Financial Literacy for Everyone
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Financial Soccer
The new 2014 FIFA World Cup Brazil game is here. Is your financial knowledge ready for a workout?
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New Tooth Fairy Calculator App
The new Tooth Fairy Calculator app for iOS helps determine what to leave under your children's pillow.
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Free Lesson Plans
Give your students a deeper understanding of money management with curriculum offered by Choices & Decisions: Taking charge of your financial life™.
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Getting Out of Debt

Reducing Your Debt Load

There are two great ways to change your debt load and debt/income ratio: Cut spending and bring in more money.

Cutting spending can be the fastest and easiest way to reduce the debt load, unless additional work and income is readily available. Some have equated cutting spending with surgery for your money management. But as you heal with better financial health, you'll probably also notice that your attitude, relations with others, emotions and sense of humour start getting better, too.

Recognize that you don't have to continue to add to your debt load with additional purchases. Remember, you may have found a terrific bargain on a stereo, but if you don't pay it off for three years, the money you "saved" won't matter.

Avoid impulse purchases. You'll be surprised at what a difference this can make.

Learn to cook or take your lunch to work. Comparing the expense of lunch at a restaurant for a week to a week of lunches bought at the grocery store should quickly show you how fast you can reduce your debt load by taking small steps now. A little bit every day is a great start on your financial fitness program.

Think about ways to bring in additional money: either a part-time job or a better paying primary job. There is more than one way to change your debt load!

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