Some ideas on getting yourself out of debt

EDITOR'S NOTE: This is part of an ongoing series offering tips and information for businesses, job-seekers and consumers.

It's never too early to think about handling money — and avoiding debt. Financial adviser and CNBC's retirement expert Bill Losey offers his ideas on getting out of debt:

  • Make a budget: "Where does all the money go?" If you are asking that question, here is where you learn the answer. You might find that you're spending $80 a month on energy drinks, or $100 a week on lousy movies. Cable, eating out, buying retail — costs like these can really eat at your finances. Set a budget, and you can stop frivolous expenses and redirect the money you save to pay down debt.
  • Get another job. This doesn't sound like fun, but having more money will aid you in reducing debt more quickly. A family member who isn't working can work to help reduce a shared family problem.


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