If any cash is left over, put it toward paying down your balances or deposit it in your emergency fund. When the money’s gone, you can’t spend anything else for the remainder of the month. Use that instead of your credit card for nonessential purchases. To use the envelope budgeting method, pull out a certain amount of cash each month and stick it in an envelope. That means you pay for all discretionary purchases with cold, hard cash. Switch over to the envelope budgeting method as you dig yourself out of debt. If you can’t bring yourself to do that, lock your credit cards away in a drawer until you’ve paid off all your balances in full. ![]() ![]() ![]() Reformed shopaholics often cut up their credit cards to avoid further temptation. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. Motley Fool Stock Advisor recommendations have an average return of 618%.
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