DIG YOURSELF OUT OF DEBT

Living with mounds of debt takes a toll on your physical and mental health. Therefore, the best thing to do is take measures to stop this unnecessary freefall. Joe Dykes, a resident of Leesburg and financial adviser for 40 years, offers five valuable tips to help you take control of your financial situation.

1. PLAN A BUDGET

“I’ve found that failure to plan is the greatest problem for 90 percent of people who are deeply in debt. Once you’ve developed a plan that is right for you, stick to it.”

2. SEEK OUT A FINANCIAL ADVISER

“Find one who is looking out for you and not his or her commission. Most people have not been educated on financial matters, so that is why I recommend finding a financial adviser. Shop around and find someone who matches your personality and needs.”

3. REDUCE SPENDING

“Look for areas where you can cut back unnecessary spending. For instance, you may spend too much money eating out at restaurants or shopping for clothes you don’t really need. You cannot blow everything you make. Save. Save. Save.”

4. PAY OFF DEBT

“Start by paying off your smallest balances first, and once those are gone, use the extra money to begin paying down your larger balances.”

5. LIMIT CREDIT CARD USAGE

“Use credit cards only for emergencies. If you continue using credit cards for nonessential items, your debt will continue piling up.”