August 12, 2015 01:08 ET

NetDebt - Gives Valuable Tips on How to Cut Monthly Spending

PLANO, TX--(Marketwired - Aug 12, 2015) - The team of debt negotiation specialists at NetDebt has been lauded from the day of the company's inception as one of the most effective service providers in the industry that goes above and beyond to assist its clients. Now, NetDebt is going one step further and has published a selection of expert tips to cut monthly spending and avoid a lingering debt spiral. Their latest offering includes educational services, which provide useful advice to clients striving to cut down on monthly spending with noticeable impacts on their monthly budgets.

On the company's website, NetDebt professionals explain how cutting expenses in monthly increments as opposed to a general, unspecified timeframe is a promising practice. The strategy is based on a specific goal and breaks spending down into individual components, such as phone bills and mortgage payments, which makes adhering to a more responsible regime much more manageable. The debt relief firm outlines the importance of organizing finances, deeming it absolutely crucial to cut spending -- an approach that goes far beyond jotting down a rough budget and keeping receipts.

"The first step is to institute a system of planning, recording, and adjusting your financial life," a leading NetDebt advisor reveals. "For some, this will require an accounting program, for others, a whiteboard in the house that the family adds to religiously. The due date of all bills should be ingrained along with the corresponding amount to avoid being thrown off track. And though, as mentioned, true financial organization consists of many other considerations, keeping receipts and other proof-of-purchase documents is integral both to avoid costly disputes and for those almighty tax returns."

The debt negotiation experts also suggest cutting down on 'luxury' spending. Luxury spending does not mean just extravagant big-ticket items. It also includes purchases that are not technically necessary, otherwise known as "discretionary spending." Constant aesthetic modifications to one's vehicle, sneakers in every color or excessive eating out all fall into that category. "You would be amazed how much money can be spent per month on unnecessary things if you're not careful," the NetDebt specialist warns. "In the same way, many of our clients are shocked at how much money they save per month after correcting the habit."

Another tip NetDebt's professionals advise on is setting financial goals. If the monthly electricity bill has climbed to $600, the individual or family should aim to reduce it to $400 the next month and discuss steps to achieving that goal. Similarly, the amount spent at the grocery store in the preceding month should be calculated and steps taken to eliminate frivolous purchases to achieve more savings. "If you're overwhelmed, not to worry," the specialist added, "along with many friendly consultants you can find consumer tools and education pieces right on our website!"

NetDebt employs a team of trained debt negotiation experts with over 60 years combined experience. Their unparalleled negotiating power is based on pre-existing relationships with major creditors and agents. This has allowed them to resolve hundreds of millions of dollars in unsecured debt for thousands of clients by reducing their principal balances. The firm is known for building genuine relationships with its clients, helping them to resolve debt issues, and instructing them on how to avoid future financial pitfalls.

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