Get Out of Debt! Book Two: Finding Money to Reduce Expenses
By David Rye and Marcia Rye
()
About this ebook
In the easy-to-read, accessible style of the Get Out of Debt! series, authors David and Marcia Rye explain how to:
- Assess debt problems
- Use home equity to get rid of debt
- Cut college expenses
- Live within a budget
- Understand bankruptcy law
- Stay out of debt
No one has to live in the shadow of financial insecurity any longer. When the economy takes a turn for the worse, it's essential to get out of debt. With this series at your side, you’ll conquer debt and secure the financial future you deserve!
Be sure to get all four books in the Get Out of Debt! series.
David Rye
An Adams Media author.
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Get Out of Debt! Book Two - David Rye
Get Out of Debt!
Book Two: Finding Money to Reduce Expenses
DAVID AND MARCIA RYE
9781598699944_0002_002A division of F+W Media, Inc.
INTRODUCTION
Do you ever wake up at night worried about the financial setbacks and conflicts that you’re having with your creditors? Do you become aggravated over the fact that you never seem to have enough money to live on? What are you going to do to control the confrontations that erupt when you address the subject with family members? What steps can you take to eliminate the financial mess that you are in?
Unfortunately, tens of millions of Americans are in your shoes. Like you, they are headed for financial disaster if they don’t figure out a way to get out of debt.
This second installment of Get Out of Debt! has been written to answer your questions. As you read the material in this book, you will quickly learn how to assess the magnitude of your debt problems so that you can determine where you’ve been, how you got there, and, more important, where you want to go. When you plunge into these questions about how to avoid debt traps and how to create a realistic spending plan that works for you, you will discover the answers you’ve been looking for. You’ll find out how you can dramatically improve the overall quality of your life once you eliminate your debt load.
The Get Out of Debt! series contains all of the elements you need to consider to get out of debt and improve your financial well-being. Each installment includes a set of questions that builds on what you learned from the previous one. Based upon your own situation, select the installment and questions that cover the subjects that are most important to you. That will allow you to maneuver through your personal debt-related issues and make the right decisions to avoid economic catastrophe. All four installments of Get Out of Debt! are filled with real-world examples and supplemented with detailed here’s why it works
illustrations.
The sooner you start mounting an assault on your personal debt, the sooner you will see your debt numbers heading down rather than up. When that happens, you will feel great!
Chapter 1
PAYING YOURSELF FIRST
Now that you know more about your personal debt and how you can begin to manage it intelligently, you can begin to fine-tune your game plan. Getting rid of debt takes money. You should have identified several ways to come up with some of the money you’ll need from the previous chapters that also addressed the subject. Now, what are you going to do with that money? Pay yourself first before you run out and spend it on something you don’t need.
#1. What does paying yourself first
mean?
When you get your paycheck, do you immediately deposit it so that you finally have some money in your pocket, and then pay off a bunch of bills to keep your creditors off your back? What you really need is a savings account that you can count on for emergency funds in between pay periods to meet those unexpected bills. You can only do this if you are willing to pay yourself first. Make up a savings bill
in the form of a card or envelope labeled savings bill
that you keep with your other monthly bills. When it comes time to pay the bills, make sure it’s the first bill that gets paid and deposit the check you make out to yourself into your savings account.
If you discover that after you pay off all your bills you have some money left over, then make another deposit into your savings account. Deposit any coupon refund money or rebate checks you get directly into your savings account. Find out if your employer’s payroll system allows you to make direct deposits into a savings account. If it does, sign up for a direct deposit tomorrow, and in a short time, you won’t even miss the money that’s deducted from your paycheck.
#2. Can I lower the amount of taxes that are withheld from my paycheck as a way of paying myself first?
If you get a tax refund every year, consider this option. Ask