Get Out of Debt, Improve Your Credit and Develop a Budget Plan

Are you tired of struggling to pay your bills and trying to make ends meet?

No matter how much you make, is it never enough?

You're not alone.

Millions of people all across America are having trouble paying off debt. It is time to put together a solid budget and debt reduction plan with Our Money Place's Financial Advisor. If you are unable to pay your bills and are considering bankruptcy, there may be an alternative. Remember bankruptcy is costly and destroys your credit for years to come. Our Money Place can help you develop a debt management plan!

How Does OMP Counseling Work?

Our Money Place's Financial Advisor will meet with you individually, look at your income an expenses and develop a customized way to solve your current financial problems. We help you develop a spending plan that covers both your living expenses and payments to creditors as well as identify other oportunities for increasing your income and reducing your expenses.

Helpful Tips to Start Budgeting

1. Keep track of every penny you spend for one month. No expense is too small, from a pack of gum to your gas and electric bill.
2. At the end of the month look at your list and identify ways you can reduce your spending.
3. Ideas for reducing spending include:
   1. Buying a six pack of soda at the supermarket rather than one soda at a time at the corner store.
   2. Buy lunch meat and bread at the supermarket and bring your lunch to work at least four times a week.
   3. Reduce your BGE bill by lowering the temperature in your house by 2 degrees in the winter. (From 74 degrees to 72 degrees)
   4. Cook meals at home rather than go out to eat. It not only saves you money, it is healthier. If you want it to be social and fun, invite neighbors over and have them bring a dish to share.
   5. Do not buy anything on credit that you cannot afford to pay off within the month. Credit card interest rates will add a significant amount of money to your bills.
   6. Never buy anything from a rent-to-own store!
   7. Before you buy anything, especially clothing, ask yourself if it is a want or a need! Walk away from the store for two hours before you go back to buy. This will help you get over the "spending rush".
4. Open a bank account at a bank or credit union with free checking.
5. Remember lots of little savings adds up to big savings!