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Say goodbye to debt

Maximize your money, minimize your stress.

Managing your money can be challenging, but it's possible to improve your financial future - whether that means avoiding new debt or paying down old debt. Here are some simple guidelines to get your started:

Get credit wise.

If you're paying the minimum amount on credit cards with high interest rates consider consolidating your debt into a personal loan with one monthly payment and a more reasonable interest rate. Find out if TD Bank has the right personal loan for you.

Plan ahead.

When you make room in your budget for upcoming expenses, you can save in advance. What's your savings goal? Find out if a Club Saver account might be right for you.

Budget, budget, budget.

Take a look at your current budget: are your wants outweighing your needs? A good place to start might be services like cable, phone and internet - are there ways to save by switching providers or cutting back on extra features?

Be a savvy shopper.

Before you make a large purchase, do some homework. Look for deals and try to pay cash. If you're financing the purchase, be sure to read the terms, rates and payment amounts closely to avoid surprises. A good rule: If you don't need it, don't buy it - even on sale!

Unsubscribe.

If your inbox is filling up with e-mails from retail stores and you can't resist the sales, just click unsubscribe instead of buy. Same goes for catalogs - taking yourself off mailing lists will help you avoid those mailbox impulse buys.

Evaluate your lifestyle.

Are you living within your means? Check out your home, your car and your closet - is there room to save? This will also help you notice spending patterns, and just being aware will help you save.



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Perez, Maria. 6 Ways to Avoid Debt. N.p. unknown. N.d. July 2013.

1Achieve Financial Independence. http://www.tdbank.com/financialeducation/financialindependence.html. N.p. unknown. N.d. July 2013.

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This article is based on information available in July 2013. It is for general informational purposes only. It is not intended to provide specific financial, investment, tax, legal, accounting, or other advice and should not be acted or relied upon without the advice of a professional advisor. A professional advisor will recommend action based on your personal circumstances and the most recent information available.

What to do with your debt

Many Americans struggle with debt. Here are some tips to help get you back on track.1

Do the math.
Calculate your total debt and determine your monthly income and expenses. Create a budget that eliminates unnecessary spending, meets expenses and pays down debt.

Develop a debt reduction plan.
Carefully analyze your spending habits and set realistic payment amounts and timeframes for paying off your debt. A deadline often helps you stay on track.

Review and adjust plans periodically.
When income and/or expenses change, adjust your budget and debt reduction plans accordingly. Use salary increases, bonuses and tax refunds to help pay down debt faster.

Reward yourself.
Celebrate your progress toward financial independence with occasional small rewards like going out to dinner or upgrading an electronic device. Incentives help you stay motivated.

The Federal Trade Commission has more information on coping with debt. Find out more