Just as starvation diets are doomed to fail, cutting your expenses to the bare bones in order to pay off your debt will ultimately boomerang on you.
You've got to get real. How long do you think you're going to stay on a budget where everything except the basics - you know - food, car payments, your mortgage or rent, insurance, etc. - is going to pay down your debt?
You've got about as much chance of staying on that type of a regimen as you do eating only celery sticks and lettuce for the next five years. Do you really think you could live with that?
Here's a better plan:
Take a piece of paper and fold it in half. On the left hand side write down every luxury or near luxury that you've been spending your money on. Check through your receipts, your check book, and you credit card bills. Make sure you put down everything.
You might have things like the theater or the movies, vacations, cable TV, stuff like that. Even go so far as to put down Christmas gifts and birthday presents.
I know, I know. They don't look like luxuries. But even if they are near-luxuries, such as going to a restaurant, getting gourmet coffee, and paying for an ongoing gym membership, write them down on the left side of the paper.
Now, on the other side of the fold write down alternatives to the "expensive spread".
For example, if you go get a massage regularly you could check out a massage school. Student rates are about half of what a regular masseuse charges.
Same goes for beauty schools instead of beauty salons.
Instead of going to the movies in the evening you can catch a matinée. Or just make a movie night at home with the whole family. Pop some popcorn, get big bags of candy. You get the drift.
Follow through with this plan and you will still enjoy life and you can use the money you save to pay down your debt. It might hurt a little, but don't you think this approach is something you can live with? It certainly beats celery and lettuce.
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