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  HomeStep 1: Stop Paying Interest | Step 2: Analyze Your Expenses | Step 3: Debt Consolidation | Step 4: Eliminate or Reduce Expenses
 Step 5: Establish a Budget | Step 6: Live-by the Budget | Step 7: Start Process of  Making WealthFree Article | Debt Plan Coach



Debt Management Plan: Step Four

4. Eliminate or Reduce Expenses

Be a Wise Consumer

One way to improve your financial condition is through being a wise consumer.  The key to this is spending the time to periodically look at different options when it comes to your expenses.  We recommend that you consider every six months look at your recurring expenses and determine if you can find better deals.  For example, are you getting the best deal on phone service?  Would refinancing your mortgage put you in a better financial condition? (Be careful with refinancing, as you can decrease your monthly payment but hurt your long-term financial future by increasing your principle balance.) 
 

Insurance

We strongly suggest getting sufficient life and disability insurance.   One key to sound financial planning is to have sufficient insurance to cover those unexpected events that may occur in your life. 




Step 4: Continued



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Revised:04/21/07.