As we all know, life can be complicated, and managing finances can, at times, be difficult. The modern world actually forces us to leverage debt to increase our chances of success. Credit monitoring bureaus track and trace our every financial decision, and assign each of us a score that reflects our credit worthiness. Debt is not necessarily a bad thing, but in most cases, for many people, debt can have a paralyzing effect. Certain debt can actually be useful. In the case of a home that becomes an appreciating asset, or a business loan that has a multiplying characteristic. Getting into debt can actually have benefits that outweigh the costs. Let’s examine different types of debt and find ways to reduce debt, and thereby reduce stress!
Let’s take the time to examine your finances to get to the bottom of your financial situation.
We asked our senior financial planner for her best, yet harshest advice to getting out of debt, and she replied with two simple, yet powerful life changes
First, we are going to make a list of all income and expenditures. We need to track every penny that comes in, and every penny that goes out. Make a chart of what you earn each month, and a chart of what you spend each month. If your income is variable from month to month, then you will need to take what you earn in a year and divide by 12 months. Track all of your expenses for the month or year and calculate what you spend for each average month. This should give you a clearer picture of your situation. Once you have done this examination, you will be able to make better financial decisions.

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