2. Make a spending budget plan - the number one reason that many people end up in debt is because their expenses are greater when compared to their earnings, and have not figured out just how much they can afford. You need to consider exactly what you're spending in a typical month. Retain all your invoices and take note of everything you spend your money on. Find out how to do a monthly budget.
3. Are there things you don't need? - When you're conscious of what you're spending your money on, you'll be able to figure out what you can cut out. Yes it will mean some changes in lifestyle, however you need to do whatever it takes. Target the non-essentials, satellite television packages, superfast broadband packages, mobile phone tariffs, alcoholic drinks, tobacco, eating out, periodical subscriptions etc.
4. In what aspects of your way of life could you make significant savings? - the necessities you could save money - heating costs(change supplier, attic insulation, switch thermostat down by a degree), transport(walk to work, share cars, take bus), food shopping(should you pay more for big brands?), taxes(if you're self-employed, are you currently coughing up a lot more than you should?), make sandwiches for work rather than buying lunch.
5. Pay for a few things in big amounts - Benefits can be achieved by purchasing particular items in bulk amounts. Foods which can be stored, are particularly ideal for buying in larger quantities, and could be obtained at competitive prices at stores similar to Costco or Makro or any other discount warehouses.
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Debt Relief Order Criteria