[vc_row][vc_column][dt_fancy_title title=”money.howstuffworks.com” title_align=”left” title_size=”small”][vc_column_text]It is a known fact that women earn about 78 cents for every dollar that men earn – also known as thegender pay gap. Because of this, many women are forced to set aside a majority of their earnings for debt while putting little towards savings and investments. Debt is an overwhelming part of life; however, it is easier to eliminate than you thought. Here are some crucial tips that will help you to manage your debt given the current state of the economy:
1. Assess your debt
It’s been said that the first step to recovery is admitting that a problem exist. Grab a pen and notepad and begin to make a list of all your debt, starting with the lowest balance. Be sure to make a note of the interest amounts and due dates for each. After calculating the total amount, you are now forced to come to terms with the reality of your debt.
2. Write down and fix your spending habits
A good rule of thumb is to begin tracking all expenses, no matter how big or small, from today to roughly three months back. Doing this helps to see your spending habits and identif which expenses are truly necessary and which ones can be cut out. Other ways to find save money and cut out additional expenses is to negotiate your current bills with creditors such as your cable or mobile service provider. It never hurts to ask; the worst they can say is no.
3. Create and implement a debt pay off plan
The “extra” money that you were able to save from cutting unnecessary expenses can be put towards paying off debt. Every month, you should pay the minimum owed on each bill (starting with the smallest debt) plus the “extra” money. Be sure to add any “unexpected” money as well such as income tax refunds. If you follow this plan each month, it will help to eliminate your debt much faster.
Being in debt is not the end of the world. With the discipline and dedication, you can get back on track to financial freedom. Getting rid of your debt is one of the most liberating things one can do. Just remember, you have control over your debt; don’t let it control you![/vc_column_text][/vc_column][/vc_row]