{"id":286944,"date":"2016-04-04T10:41:53","date_gmt":"2016-04-04T15:41:53","guid":{"rendered":"https:\/\/ability-fl-prod.internetbrands.com\/ability-law\/bankruptcy\/debt-relief\/ten-ways-to-manage-expenses.html"},"modified":"2024-05-14T14:21:36","modified_gmt":"2024-05-14T19:21:36","slug":"ten-ways-to-manage-expenses","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/debt-relief\/ten-ways-to-manage-expenses.html","title":{"rendered":"14 Ways to Manage Debt"},"content":{"rendered":"\n
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14 Ways to Manage Debt<\/h1>\n
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\n By Amy Vandervort-Clark, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last updated\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Being in debt can feel overwhelming. You are not alone. As Americans still recover from the financial impacts of the COVID-19 pandemic and record inflation, many have fallen behind on credit card payments and loans.<\/p>\r\n

Anyone can learn to manage their expenses and debt. It’s essential to have a plan in place. Following a few simple rules, you can get your finances in order and pay down your debt. Below, you’ll find ways to reduce expenses, avoid financial pitfalls, and stay out of debt.<\/p>\r\n

1. Make a Budget<\/h2>\r\n

Develop a realistic budget<\/a> you can stick with. A budget will help you see your financial situation clearly. Lay out your monthly income and living expenses. Certain expenses, such as rent or mortgage payments, car payments and insurance, health insurance, and student loans, are consistent. Other amounts change, like utilities, medical deductibles, and credit card payments.<\/p>\r\n

Review your budget every month and revise it when necessary. Track your spending habits. A budget will help you see where to make cuts or save money. Make small changes each month and adjust your budget as needed.<\/p>\r\n

Try not to consider sticking to a budget a negative. Make a game of staying within your budget, or give yourself little rewards for meeting your goals.<\/p>\r\n

There are many easy ways to develop a budgeting system, such as spreadsheets, online software, and financial apps. These programs will help you determine how much you are spending and saving.<\/p>\r\n

2. Avoid Impulse Buys<\/h2>\r\n

Curb your impulse buying. Impulse buys contribute to overspending and can add to your credit card debt.<\/p>\r\n

If you see something that you want to buy, don’t buy it right away. Go home and sleep on it. If you do this, you probably won’t return to the store to make the purchase. Ask yourself: Is this a need or a want? If it’s a "want," you can live without the item for now.<\/p>\r\n

It may help to avoid carrying your credit cards, especially those you’re trying to pay down. You can limit impulse buying.<\/p>\r\n

3. Learn How To Manage Debt<\/h2>\r\n

If you have multiple balances to pay off, you must develop a plan to manage your debt effectively. Get a copy of your credit report to get a bigger picture of your financial health. Dispute any errors you find.<\/p>\r\n

Consider attending a personal financial management course to learn how to manage your debt. Approved debtor education courses<\/a> can teach you how to become and stay financially secure.<\/p>\r\n

Some of the things you might do to help manage your debt include:<\/p>\r\n