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Debt Management - Some Pointers
June 29, 2009 by DebtGeniusNo Comments Tweet this post
Debt Management - Some Pointers
In the event of economic downturn, your immediate concerns might be bills or debts: rent or mortgage payments, electricity, gas, student loans, food, and water. In previous articles, we discussed how those individuals and families on budget or debt management plans can stretch their incomes – or even enter emergency debt mode, or declare bankruptcy, if need be.
However, you still have other expenses to combat as you put together a debt management plan or discuss your financial situation with your credit counselor. You might be surprised to learn that most of these expenditures are unnecessary, and that most have cheaper alternatives that are just as good. “That’s ridiculous,” you might think. “I need daycare for my daughter – I work a high-pressure healthcare job in Pittsburgh, PA six days a week.”
Or maybe your objection is something like, “I need a professional hair cut and manicure – I work in a high-profile, Brooklyn, New York bank!” However, you can change your thinking from a carefree spending mindset to a thrifty, pro- debt management plan, pro- healthy credit score, anti- bankruptcy mindset by exploring the tips and tricks outlined below. Some people like them so well that they’ve made a point to include them in their own debt management plans!
Day care or childcare
Like many families, you might be a member of a two-working-parents household. There is literally no one available to watch the children between 9 a.m. and 5 p.m. weekdays. What’s a concerned parent supposed to do? After all, you don’t want to trust your children with just anyone!
There are great reasons to forgo day care. Cost is the most obvious one. BabyCenter online states that day care costs can reach $15,000 per year. Worse, many day care workers are underpaid themselves. The US Bureau of Labor Statistics states that the average income of non-supervisory day care workers is not much more than 10 dollars per hour. Overworked, stressed, underpaid day care center attendees are not likely to provide your child with the care he or she needs. And, with the number of kiddie colds and permutations of rotovirus going around, day cares are often germ factories, to boot!
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Filed under Debt Management, Information on Personal Debt
Tags: Debt Management
