5 Easy Ways to Save More Every Month to Pay Off Debt
For a lot of people out there trying to pay off debt, saving money is something that is almost out of the question. If you can’t afford to make your debt payments, then slashing your monthly expenses becomes crucial.
Believe it or not, as long as you’re willing to make a few alterations to your spending routines, you can turn things around. And you can turn them around faster than you think.
If you plan on signing up for some kind of debt consolidation plan, debt settlement or some other debt program, then slashing your expenses becomes equally important.
Are you ready to make a change so you can finally start trimming your debts and getting your life back together? Then here are 5 fast and easy methods that can help you save $100 or more a month. Use one or combine them all to get the maximum savings possible.
#1 – Say Goodbye to Premium Cable
Cable is already expensive enough, but the add-ons can send monthly costs soaring through the roof. Sure, all of those fancy channels sound good at first, but can you really watch all of them enough to justify the cost? If you’re answer is no, it’s time to cut the cord and move that money over to your savings account instead.
If you can’t cut the cable, consider downsizing to the cheapest and most basic plan. By doing this, you will still see a considerable amount of money saved each month. And every little bit counts.
#2 – Get Rid of the Landline Phone
If you own and use a cell phone on a regular basis, now may be the time to finally pack up the old landline. With the affordable cell phone options available these days, there is no reason to have two different phones. Ditch the home phone and join the rest of the world.
Then, use that money you were spending on your landline and put it towards building up that rainy day fund.
#3 – Trim Costs by Clipping Coupons
Yes, we’ve heard it all before – coupons save you money. Problem is, not many people care to put in the small amount of effort required to use them. They see them as a waste of time. However, when there is an opportunity to save, you need to make it worth your time.
If you search hard enough, there is nearly a coupon available for anything you can imagine. Use the internet and dig as deep as you can.
Your hard work will be handsomely rewarded with savings that can stretch well past $100+ per month. This is one of the most underutilized ways of saving money.
#4 – Cut Convenience Foods & Plan Your Meals in Advance
With many people short on time, hitting the drive-thru window of a fast food joint makes sense—until you realize how much money you’re wasting. If you do it each day, the costs will continue to pile up. How can you fight this?
Simple – learn how to cook and make your own meals in advance. That means finding meal ideas for an entire week, shopping for the ingredients, cooking your meals and storing them in your freezer or fridge for quick meals on the go. You will stop wasting money on convenience food and will be shocked at how much money you can save just by doing this.
#5 – Shop for New Insurance
Feel like you might be paying too much for your home, auto, health, life or any other insurance policies you carry? Now is a good time to shop around for a new policy.
There are a variety of sources online that can help you get a free quote right away. From there, you will have solid numbers you can use to compare to your current rates. Doing this could easily net you well over $100+ in monthly savings, too. But you’ll never know unless you try. And it doesn’t require much work on your part either.
Make Your Move Now
What is it worth to you to finally get rid of your debt? Give these methods a shot and see how much money you can free up in your budget to put towards your debts. Remember – nothing is impossible, so make the effort and see how much money you can save today. You can even use an app like Mint.com to help you keep track of your finances.
These strategies have worked for millions of Americans throughout the years, and they can work for you too. Especially if you are using debt consolidation or are involved in some other program.
If you’re tired of owing money to creditors, if you’re tired of the financial uncertainty in your life, then you need to give these tactics a serious effort. The savings might seem small at first, but can make a big difference in your finances. And if you combine these techniques with others listed on this site, you can make some real progress in your debt reduction effort.