The Most Effective Ways To Get Out Of Debt and Save (Part 3)

 by: Michael Saunders

Earmark Your Savings for a Payroll Reduction: Select a certain amount to be deducted from your payroll check and deposited right into your savings account. So, before you ever see it, it's already in there. (If you go and withdraw this money each time you say you need it, then you've defeated the purpose.)

If you can, select a certain percentage of your income, for example 20% of your monthly net income or 75% of your monthly disposable income, to deposit. Then, as your monthly debt decreases and your income increases, you should increase the amount going directly into your account. Pretty soon, you will have a nice savings.

If You Get a Loan, Repay It Immediately: If you can go through the rest of your life and never have to get another loan, then do it. This is possible once you've become debt-free and have become accustomed to keeping enough money for unexpected expenses. In the meantime and under limited circumstances, you may have to get a loan. If you must get a loan, make every effort to repay it as soon as possible. By doing so, you will save money because you won't incur any unnecessary interest charges.

Create Your Own Ways to Save: This article has given you a few ways to save, however, there are thousands more. It doesn't matter whether you use all of the techniques that worked for other people or come up with your own. What does matter is that you develop a plan to save and stick with it until you become 100% debt-free.  (continued...)
The Most Effective Ways To Get Out Of Debt and Save (Part 3)
  Page 2

About The Author

Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on Credit Repair and Debt Consolidation and is president of Information Organizers, LLC.

Social Entrepreneurship

‘Nerdy’ Social Enterprise Marries Socially Conscious Clothing With Business-like Efficiency

‘Nerdy’ Social Enterprise Marries Socially Conscious Clothing With Business-like Efficiency

Orane Barrett, a Jamaican-born founder of a New York-based clothing brand called Kool Nerd, gives the term 'nerd’ a whole new meaning. And it’s not just that – Kool Nerd sells t-shirts as a “positive marketing tool to communicate the positive values of today’s nerd and inspire future kool nerds to join the movement.”

Jobs in the Social Sector

  Social Services Employment
  Foundation Related Jobs
  Fundraising & Development Jobs
  Human Services Jobs
  Program Director Jobs

Federal Government Grant and Assistance Programs

Edited by: Michael Saunders

© 2008-2020 Copyright Michael Saunders
Click here to open the popup

Never miss an update from Papermashup

Get notified about the latest tutorials and downloads.

Subscribe by Email

Get alerts directly into your inbox after each post and stay updated.

Subscribe by RSS

Add our RSS to your feedreader to get regular updates from us.