Debt reduction help?

i have a mountain of business and personal debt from my divorce. I'm self employed and have been blessed with the ability to make a good living but money management isn't my strong point. I can make it, but i cant manage it. Can someone tell me how to budget to get caught up? If i catch up all of my necessary bills, Mortgage, utilities ETC. should i compile all of my arrears budget so much for them and attack them that way?

Here is a suggestion:
1. Make a list of regular monthly bills and approximately how much they are e.g. rent, car payment, telephone, cable, monthly gas, lunch, transportation, child support etc
2 Total that list - This is your hard core monthly expenses - you may be able to cut some but not a whole lot.
3. List your outstanding credit card and other debt with the interest rate you are paying and the approximate minimum payment.
4. List other bills that are not monthly e.g. insurance, real estate taxes, estimate other irregular expenses such as medical, clothes, gifts car repairs etc. Try to get a yearly total of these and then divide by 12. These are your irregular expenses

From your monthly take home pay subtract your hard core monthly expenses. From the balance subtract the "monthly" irregular expenses - you should have this amount transferred from your checking to savings each month until needed. You should have a balance. This is the amount you have to reduce your debt. Use the rest of the money to pay them off. The minimum amount except for the debt with the highest interest rate - that should get what ever is left over.

This should give you and idea of where the bulk of you money is going, and the priority of payment.

For your weekly work, transportation expenses set an amount, take it out in cash (no ATM fees) and live by it. No charges. If there is no money left on Friday - forget the latte, bag the lunch and don't fill up the tank. Learn to manage this piece of your life and it will help with the bigger task.

Now to control expenses. No credit charges unless they are an emergency. You don't have to be a cheapskate but watch out for frittering your money away e.g. a latte on the way to work each day(how about just Monday? drinks after work? are you getting value out of premium cable? your gym membership (run a few laps for free) do you need premium gas, is there a cheaper gas station? how about those magazines or newspaper subscriptions? Fast or frozen foods vs cook fresh at home:, smokes? designer clothes? Increase your deductable on your auto insurance, ATM fees? gum, snacks, bottled water? bank fees, brokerage account fees,
$10 savings a day is $3,600 a year or $36,000 in ten years.

You are probably working very hard and under a lot of stress with debt and everything seeming out of control. Once you start to make some progress you will feel better. You need to set some goals. Whatever you debt is set a goal to reduce it by a challenging but realistic amount. Track it. Once you see it going down it will motivate you. Make a list of expense savings that you will do. Cross them off when you do them. You can't change everything at once - pick a change or two and get them done.

Good Luck

Pay them back

Suze Orman has great advice regarding debt reduction. Also, myfico.com has great resources for attacking debt. The basics are that you pay all of your bills on time. Get that back on track. ALL your bills, including credit cards and other loans. Make at least the minimum payment on all credit accounts. And then begin making more than the minimum payment on your loans/credit. As for what to pay of first, there are several theories. Some people say to pay off the highest balances first. Others say pay off the lowest/smallest loans first. Some say pay off the high interest cards first. Others say pay off the zero apr cards first. And then once you start paying off your creidt, along with paying your monthly bills [mortgage, electricity, phone, etc.], then you'll start getting offers to transfer your higher balance cards to a new card with zero apr. Depending on where you're at, you may/may not want to accept those. Plus, make a list of your monthly bills on paper. Then, subtract that total from your income. Whatever you have left over, put some of that in savings, and then set yourself a weekly limit from the balance that's left over. This process is doable. And you can do it. Just write down your goals, set monthly totals on outgoing debts, and get going! A new year is a great time to start! Good luck!

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