"Tightening your belt" is a slang term in money management as well as a literal term when losing weight. If you want to begin reducing your personal debt, look into advice that experts give to people trying to lose weight. Find more money in your budget and you'll have more cash with which to pay down your bills. Some of the best tips for weight loss are just as valid when applied to debt reduction in your personal finances.
Write it Down
In weight loss circles the phrase is "If you bite it, you write it." This means that you must track every bite of food you consume by writing it in a food journal. Use this same method to begin to get a grip on your personal finances. Write down every penny that you spend for two weeks, then look back on where your money went. This should give you a good idea of where to begin to save money.
Set Your Numbers
In dieting, you allow yourself a certain number of calories or points per day. When you hit that calorie goal, you stop eating until the next morning. When you're trying to reduce your debt, allow yourself a certain amount of money per week for free spending. When that money is gone, you can't spend any more until the following week. Much like a dieter who learns to choose between higher and lower calorie foods, this method will force you to decide the relative worth of expensive treats.
Use Freebies
In most weight loss plans dieters are allowed to eat many foods, such as fresh fruits and vegetables, almost without limit. Many dieters take advantage of this fact by filling their plate with free foods, getting satisfaction from their meal without extra calories. Take the same tack with your daily activities. Instead of going out to see a movie, rent a DVD. Make birthday cakes instead of going to a local bakery. Have a party at home instead of the local bar. Find inexpensive substitutes for expensive treats in your budget.
Set Small Goals
Most people who set out to lose 100 lbs. look at their goal and get overwhelmed, quitting the process. The way to lose 100 lbs. is to lose 5 lbs. 20 different times. Setting small goals can make a large goal seem manageable. This is the same with debt reduction. Don't aim to get yourself totally out of debt in one year. Focus on paying off the smallest bill you have. When that is successful, give yourself an inexpensive reward, then focus on your next goal.
Watch Tiny Details
It's the small things that slip up many dieters, and it's the same with debt reducers. Just drinking a can of soda every day can add more than 1,000 calories a week -- and eating ice cream instead of sorbet can add another 200 calories. Dieters must keep track of all the small details, because they can have a large impact. Money management is the same way. A $4 latte everyday may not seem like such an indulgence, but in a year's time it adds up to more than $1,000. Keep track of small financial details to reduce your larger debt.
Earn Your Extras
Dieters and healthy eaters know that if you want to indulge, you have to earn it. In order to be able to consume more calories, dieters know that they must work off the calories in exercise. It's a matter of balancing what comes in with what goes out. Debt reduction is the same way. If you have expenses that you simply can't or won't give up, you must change the balance in the other direction. If you can't spend less, you have to make more. Sell items online, get a part-time job or do some consulting work on the side. Do something to earn extra money to pay for your extra expenses.
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