Andrea Nisley, Extension Educator
Source: www.paydowndebt.unl.edu
University of Nebraska-Lincoln
Extension
Building Strong Families
Living with debt
can be difficult. It takes a family commitment to successfully manage
when debt seems overwhelming. Following are tips that are important
in managing and reducing debt.
- Make getting out of
debt a priority.
- Do not go shopping
just for something to do.
- Pay at least the minimum
on debt and loans.
- Look for temporary
sources of income if possible.
- Look at ways to reduce
expenses.
- Re-evaluate deductibles
everywhere possible.
- Contact creditors
before you miss a payment.
- Involve everyone in
the decision making process (including children that are old enough).
- Think about insurance
needs (example - unemployment is not the time to let health insurance coverage
lapse if it can be avoided).
- Learn about community
resources.
- Make having an emergency
fund a priority.
- Do not use credit
for day-to-day expenses.
- Avoid credit as a
way to live beyond your means.
- Make sure you know
all of the credit charges and rates of interest.
- Know what it costs
to live. Keep records of your expenses.
- Plan for larger expenses
by saving each month.
- Challenge the whole
family to find ways to save money.
- Look for low cost
forms of entertainment.
- Don’t carry cash.
It has a tendency to disappear.
- Wait at least 24 hours
for any large purchase.
- Invest in yourself
if education will help you find a better job.
- Try to preserve as
much of your equity as possible.
Remember to involve everyone
in the decision-making process and challenge the whole family to find ways
to save money.
Let us know how
successful you are managing your money by clicking on the TIPS
Feeback Form below.
