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Limited Access: Taming your budget easier said than done with lower income

Getting rid of debt is something everyone would love to do, and those troubled by financial issues always have the best of intentions but often don't have the means to pull themselves back up to a standing they'd consider to be adequate.

You absolutely want to get out of debt but your budget and income is limited, leaving you with very precious room to maneuver and save anything money wise you'd consider substantial.

So if you don't have much in the way of leftover funds to start saving, what exactly are you supposed to do as far as budgeting correctly and efficiently?
Devising a plan might be your broadest and easiest route to take initially.

That means writing out your expenses and figuring out what type of payment plan you can work with so that two things are in the forefront: making payments on time and paying enough that you're actually making a dent in that debt. The former is paramount, even if you're only making the minimum payments. In order to keep your credit standing intact and actually try to grow that number, you have to pay on time, even if that means having those payments deducted automatically.

That automated deduction method works well particularly if you have that money deducted directly from your work check. That also should lead you to look into means to consolidating your debt through your credit union.

When you write out your entire budget line by line, payment by payment, you have to find the credit cards with the highest interest rate and devote as much above that minimum payment as you can to start tackling your debt with the kind of persistent and vigor you need.

Obviously cutting costs is going to play a major role in taking your limited income and actually climbing out of debt. Costs worth giving a second look to include things like cable, phone, clothing and restaurant dining. The average cable bill tips the scale at $200 for the internet, phone and a plethora of channels. You may have to go extreme and take your internet to the local coffee shop, watch your NFL games at your friend's house and keep a home phone active for a few dollars and cut back on the minutes and data you're using on that far too expensive cell phone plan.

If everything you try still isn't getting it done, why not employ the help of a professional debt service? Make sure you look at a few important things first before you start working with this type of company or a financial planner. Make sure the cost is reasonable or even suggest an initial meeting that allows you to ask questions for little to no fee.

A combination of all these steps will go a long way toward not only eliminating debt but keeping in mind that even though you're income isn't up to par, you still don't have to settle for not being able to save money.

Previous: Who Figured? Having more money doesn't signal debt free existence

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