1. Budget And Save
2. Cut Spending
3. Track Daily Expenses
4. Set Goals-Specific – no vagueness – Hannon’s debtor made a definite timeline and a definite amount.
Measurable–Hannon’s debtor was vague here (“Debtfree”); instead, “I want to pay off $XXX of my debt in five years.”
Attainable–the goal must be reachable. I.e., Ms. Hannon’s debtor should not make a goal of “I want to pay my entire debt of $35,000 in one year.” –not if she is making less than $60,000/year.
Realistic–The goal has to be within the realm of possibility (see above).
Timely–the goal should have smaller checkpoints within the main deadline –to make sure the goal is being approached.
5. Take a Second Job.
6. Pay Off High Interest Loans Systematically.
7. Pay Bills Automatically Online.
8. Find Out Your Credit Score.
9. Fix Credit Score Errors.
10. Do Periodic Check-ups.
We don’t cover bankruptcy, but if you have questions about your mortgage or forclosure, feel free to contact us.