Top 5 Ways To Reduce Your Debt
There are lots of simple ways you can lower your debt and just doing a few of these each day can reduce your monthly debt load. Aim to reduce the amount of money that you spend each month so that there is more money available to pay down your debt.
1. Use cash, not credit cards. Unless you keep meticulous records, it is difficult to know what you have spent on your credit card each month. Use cash.
2. To reduce bank and credit card charges, take out a lump sum of money each month. Many of us pay a lot of unnecessary bank fees every time we withdraw money from our account.
3. Buy less food. Do not go hungry! If you usually buy a lot of food and end up throwing a lot away because it goes bad before you can use it, buy less.
4. Treat left-over's as ingredients for a brand new meal. Do not leave them to go bad because nobody wants to eat them.
5. Buy food that you use a lot in bulk when it is on sale. You have to be mindful here that you only buy food in bulk if it is something you use frequently. If you only make beans once every 3 months, it is false economy to buy a 12-pack of beans because they are on sale. It will take you four years to use up the tins when you only use one tin every three months.