Let’s face it. All the good, even great, advice for getting out of debt is worthless without the money for doing so. In this article we shall explore two ways for finding money to pay of debt.

There are basically two ways of finding money to pay off debt. One is using the money you already have or make. The other is making extra money. Which of the two is easier or better? More on Finding Money to Pay Off Debt Without Suffering for It

Feel like you are drowning in debt? It’s time to do something about it.

First, rest assured that you are not alone. There are many, many people who are deep in debt.

Second, more than likely you can pay off your bills and change your spending habits to fit your income. There is example after example of families who were deep in debt and were able to not only pay it off but who ended up in better financial shape than before.

For instance, there was one family who found themselves in such debt (over $100,000) that they had to move in with the wife’s sister. She let them live in her basement.
More on Drowning in Debt? Get Out Now

It can be difficult to climb out the hole and become debt free when you’re living paycheck to paycheck. But to improve your credit score and erase that debt, you must make difficult choices. Saving money and paying off your debt must be this year’s number one priority.

1. Pay more than the minimum amounts. People fear this statement but let’s dissect it. Start slow and add one dollar, then three dollars, then five dollars to your minimum payment. Yes, all of us can find that extra money if we know where to look.
2. Again, start slow and give up one Starbucks coffee per week. Then, give up one of those expensive lunches per week. This can sure add ten more dollars to your savings. If you can’t give up your morning coffee, how about switching from Starbucks to the corner café. Can you save a few pennies there?  If you absolutely are adamant about paying for a lunch instead of bringing some home leftovers, try switching from that expensive restaurant to a local dive or get a Subway sandwich. The point is, you must find a way to save some money.
3. Put your Credit Cards away… give them a vacation. Instead of the constant spending, stop using the credit cards and then apply more than the minimum amounts to your payments. Now you’re really saving money towards becoming debt free.
4. Pay bills on time. If you find that you are unable to pay any bill on time, call and make payment arrangements. This is far better than having the creditor submit a negative mark on your credit report.
5. Sacrifice in your household. When there is not enough money, we must sacrifice something. Re-negotiate your cable bill and telephone bill and cancel those services you don’t use and don’t really need. If you have every cable channel there is, try going with basic cable for a while or drop a few of your premium channels and save funds.

Reflect on your values, wants and needs to become debt free. All of us must reevaluate what we really want and what’s needed in our lives. If you are spending more than saving, you already know you cannot afford entertainment, so say no to movies and popcorn. It doesn’t mean you won’t return to this lifestyle, just for now, you must put that money to better use. If you’ve made the decision to become debt free, you know cutting corners is vital to saving money.

Bolster yourself with encouragement and understand what you’re working towards accomplishing.