Reduce Debt With 5 Easy Strategies

Sun, 29 Nov 2009 00:09:00 +0000

Millions of people are over-extended financially. They max out their credit cards and dig a financial hole that seems impossible to escape from. If you find yourself in that situation, there are some strategies you can use to reduce your debt and free some money each month.

If you are having financial problems due to excessive debt levels there are only two alternatives. You must bring additional money into the household to pay down some of the debt or you have to reduce your expenses. This article will deal with reducing expenses. The first thing you need to do is change your spending habits, create a spending plan for yourself. Here are 5 strategies to get you started:

1. Stop spending money on items you don’t need. Before buying those new shoes at the mall, ask yourself, ‘Do I really NEED them?” The key word here is ‘need.’ Most people spend much more money on things they want, as opposed to things they need. Only buy things you need until your debt problems are under control.

2. Take inventory of your monthly spending habits. Most people have no idea how much money they spend each month. They forget the little things like that coffee in the morning, the soda or drink in the afternoons. These little meaningless expenses can really add up at the end of the month. Keep a small pocket journal and write down everything you buy during the course of a month. You’ll be surprised at how much spend on frivolous things hat you don’t really need (and can do without).

3. Reduce your expenses by using public transportation if possible. Talk to colleagues about starting a carpool. At the grocery store, buy generic and store brand products. Use coupons whenever possible. Drink tap water instead of expensive bottled water and soda. There are thousands of other ways to reduce your expenses, use some of them.

4. Sell some of the items you no longer use or need. Have a yard sale or open a sellers account on Ebay. Millions of dollars worth of used items are bought and sold on Ebay every day.

5. Stop using your credit cards! Use your credit cards for emergencies only. Get into the habit of paying cash.

Check out my newest ebook for the details on how to slash expenses and put money in your pocket to reduce debt!

By: Jo Mark

Find Extra Money To Go On That Cruise

Wed, 18 Nov 2009 15:51:43 +0000

Would you like to go on a cruise but just can’t afford it? Is you budget stretched to the limit? Well relax; things might not be quite as bad as you think. You probably have a lot more room in your budget than you know. If you are just making ends meet and living month to month, there may be a way that you can go on that cruise.

Most people spend much more money than they think on frivolous impulse items. That coffee every morning, or those candy bars in the afternoon all add up to a considerable amount. If you cut out those meaningless impulse purchases, you can put a substantial amount of money in your pocket every month. Following is a list of items that you might be able to save money on and put enough money away for that cruise:

1. Going out to eat. How many times during the course of an average month do you eat dinner at a restaurant? The average family spends about $200 each month on food eaten outside the home. That includes lunches for children in school. If you invest in a supply of brown bags and some lunchmeat, you can easily shave $150 off this amount.

2. Do you get coffee or some type of breakfast treat on your way to work each morning? The expense may seem meaningless, but when you add it up, it comes to a considerable amount. By spending just $2.50 a day for coffee and a bagel, the annual cost for this meaningless luxury is about $600. Invest in a pound of coffee and drink it at home. This can easily save you $500 per year.

3. Do you eat and drink on a regular basis? I though you might. You can save big bucks by changing your grocery buying habits. Many people drink nothing but bottled water and soda (along with the occasional beer). By switch over to tap water, you can save you almost $300 each year.

4. Use coupons at the grocery store and frequent stores that give double the amount for your coupons. This little trick can save you a cool $250 a year.

I could go on and on, but I think that is about enough for one article. Using just these 4 easy steps above, I’ve saved you about $2850 over the course of a year. Now, I’m not sure what kind of cruise you are considering, but $2850 will get you on a pretty decent cruise. So, happy cruising!

Check out my newest ebook for details on how to put money in your pocket (without having to get another job).

By: Jo Mark

Finance Book » Bottled Water

Reduce Debt With 5 Easy Strategies

Find Extra Money To Go On That Cruise