Saving Money for Debt

When you are facing a mountain of debt, it might be tempting to use a debt consolidation loan. However, those can cost you money in the long run as well. Here are some simple tips on how to reduce your debt right now. If you create a budget for yourself and save money where you can, you will be able to pay off your debt without using debt consolidation.
Start walking
Save money and start walking to nearby places instead of driving or taking public transportation. Not only will this promote health, but it also does not require you to pay. You can also invest in a bicycle for the slightly longer trips.

Get rid of unnecessary spending
Cut off any unused or redundant services such as a cell phone versus land lind or cable television service with channels you don’t watch. Clean up your services and save your money for things you use often and frequently. Cut the services that you use once or twice a month.

Watch your expenses
As they say, a penny saved is a penny earned. This goes back to how important a budget is in your everyday life. It is the road map to where you want to spend your money. Some ways to find the extra cash to pay off debt, maybe instead of buying food/drinks at work everyday, you can bring them in with you. If you are spending money in gas but can get to work via public transportation, perhaps it’s time to make the switch!

Call the credit card companies
Look at your credit card bill and see what is the interest rate. If it is higher than 18%, then call your credit card company and ask if they can lower your rate. The worse case scenario is that they say no but if they say yes, then your monthly payment and accrued interests will go down.

A Night Out
Going out once in a while is an awesome idea but watch where you spend your money and how much you spend. Going out to eat should only be once in a while. An alternative to going out for dinner is to invite people over and cook at home. Perhaps popcorn and a movie can be your next social event! — and dinner can be pot luck style!

Recycling is one of those things where you just have remember that every little bit counts. If you have been throwing out your plastic bottles, glass bottles and aluminum cans, check to see if there is a refund for recycling them.

Utilize space
If you have an extra bedroom that you can clean out and maybe even put in a cheap bed in there, you can rent out the space to a local college student and earn some extra income that way.

Part-time job
I often take some time to apply to part time jobs at coffee shops just because they are usually really accommodating to students. Even if you can squeeze in 15-20 hours a week, you can pay down some bills or supplement your income.

Odd jobs
Look around and see if you can find anyone interested in paying you to do odd jobs here and there. These odd jobs can consist of mowing the lawn, cleaning the garage, or walking their dog. You will be surprised at what people are willing to pay for.

Pay off loans
Take a look at your monthly payments and eliminate the easier ones first. Rather than paying minimum on all your payments, put together a fund to pay off that debt. This is an easy way to save money by not letting the interest costs build up.

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