The first options to consider in relation to debt reduction include:

1. Increase your income.
2. Reduce your expenses.
3. Sell assets.

increasing your income

Whether you receive your income from Centrelink, or from wages or salary, it is very important to make sure that you are receiving all of your entitlements.

If you cannot work full time then part time or casual could be an option. Children who live at home and are receiving an income whether it be a Centrelink payment such as Youth Allowance or Austudy, or are working, can assist the family to meet all needs.

reducing your expenses

Most of us can't do much to increase our income but most of us can reduce our expenses. Simple ideas include turning off lights when you leave a room and only using ATM machines provided by your bank.

The following links approach saving money from a different perspective:

• cost cutting tips (FIDO)
• 103 top tips (Creditline)
• financial tips (Creditline)
• tips for wise shopping (Fair Trading)
• green shopping (Fair Trading)

selling assets

If you own personal or household items that you no longer use or need, selling those items will produce some extra income. A garage sale is an inexpensive way to sell personal and household items.

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