How To Navigate Your Way Out Of Debt

Transforming Debt Into Wealth Review

Successful debt management is based upon truth, reality, and keeping your priorities straight. You cannot dig yourself out of debt if you plan to win the lottery to do so, it takes a little more work than picking a few numbers. Now spending on too many lottery tickets without having the assurance of winning is not a very wise debt management plan.

Know your priorities when it comes to managing your debt. You need to learn how to determine which are needs and which are wants that you can do without. If you are still unaware of what they actually are, necessities include your home, clothing, transportation, food and things like that. After the total cost of these necessities is subtracted from your bring home pay, what's left is your disposable income.  Do yourself a favor and buy some get out of debt books to educate yourself about how to get out of debt fast.

What you spend on what you call "necessities" will determine your monthly budget for necessities but it could probably use a little trimming. When you cut the cost of any of the necessities, you will have more disposable income and when you add to the cost of the necessities, you will have less disposable income.

You have to make your own choices, of course, but here are just a few ideas that might help you get out of debt quickly :

1. Food: Eat at home rather than dine out.

2. Shelter: Maintain a home whose size is just right for you and your family.

3. Utilities: Know the basics, turn of the appliances that aren’t in use, don’t waste electricity. If it’s cold, cut down on using your air-con or fan and things like that.

4. Transportation: A five-year-old car will take you to the same places that a new car will take you.

5. Clothing: Go for discounted ensembles that are less expensive but stylish nonetheless.

Debt management and getting out of that debt is about getting the right mindset and right priorities. What you spend on your priorites can change because you can always go cheaper and be more frugal or you can go more expensive if you want to be extravagant.