Personal Finance News Friday 5/31

Phil's Personal Finance Tip of the Day:

5 Ways to Reduce Your Credit Card Debt Starting Now

By David Bakke | U.S.News & World Report LP 

The average American has around $7,000 in credit card debt, according to an estimate by NerdWallet.com released this month. Some people give a long list of excuses for why they've landed in such financial trouble, but paying your way out of credit card debt isn't as hard as it sounds. It's worth a few hours of your time to save hundreds or even thousands of dollars by following these steps:

1. Create a budget. The first step to solving your debt problem is to establish a budget. Use an online service like Mint.com or list your monthly income and expenses on a spreadsheet or a piece of paper. Next, establish whether you're spending more than you make. If so, the situation is dire. If you don't scale back your spending, you'll dig yourself into a deeper hole. Review your expenses to find areas where you can cut costs.

2. Reduce your monthly bills. Some of your regular monthly expenses aren't set in stone. Can you get by with a cheaper data plan for your smartphone? Do you really need all those TV channels plus paid movie services? Can you reduce home energy expenses? Review your statements and subscriptions, as there are a number of money-saving opportunities for regular monthly services.

3. Cut down on unnecessary purchases. Track your expenditures for a week to see how much you spend on minor, everyday purchases. Cutting back or eliminating discretionary expenses such as fast food and Starbucks coffee can make a big difference to your bottom line.


To read the entire article from David Bakke | U.S.News & World Report LP:
http://news.yahoo.com/5-ways-reduce-credit-card-145946026.html


Inspirational Quotes@Inspire_Us from Twitter:
Courage is knowing what not to fear. -Plato


Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.