Top Strategies For Debt Reduction
Struggling to make ends meet? Try incorporating these strategies into your debt management plans.
1. Use coupons. Every day our mail boxes are filled with flyers. Instead of throwing them all away, check them first to see if they contain coupons for products that you use.
2. Be aware of false economy. Do not buy cheaper cleaning products and household goods if they take more to do the same as your regular products. For example, if your regular dish soap costs $2 and lasts 4 weeks, do not buy the $1 dollar product that does not work as well and so only lasts 10 days.
3. Fix faulty appliances, air conditioners, leaking faucets, leaking irrigation systems, and the like. The money you spend on repair will quickly pay for itself with reduced utility bills.
4. Plan your weekly activities in advance. If you know you have to go to a certain neighborhood one day in the week, do everything else that needs to be done in that location at the same time. A lot of gas money is spent going back and forth to locations when a little planning could have had you making the trip just once.
5. If you don't need it, do not buy it.
6. If it does not fit, do not buy it.
7. If you are shopping in a rush, do not buy it.
8. If you are shopping while you are hungry, do not buy it.
9. If you do not have the cash, do not buy it.
10. If it is perfect for next summer, don't buy it.
Stick to buying only what you need right now and you will find that you spend less money. You can use this cushion to pay down some of your high interest debt, or, set aside for an emergency.