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Step 1
Stop spending money on non-essential items in your life. Begin by writing down every single purchase you make so that the information is right in front of you and you can begin tracking where your expenses are going. You would be amazed at where you spend your money when you start tracking this information.
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Step 2
Try and go through one day without spending any money at all. Once you get a handle on going one day without spending, try not spending any money for two days in a row. Once you have mastered two days without spending any money – shoot for one week! This sounds a little extreme, but will help you understand where you can cut back on your expenses.
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Step 3
Reduce grocery and entertainment expenses to get an instant cash advance from the money you are now saving. Start cutting back on these weekly costs to free up more cash that can be used to pay down your debt quicker. Why not use your own money that won’t cost you any additional interest to start bringing down your debt?
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Step 4
Go through your home and identify items that you no longer need. Take these items and have a garage sale or try to sell them on eBay to get an instant cash advance to free up some money that can be used to your advantage. Paying down your debt (even if a little at a time) is very important to your personal finances.
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Step 5
Consider dipping into any emergency fund or short term savings you may have to get an instant cash advance. While emergency funds are important to have available, it is times like these where they come in handy. Don’t be afraid to use them instead of paying high interest on a payday loan. Remember during times like these it is important to get by until things start to turn around.
