Self Help ebooks and audio programs to improve YOU and Your Life.

As the credit crunch continues to affect workers and the unemployed alike, managing debt is the key to getting back on track.  So how do you avoid mounting debt?  What can you do to get out of debt? At some point in our lives, most of us have borrowed too much. If you find yourself in over your head, there are strategies you can implement right now and learn to live on what you earn.

First, accept the situation, forget making excuses.  Talk to someone about your situation, a friend, family member or a professional organization.  Be prepared to sit down and calculate how much you owe.  You may like to start with a budget.  There are a number of free tools available online. For example, if you find yourself addicted to credit cards this debt reduction planner is a great place to start.   However, if your debt consists of multiple sources, such as personal loans, a mortgage and credit cards, you may like to consider using the “rollover method”.  This strategy begins by sorting out the loan balances from smallest to largest, then paying off the smallest loan first.  You then use the amount available to pay off the next loan (add the amount available to the current payment requirement).

Another alternative is to consolidate your loans .  Although rolling all your loans together into a single loan may seem like the best option, bear in mind that it comes at a price.   There may be loan establishment fees, which will only add to the debt.  Enquire about penalties for paying the loan off early.  Is the new interest rate, including fees and costs, lower than what you’re paying now for individual debts? If you do decide to consolidate, make sure don’t wind up paying higher interest.  Use consolidation to break  free from the spiraling debt and stop spending more than you earn.  Cut up your credit cards, make the commitment to clearing the debt, otherwise consolidation becomes a temporary solution.  If you decide to consolidate your loans using home equity, your home may be at risk.

Consolidation could lead to borrowing more money, exacerbating the problem. If you decide to transfer existing credit card balances to your home loan, as part of the debt consolidation, then you might be tempted to put new debt on to your credit cards.  If you have a line of credit, your borrowing limit may be greater than your current limit.  In this case a consolidation loan will increase your debt, making your financial problems even worse.

No matter what you decide, an element of discipline is required to get out of debt and stay out of debt.  Consider the following when dealing with debt:

What caused your ever increasing debt?

What is your current income?

What are your basic living costs?

How much of your income is left once the basics are covered?  Use this excess to kick-start your debt reduction.

Consider increasing your income through a second job, reducing expenditure or selling items no longer required.  Are you eligible for government assistance?  Have you considered approaching your creditor to negotiate a better deal?  Work out what you can reasonably offer, considering both your living costs and all your debts.

Bankruptcy should be considered as a last resort. Although it releases you from your burden, you will lose your home and any other assets.  You may be forced to pay some of your income to the bankruptcy trustee and you may face other restrictions and potentially negative consequences. Seek advice before applying for bankruptcy.

For further guidance consider our ebook and bonus audio program.

Today’s economic environment is fuelling the need for more financial security, and with this desire more people are seeking some kind of extra income-producing project. The trouble is, not many people seem to be able to fit “a second job” into their time schedules.

It’s true that most people are busy, however, extra time for some sort of home-based extra income producing project can almost always be found. It may mean giving up or changing a few of your favourite pastimes–such as having a couple of beers with the guys or watching TV–but if you take the time to invest in your extra income project (a home-based web business is ideal, I will explain why a little further on) you will have all the time you want for doing whatever you want, whenever you want, wherever you want!

Efficient time management boils down to planning what you’re going to do, and then doing it without backtracking. Start by making a list of the things you want to do tomorrow, each evening before you go to bed. Schedule your outings or your trips to or from work to coincide with the other things you have to do whilst out. Take stock of the time you spend on the telephone, mobile or email, avoid being “always available”. Although current technology makes this very convenient it is a major distraction – interacting with others always requires participation……..but so does your home-based (web) business.

This requires you set some boundaries in order to stay in control of your business (and your life) or be a slave to it. For example, whatever chores you have to do at home, set aside a specific time to do them, and a specific amount of time to devote to them. Don’t try to do a week’s work in one big flurry. Whether it’s painting your house, fixing leaky taps, or mowing your lawn, create a schedule that ensures you complete your non-business tasks on a daily basis – you’ll be amazed at your progress.

Ensure you keep on top of day to day activities like bills and other correspondence requiring your attention. Once you start listing and planning what to do, and then carry out your plans, you’ll find plenty of “extra time” for handling virtually any kind of home-based income producing project.

People in general may not like routines or schedules, but without some sort of plan as to what is supposed to be done, the world would be mired in mass confusion. Laws, ordinances and regulations are for the purpose of guiding people. We live according to an accepted plan or way of life, and the better we can organise ourselves, the more productive and happy we become.

The secret of all financially successful people is simply that they are organised and do not waste time. Think about it. Review your own activities, and then see if you can’t find a couple of extra hours in each day for more constructive accomplishments. When you begin planning your daily routine and become involved in your home-based web business, you should work it exactly as you have organised your regular day-to-day activities—on a time basis. Do what has to be done immediately. Don’t try to get done in an hour something that’s realistically going to take a week. Plan out on paper what you have to do–what you want to do–and when you are going to do it. Then get right on each project without procrastination.

So why run a home-based web business rather than an offline home-based business?

“Information and communications technology unlocks the value of time, allowing and enabling multi-tasking” (Hong Kong Billionaire Li Ka Shing).

An internet site allows your product or service global accessibility to prospective customers 24 hours, 365 days a year. Often, the internet is the first post of call for people because of its convenience and to save time. Customers and the general public understand that most companies have a website, and so do their competitors. Price and quality comparisons are very quickly attained – no matter where the company is located or the time of day. Secondly, a web business can be conducted anywhere you like and are relatively cheap to set up. Furthermore, if you don’t wish to carry any inventory you don’t have to – you could decide to promote digital products, just as I do.

Websites are a great way to promote your business, increasing sales. It can also save you time and money when you need to update pricing or promote new products. You can create brand awareness by linking to other advertising campaigns. You can take orders 24/7 – without the need for additional staff. Adding your website address to your business card will enhance your image and produce networking opportunities. All these time saving advantages will give you the lifestyle and financial freedom you desire.

Finally, and above all else, when you’re organising your time and your home-based web business, be sure to set aside some time for relaxation. Schedule time when you and your friends and family can be together. You must not involve yourself to an extent that you exclude other people–particularly your loved ones–from your life. Taking stock of the time you waste each day, and from there, reorganising your activities is what it’s all about. It’s a matter of becoming more efficient in the use of your time. It’s really easy to do, and you will not only accomplish a lot more, you will also find greater fulfilment in your life.

Do you use Time Management Strategies?  Take our poll now!