With Spring nearly here (although it doesn't look like it in Alaska!), why not clean out your finances and reduce some debt?!? Here are some debt-busting strategies to help you on your way to financial freedom.

  1. Assess Your Debt. Remember, there is good debt, and there is bad debt. Good debt will produce some sort of a return in the future, or at least is deductible. Bad debt (credit cards!) should be paid off first.
  2. Set a Monthly Financial Target. Determine how much money you need each month to get yourself back to stable financial ground. Getting there may be challenging, but a little bit at a time will push you in the right direction.
  3. Make Smart Expense Cuts. Try to find ways to save that won't hurt your household or your business. For example, cancel luxury items or subscriptions such as dish TV rather than fall behind on a car lease. As you learn to live with less, gradually increase the amount going into savings or toward paying off debt.
  4. Look Ahead. Always make yourself aware of new revenue opportunities and expenses that may be in your near future.
  5. Prepare for the Worst. Put together a "what-if" plan to deal with scenarios that could arise that would become expenses. It will put you at ease to know you already have a solution in place.
  6. Make Saving a Habit. Its easy to drift away from saving money, but keep at it anyway. The payoff is seeing your debt decrease as your savings increase.

For more information about how you can save money and reduce your debt, visit REALTOR.org.