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Steps To Get Out Of Debt On A Low Income

I needed to be more fiscally responsible and I needed to pay off my debt. The biggest step to getting out of debt, regardless of how much you make is wanting to get out of debt. Here are just a few simple steps to take in order to get out of debt on a low income.

1. How much do you make?

The first step for accomplishing any financial goal is completing a financial audit on yourself. On your piece of paper with your goals or on an excel sheet, write down the average monthly income you bring home after taxes.

2. Get Out of Debt BUDGET

Step 2 when it comes to getting out of debt is to use the “Get Out Of Debt” budget forecast sheet. In reality, any budget sheet will work but the key is to actually sit down and write it out.

3. Lower your monthly expenses

So you're looking at how to get out of debt on a low income and you now have a budget. Now you need to look at your income and see where your money is going then look at your monthly outgo. 

4. ALWAYS pay yourself first when you're on a low income

In reality, it should be the other way around, regardless of how much you should make, the correct order should be: 1. Pay off your debt 2. Pay your bills 3. Use what is leftover for enjoyment

5. Attack 1 debt at a time

The more you can contribute to one specific debt the better. Instead of trying to pay off 1 credit card, 1 car and a student loan all at one time, focus on targeting one specific debt item.

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