want to get out of debt !

[danip467]

another easy way is "bankruptcy"...
but before that you have to pile up a lot of debts (lots, I mean really lots like Lehman Brothers/ Nortel/ Enron/ Worldcom/ etc.. did)..
follow the big guys.. do exactly how they do.. & they walk out with large bonuses.. for bankrupting the company..

Wow, ashedfc! Disagree totally.

Hopefully you're no where near the state of bankruptcy...Try the online snowball calculator at http://www.whatsthecost.com/snowball.aspx?country=us you plug in all your debt, intrest rate, monthly payments, and what you have to spend on them per month. It tells you the smartest way to pay down your debt to avoid interest, and points out the problems with consolidating. I did this a year ago and was able to slowly but surely pay down 2 cards we had, and I'm working on the last one of only $1422 now! then on to the cars. THe best thing about snowballing your debt is that you can see it and easily figure out what adding that extra $20 a month will do for your final timeline, which is great incentive.

HOWever all work and no play will fail in a desperate binge. Trick yourself into not feeling so poor by bugeting in some "MAD MONEY" which is some cash that has no purpose attached to it, so you could buy something small if you really wanted it.

And always think before purchasing! I started forcing myself to walk away a couple of years ago. Whenever I feel emotional or anxious about purchasing something I walk away. Obviously it is not something needed or I wouldn't think twice. Then I leave it for a couple of days or a week, depending, and sort out the worth to cost ratio. MANY times I find that I am relieved to get home and have my sanity (and dignity) rather than the item. Even if it is 50% off, and couponable....

[ashedfc]

Wow, ashedfc! Disagree totally.

You didn't get the sarcastic view in the post..

[coupon girl]

good advise here-i take my lunch to work everyday,have paid off various debts over the years-now working on a big one-line of credit to pay downi just started going back to the library-i live in onatrio too-sit on those coupons til a very good sale -just got 4 resolve for free-only the tax-trade with people on here my couponing has gotten more usage from getting coupons i need- a friend at work has been giving me icoke pins -he cant be bothered-so my daughter-in-law is getting 2 free show passes from me for her birthday-when our kids were little we went to different playgrounds around the city -kite festival-anything that was free or almost free-but still enjoy life -hubby and i are going on a road trip -but the hotel i got had a frig /stove/microwave and dishwasher so that will save us-thift store shop -i got 2 pair of capris one pair 5.99 and the other 6.99-brand new -little things add up for sure -i am getting ready to go price match -cause walmart isnt always the cheapest

[Tida]

When we moved to our new home. We cut out all non-essential like the cable, no phone line only cell phone. I go to the library every week for entertainment. I love to read and I would get movies for husband to watch. We save money on water by using the rain barrel. We also have a garden in the summer. Each week I only buy what on sale and stock up on rock bottom price items. We bring our own coffee and lunch to work. Now we need to find a way to save money on our "baby" oh I mean our puppy. She is 7 months old. Our goal is to pay off our mortgage before we turn 40.

[cdngal75]

Growing up, we were like you. In a small space too. And only one bathroom for all of us. I don't know how we did it. Today, that would be unheard of - must have at least two bathrooms today.

We have only one washroom and we built our house in 1999. Shocking, I know. My husband and I both grew up on army bases....and no one had 2 washrooms. We survived. Funny what people think they need.

[onlybluemomma]

Thank you for the advice!. We are no where near bankrupcy (thank goodness!) but have more debt than I am comfortable with. I paid off my HBC card and cancelled it right way. We had paid off our CC's and I wanted to cancel them but someone at the bank said it's a big no no and we didn't.. now we have CC debt again .

[ashedfc]

now we have CC debt again .

Since its a CC debt...
the best is to do a balance transfer to another CC (some are offering even zero% interest) specially MBNA.

than start paying as per your budgeting capacity.
Once its all paid, than do not use it; prefer to use only Debit card (if at all you use Credit card, than make sure you pay the balance before the due date)..

rebuild your credit score: & then apply for a line of credit & keep it unused just for emergency.... so you don't have to dip back into credit card..

Getting out of debt is only half the job; other half is staying Debt free..

[sweetproserpina]

Some great tips and ideas on this thread!

I'll add a few tips that help us out:
Make as much as you can from scratch (chocolate sauce, jam/jelly, mixes(pancake,biscuit etc), tortillas, baked goods, pickles etc.) It's usually cheaper, and much tastier.
Stockpile only what you use- and I find that if I buy a lot of something at a good price that is especially loved, it gets eaten right away- so tuck it away where the kiddos won;t find it, you can bring items out gradually, and make treats last longer.
A lot of libraries have free passes for places like local museums that you can check out just like books. So, ask at your library what they have to offer, some libraries even let you check out toys!
Not sure how old your boys are, but our library also has great programs like Lego day, and video game competitions, plus free movies screenings throughout the year...
Museums often have loads of free admission days, just call and ask what's upcoming.
If you're really frugal- glean/forage the woods (but please make sure you know what you're gathering!) We pick wild black raspberries and wild asparagus every year- yum!
Ever thought of keeping chickens? They make the best pets at the bottom of the garden, and give you delicious eggs in return. (and they are no noisier or smellier than a dog).
Bartering skills is a great way to save money if you need something done..

That's all for now, keep the great tips coming!

[Giseledta]

go to cash only.
then hunt for some frugal sites. I know a few if you want some suggestions.
Gail vaz- oxlande is a great lady, with a ton of budget ideas, and how to get out of debt. She had the show till debt do us part. love her.

[cdngal75]

Thank you for the advice!. We are no where near bankrupcy (thank goodness!) but have more debt than I am comfortable with. I paid off my HBC card and cancelled it right way. We had paid off our CC's and I wanted to cancel them but someone at the bank said it's a big no no and we didn't.. now we have CC debt again .

Apparently if you cancel too many credit cards at once it looks like you are financial trouble and negatively affects your credit rating. So....take the scissors to them but don't cancel them.

[secheltsaver]

[QUOTE=cdngal75;4797062]Apparently if you cancel too many credit cards at once it looks like you are financial trouble and negatively affects your credit rating. So....take the scissors to them but don't cancel them.[/QUOTE
You might need your cc in the future for some unforeseen emergency,but if you want to be really sure you don't use it on a whim.....stick it in a ziploc and freeze it into a container of water

[lecale]

.

[lucy16076]

Everyone has GREAT ideas on this thread! I have put a few to use.
I think the best advice is simple....

SPEND LESS THAN YOU EARN!

My father, who was born into a family who struggled, then created a legacy for his family out of seemingly nothing, reminded me this as I grew up. There's no secret to living above the water...it's simply a matter of spending less than you make.

Getting caught up in commercials, store displays, infomercials, keeping up with the Jones', etc etc is our own worst enemy! Train the brain to ask is this a "want" or a "need?" If it's a need, then find the best deal. If it's a want, buy it when you can pay cash only after walking away & thinking about the purchase first. Sleep on it.

Use timers for your lights, pool pumps, or fish tanks.
Share a newspaper subscription or WIFI connection with your neighbor.
Don't make the owners of all the eat out chains richer as you become poorer. Make eating out a treat.
Ride your bike, take public transit, car pool.
Make homemade food/desserts/treats like popsicles, cookies & burgers better than store bought! Lots of recipes online.
Always barter or price challenge...even for TV's, cars, furniture & more. It works! Just make sure you are price matching the exact item at each store.
Make gifts/save points to "buy" gifts. It costs nothing! Use the best points rewards system that you can. Cdn Tire, PCMC (PC Points) & SDM points can tally quite easily.
Use online rewards systems. IE. Swagbucks for Amazon gift cards! Great to use to buy gifts.
Use power bars to power down the appliances/electronics that sneek hydro even when they aren't turned on.

If you are unemployed, work hard using your skills to bring in what cash you can. Clean homes, sew, bake, babysit, etc etc.


Again, spend less than you earn. Nothing magical...if you've racked up debt, stop spending aimlessly until it's paid off. Self discipline at it's best. It's tough, no doubt....but well worth the sense of accomplishment & peace of mind when you're living within your means.

Don't waste money on life insurance that you don't need.
Don't let others tell you what you need & don't need. Evaluate yourself.
Dont' let others co-oerce you into eating out, buying commodities or travelling if you can't afford your bills!

It's your life! Live it debt free & to your full potential!!! I'm trying!

[ashedfc]

I think the best advice is simple....

SPEND LESS THAN YOU EARN!

Yes True...
If not then you have only 2 options...
1. Increase your Income (or)
2. Decrease your expense..

if not than you are inviting trouble..

ASH
Financial Advisor
www.edfc.ca

[GoStumpy]

http://www.gailvazoxlade.com/resourc...worksheet.html

Great worksheet to BUDGET YOUR FAMILY!

Spend less than you earn is easy to say, but seeing the figures & values making that happen helps immensly!