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Tuesday, July 26, 2005

7 steps to highly effective debt management

1. It does not matter how much you make, what matters is how much you can save
2. A penny saved everyday, keeps the debt away
3. Keep a record of every single dollar you make and spend
4. Make a budget of expected income and expenses for the next couple of months. This keeps you aware of the actual money in hand anr thid stops you from unnecessary spending.
5. Have a monthly target as to much you expect to bring your debt down(be realistic).
6. Do a monthly reconciliation if you have reached your monthly target. You have all the information to analyze shortcomings, if any.
7. Keep some reserve for emergencies. Do reliase that it if often emergencies that lands you into debts.

I have made this short to-do list from my personal experiences. But the most important thing is to continuously reinforce this behavior till you feel financially secure.


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