Seniors

50 Ways To Love Your Money

  • Managing Debt

    Don't Wait, Find Your Debt Comfort Zone

  • #31 Admit the Problem

    If you feel deep in debt, admitting it may be difficult but it's important to tackle any problem early before it gets out of control. Here are some warning signs…

    • Next month's bills are here before you paid last month's.

    • You get frustrated when you pay bills — there are more than you thought.

    • You know what past-due notices look like.

    • You avoid opening letters and answering the phone.

    • You rarely keep a running balance of spending.

    Click here to view available credit counseling resources.

  • #32 Write it Out

    Do you actually know how much debt you have? Many people don't. Start by making a list of everything you owe, whether it's a mortgage, a credit card or even student loans you took for the kids' education. Write down:

    • The lender name

    • The amount you owe

    • The term of the loan

    • The interest rate and fees

    Then total them up. The numbers will probably make you worry, but you've already made a positive step.

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  • #33 Think Three Years

    Reducing debt is like losing weight. You're not going to lose 50 pounds in a month. You need realistic goals in reasonable timeframes. Same with debt. Most people take four to five years to become debt free. So aim for three years. It's not too long or too short.

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  • #34 Cut and Heal Spending

    The best way to save money is to stop spending it. Cutting spending is the fastest way to reduce debt load. It's literally like a surgical "cut" of your finances. And once you start healing, you'll notice that your attitude, relations with others, emotions and sense of humor get better, too.

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  • #35 Just Walk Away

    You don't have to add to your debt load with additional purchases. Remember, you can find a bargain on a new digital camera, but if you don't pay it off for three years, the money you "saved" won't matter. When you feel inclined to buy, just walk out of the store or get up from the computer when the purchase doesn't fit with your budget.

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  • #36 Bring in More

    If you can reduce spending, you can also bring in more money. Think about creative ways to retain your income — consider a part-time job with a friend doing something you'd enjoy. Or think about making additional money out of a hobby — market craft talents, cooking skills or home-improvement abilities.

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  • #37 Ask for Help

    If you're in over your head and having a hard time making changes, get help. The National Foundation for Credit Counseling (www.nfcc.org) offers information on financial and consumer topics. Their member agencies can help with:

    • Reviewing income

    • Setting up a realistic personal budget

    • Negotiating with creditors to arrange reduced payments on bills

    • Planning for future expenses

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