Jerry Mason, "Before You Lose It All …", Ensign, July 2007, 62–65
Think bankruptcy is your only option?
Check out these tips for other ways of getting out of debt.
Do All You Can
President Hinckley has said: “So many of our people are living on the very edge of their incomes. In fact, some are living on borrowings. … Avoid debt to the extent possible. Pay off debt as quickly as you can.”
Where to Begin
Be sure you have done all you can to pay back your creditors.
A Balancing Act
The next step is to try to get your income to exceed your outgo. To do this, ask yourself the following questions:•
- Can I increase my income by asking for a raise or seeking a higher paying job?•
- What unneeded or extra items can I sell, such as an extra car?•
- How much money could I raise in a garage sale?
For most people, the quickest way to get results is to reduce spending. When determining how best to do this, understand two points.
- First, no expenditure is fixed.
- Second, you don’t need everything.
Cut Costs
Break the Cycle
Another step in getting out of debt is to stop creating new debt.
Ask for Help
Helps for Home Evening
- Think about an item your family desires to purchase. Discuss the three questions at the end of the section “A Balancing Act” in relationship to your desired purchase. After a few days decide as a family if your purchase still seems necessary. Discuss the benefits of making purchases based on needs rather than wants. Testify of the value of using money wisely.
- Carefully list all of your expenditures, such as your receipts, credit card statements, bills, and other monthly purchases. Discuss expenses that can be decreased and ways to increase your income. Using suggestions from the “Cut Costs” section of the article, think of changing some of your spending habits to follow President Hinckley’s admonition on debt.
Before You Lose it All
No comments:
Post a Comment