Debt is like a monster under your bed, or maybe it is more like opening a mailbox with the expectation of finding junk-mail. It happens and is almost all present. Debts are incurred any time we spend money that we either don’t have, or we don’t have on us. Wisely used debt management strategies can reduce the amount of debt you have.
How to Reduce Debt
There are six easy to follow ways or strategies that can help you reduce your debt.
1. Host a thrift sale
Did you know the average thrift sale nets a host $200 or more? That can go a long way towards paying off an outstanding credit card balance or even towards a car payment. Hosting a thrift sale is a good way to get rid of extra junk without destroying the environment and offers you the unique experience of leveraging your personal ability to communicate. In fact, learning to negotiate over a cracked ashtray could not only provide for reducing your debt, but also provides valuable experience towards negotiating for a raise in the days to come.
2. Commit to eating out one less time
Every time you eat out at a non fast-food restaurant, there are costs. Travel costs, apparel and dry cleaning costs, food costs, and even gratuities add up. You can help line your pocket with extra bills and decrease your debts by resolving to go out to eat one less time each month.
3. Eliminate some channels
The cost of premium television content continues to rise at an amazing rate each year. Whether or not you buy into the cable companies and satellite providers hype, you can cut your costs by reducing the count of premium content you subscribe to. Chances are, if you’re carrying premium content with a cable provider, you are paying more than $100 a month. For that amount you could easily subscribe to an online unlimited DVD rental plan for $17, cut your cable to an extended package which would run you around $50 a month, and bank the extra $33 that you save towards reducing your debts.
4. Surf the internet slower
There’s no arguing the benefits of high speed internet when it comes to running a home based business or enjoying all the rich content that is available. However, when it comes to reducing your debt, do you really need to shave the extra ten seconds off your download? Chances are unless you are running a home based business and a server from home, you can afford the extra wait, if it’s worth it to you towards eliminating your personal debt. High speed offerings generally vary from fast to extremely fast. Regardless, the difference is very subtle unlike dial-up.
5. Shop cheaper
Every day Americans buy things. What many are unaware, is that the same merchandise can be bought for less, either by furnishing a coupon at the checkout line, or by being willing to wait a few days for an online purchase. Leveraging your consumer buying power and shopping smart can save you quite a bit of money over the course of a month. Additionally, take advantage of rebate offers. Where else can you earn up to twenty dollars for one minute of your time? With the average American income at 17.50 an hour, a rebate is often worth more than consumers give it credit for.
6. Consider extended subscriptions
Whether you’re buying magazines at the book store, or from somewhere else, you can save money towards eliminating your debt by subscribing to magazines for annual periods which save you money off the cover price. In addition, you can get extended subscriptions to almost anything. Like that theme park? If you visit it more than twice a season, chances are you could save money by buying a season pass. Like getting a haircut? Bring that card for a free cut on the tenth time with you every visit. Simple strategies to utilize volume discounts can save you big money that you can apply toward your debt.
It can be very easy, especially in this economy, to find yourself deep in debt with no easy way out. One solution could be to get payday loans to help cover your other bills such as rent, utilities, car payments, and medical bills. There are many options available and you should do some research to see if one fits your budget.