: A New Path to Financial Freedom
- Debt-Free U: How I Paid for an Outstanding College Education
- Debt-Free Forever: Take Control of Your Money and Your Life
- Master Your Debt: Slash Your Monthly Payments and Become ...
- Zero Debt: The Ultimate Guide to Financial Freedom, 2nd Ed.
- How to Get Out of Debt, Stay Out of Debt, and Live Prospe...
- The Freedom Manifesto: How to Free Yourself from Anxiety,...
- Dave Ramsey's Dumping Debt: Breaking the Chains of Debt DVD
- Talk Your Way Out of Credit Card Debt!: Phone Calls...
- The Total Money Makeover: A Proven Plan for Financial Fit...
- The Simple Dollar: How One Man Wiped Out His Debts and ...
- The Complete Cheapskate: How to Get Out of Debt, Stay Out...
- Pay It Down!: Debt-Free on $10 a Day
- Frugal Living for Dummies
- Living Well in a Down Economy For Dummies
- Microsoft Excel 2010 In Depth
- The Skinny on Credit Cards: How to Master the Credit Card...
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- Watch
- Almighty Debt: A Black in America Special (DVD)
- In Debt We Trust (DVD)
- Repo Man (Collector's Edition DVD)
- Repo Men (DVD)
- Fun with Dick and Jane (DVD)
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- Listen
- The Rolling Stones - You Can't Always Get What You Want -...
- ABBA - Money, Money, Money - MP3
- Pink Floyd - Money - MP3
- The O'Jays - For The Love Of Money (Apprentice Theme) - MP3
- Everything else
- I'm Debt Free Game
- Eye popping stress squeeze toy
- Rich Dad Cashflow 101 Board Game (with CDs)
- HP 12c Financial Calculator
- Lots of Aspirin
- Garage sale labels (removable, in lots of pretty colors)
- Storage cart to hold your bulk item purchases (chrome)
- AmazonBasics Paper/CD/Credit Card Shredder...
- Monopoly Money
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