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The Simple Get Out of Debt Formula

The Simple Get Out of Debt Formula

There are so many people out there struggling financially. They are buried under credit card debt, have few if any savings in the bank, and are living from paycheck to paycheck every month. Even those who aren't swimming in debt can feel like they are just running in place financially. If you are in either position, you know how frustrating it can be. But there is a simple solution to your financial woes: spending less than you earn. Spending less than you earn can help you dig yourself out of debt and actually start getting ahead financially.

Why Spend Less Than You Earn?

Many people fall into the habit of spending more than they make. They seem to believe that as long as their bills are paid, they are fine, and as long as they still have a little more on their credit card, they might as well spend it on the things they want. When they get a raise, instead of using that money to start improving their financial situation, they see the "extra money" as a license to spend more.

But there are many problems with spending beyond your means. For one, you probably have no savings to speak of. More than likely, you have few if any investments that you can count on in the future. There's no real money for emergency situations. And, if you're like many people, you are just one missed paycheck away from financial ruin.

How To Start Making Headway?

The first step to digging your way out of a financial hole and improving your financial situation is to compare how much you make to how much you spend. It's surprising how few people do this, maybe because they are afraid of what the numbers will tell them. But this kind of financial evaluation might just be the reality check you need.

Sit down with a pencil and a piece of paper. Start by calculating your household's monthly income. Next, estimate how much you spend. How much goes towards your credit card bills, the mortgage, care payments, gas and food? How much do you typically spend on fun and recreation? If the amount your household spends is the same as, or more than, the amount you make, it's time to create a budget and change your spending habits.

Making the Change

Spending less than you earn is all about eliminating as many of the unnecessary things from your life as possible. This can be easier said than done, but it can be done. While the changes you make don't have to be drastic at first, they should make a noticeable difference. For example, if you have cable, you can switch to a more affordable plan. If you buy coffee every day, start making it at home to take with you instead. If you have subscriptions to magazines you don't read, cancel them.