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ava_vikto...

M¢37 Funded By Mahalo ? | September 15, 2009 09:27 AM

Is it possible to clear off all your debts with your average salary?

I'm a waitress, and I'm supporting my younger siblings for they are still studying. We are facing 5,000 worth of debt. How can I pay off my creditors?

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cheapgamer

September 15, 2009 12:00 PM

Possibly, but it is going to depend on your expenses.

Track your expenses to see what you can eliminate. There is an example here
http://klingtocash.com/?p=506

Take a look at what you have for payments see what you can reduce or live without.
http://klingtocash.com/?p=511
Ex I have been living without cable TV for a very long time, this has saved me thousands of dollars. http://www.cancelcable.com/

If you are already minding your budget and eliminating payments when possible you may want to look to bolster your income, by getting a second job or turning a hobby into a job.
http://klingtocash.com/?p=508

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Voted as best: keepontryin, kty2777, twinpairs, easyeboy, ewpldf

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pellrider

September 15, 2009 02:24 PM

I came across this website www.livingonadime.com, the owner of the site is having Fibromayalgia and cannot have a regular job. The website is all about living debt free. They give real simple cost effective menus for dinner.
I am not sure all she says is true.
'The Tightwad Gazette' is a good book for you to read. It has a lot of ideas to living within your means.
Also, try to find some free credit counselling. So you can come up with a plan to pay off your debts slowly.
Are you the only one to support your siblings? If they are old enough to have part-time jobs, encourage them to help the family by working. Together, I am sure, you can come out of debt. It may be a little tough, but you will make it.
Please check the websites I put as source.
Source(s):
frugalliving
http://www.context.org/ICLIB/IC26/Dacyczyn.htm
www.livingonadime.com
www.stretcher.com
http://www.frugalliving.about.com

Tags: debtfree, frugalliving, saving, money

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