Business or Personal Debt Got You Down? Tips to Get Control over Your Spending and Reduce Your Debt Quickly

Debt can feel overwhelming. If you’re struggling with debt, the stress and weight of that 
financial obligation can bring you down. It affects your attitude and your outlook on life. 
This kind of stress and negativity isn't good for your business, nor is it good for your 
personal life.

You must eliminate your debt in order to have money to invest in your business until
it is self sustaining. In order to do this you must increase your cashflow &/or savings.
When I say savings, I mean on your expenses & purchases. When you do that it is 
like finding money that was not there. Take that extra money and use it to help
payoff your debts.

If you’re struggling with debt and your spending is out of control, here are a few tips to 
help you get back in the black quickly.

#1 Learn Your Debt to Income Ratio

Your debt-to-income ratio (DTI) compares your monthly debt expenses to your monthly 
gross income. You can calculate it quickly if you know your monthly debt payments and 
your monthly gross income (the money you make before taxes are deducted). Multiply 
your number by 100 to get your DTI as a percentage.

Ideally, you want to keep your DTI below 40%. In fact, the closer it is to 30% or less, 
the more favorably financial institutions will look on you. If you’re wondering whether it’s 
okay to take out a loan or use that credit card, calculate your current DTI. The percentage 
will help you make your decision.

#2 Increase Your Payments

If you’re struggling with debt, focus on one loan or credit card to pay down first. Make 
extra payments on that card. It’ll help reduce the interest you owe and a few extra payments 
each year can make a huge difference.

#3 Create a Budget and Stick to It

It’s very difficult to know how to cut or control spending if you have no idea where your 
money is going. Track your spending for a month and then use that information to create a 
budget. Review your budget monthly to make tweaks and changes.

#4 Automate

Automate as much of your financial life as possible. Automate your savings by setting up 
automatic transfers into your savings or investment accounts. Automate your bill payments 
and automate your deposits. Now, make sure to also track the dates that payments go into 
and out of your account. You want to avoid any overdraft fees. Some financial institutions and 
utility companies allow you to set your monthly payment dates. This is useful because it gives 
you more control over your cash flow.

Finally, create a cushion. Establish a savings account that is only to be used in financial 
emergencies. When you unintentionally go over budget, use the cushion to cover it and then 
rebuild your cushion. Ideally, you’ll have at least a thousand dollars in your savings account 
for unexpected financial emergencies.

Don’t let debt get you down. You control your money and your financial future. Start taking 
steps to show your bank account who is boss.

If you are in need of a program that will help increase your cashflow so you can
pay off your debt, check out

How to Create a Pattern of Success

Once you experience success you will be able to look back and realize that you
achieve all success pretty much the same way. You set a goal, follow through on
the tasks needed to be done for achieving results, keep an open mind, learn from
others, track your successes and learn from failure. It’s the same thing, over and
over again. And it works.

If you want to create a pattern of success in your life, you can start now by learning
the secret that successful people know. Successful people are only special because
they are doers and follow through. They are not smarter than others; in fact it is
entirely possible you are smarter on paper than they are. You just don’t follow through.

Become a Goal Setting Expert

Start at the top and learn how to craft the best goals for yourself. Know that the goal
is something that can be accomplished and know that the goal is measurable before
you finish writing it. Most of all, make sure it’s a goal that you really want to achieve.

Schedule Everything

People who achieve are doers. If you want to get something done, schedule it no
matter how silly it might seem to you. If you put it in a schedule at a particular time,
and not just on a generic “to do” list, it will be more likely that you get it done.

For instance, if you have set a goal to write a 80,000 word novel by a certain date,
then you should know how many pages you need to get done each week and which
days you can work on it, which times, hours, and how long it takes you to write a page.
Successful writers write; they don’t wait for inspiration to strike. They schedule it, and do
it. The same can be said for anything you want to achieve. You don’t wait until you want to
do it; you do it on schedule.

Automate the Mundane

There are a lot of things that need to be done but that can escalate easily into “busy work”
which doesn't get you closer to a goal. Bookkeeping for instance is something that can be
accomplished today, with the right software, almost automatically. You can schedule
payments to happen automatically; you can also use software that enters everything for
you in the ledger. Freeing up time to focus on your scheduled activities that must be done
to achieve the goal is a more productive use of time.

Get Outside Expert Help

To be a success doesn't mean you have to do everything yourself. You’re not on your
own. The best scientists, professors, doctors, lawyers, and CEOs have assistants who
help them look great. You too can hire outside help and contractors to help you do the
tasks needed to reach your goals. Other than doing exercise for you and thing you must
do physically for yourself, there isn't much you can’t outsource today.

Stop Reinventing the Wheel

In most cases, someone has already done it before you. Someone has already worked out
the kinks and devised a plan of action that will work for you too with hardly any tweaks.
Learn from other people’s mistakes and realize that you can gain valuable information from
what others are already doing.

Never Stop Learning

They say it takes ten thousand hours of reading about a topic to become an expert on any
subject. Keep this in mind as you look toward your future and set your goals. If you want
to be an expert, you’ll need to start today building up those ten thousand hours. Even if you
know nothing about a topic today, you can be an expert in just ten thousand hours.

Know Your Core Values

As you set goals to create a pattern of success, it's imperative that you know what your core
values are in terms of family, personal, financial and your physical life. Everyone has different
areas they need to work on more than others - you need to know what your areas are to set
realistic goals that you want to meet.

Track, Assess, Repeat

Nothing is ever done without the paperwork, as they say. Well, that includes creating a pattern
of success. Only by setting goals, then tracking and assessing the results of the goals, and then
repeating what works will you create a pattern of success.

Creating a pattern of success requires knowledge of goal setting, and goal achieving, and an
in-depth knowledge of yourself. Starting today you can gain that knowledge and create a real
pattern of success in your life.