Sunday, January 23, 2011

Debt Diet Week 1: Eliminate the Need for Debt 1/22/11

From LaToya Irby, your Guide to Credit / Debt Management
Congratulations! You signed up for the Debt Diet eCourse! This is a great first step to reaching an important goal in your life - becoming debt free.
You may already have these financial basics in order. If that's the case, then this lesson is just a refresher. For everyone else, you'll learn some very important financial lessons that can keep you debt free for life.
This week's objective is to create a household budget.
Why Debt is Bad for You
Of course, you feel some of the side effects of having too much debt. But, do you know the real reasons that debt is bad for you? You may be surprised to find out.
How to Stop Living Paycheck to Paycheck
If you want to get your debt under control, you need to have more wiggle room in your budget. Living paycheck to paycheck is a dangerous habit that can lead to financial disaster if you're not careful.
How to Live Within Your Means
Living within your means is one of the financial habits recommended in nearly every "How to Get Rich" type of books. It's also a vital part of your debt diet. You must bring your spending within your income to get out of debt for good.
The Importance of an Emergency Fund
Not everyone winds up in debt because they were frivolous spenders. Some people get into debt because of one major financial disaster that could have been funded with an emergency fund rather than a credit card or loan. Here's why an emergency fund is so important.
How to Create a Budget
Taking the time to set up a budget for your finances will be the difference between a successful debt diet and an unsuccessful one. You need a budget to help keep your spending in control and to help you pay off your debt.
Join the Debt Diet Support Group
Talk with other readers who are going through the debt diet. Share your successes and setbacks. Get motivation to pay off your debt.

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