Get rid of debt for good
If you are raising a family, there is a strong likelihood that you are carrying around debt of some kind. Raising a family is expensive (and getting more expensive all the time). Wouldn’t you rather get rid of that debt once and for all? This way you can focus your money on other things?
Look at it this way- if you are running a tight household, with a targeted grocery budget and smart shopping practices, you most certainly are not willingly going to waste food, clothing or other items because it means that you are wasting money. And who wants to waste money?
If you are only making the minimum payments on your cards, you are barely making a dent in actually erasing the debt and that interest continues to accumulate, costing you more and more every month. If you are carrying a balance month to month on your credit cards, you literally are throwing money away with interest charges. That alone is reason to get rid of your debt- and to keep it at bay for good.
Gather the evidence
To start, you need a comprehensive plan. That means gathering up all of your outstanding debts and laying them out on the table. You’ve got to know exactly how much you owe and who you owe the money too. To start, you focus on the highest interest bearing card.
Find room in your budget
If you don’t already have a detailed budget, now is the time to set one out. If you already do have a budget, find some areas that you might be able to divert cash from and put it towards paying down that debt.
You can cut costs (i.e. reduce your entertainment costs by having date night at home, transportation costs by carpooling, etc.) to find some extra cash. Conversely, you may be able to generate some extra income to reduce your debt by selling items in your home.
Keep debt away
Once you’ve gotten rid of the debt, continue to keep it at bay by committing to a cash lifestyle and living simply. Make sure to track your spending to ensure you’re staying on course.