The majority of Americans have a lot of credit card debt. This can add up to a lot of money being spent on high interest rates and high monthly payments. Sometimes it can seem overwhelming, but there is hope! You can get out of debt by following some money saving tips.
Look for small ways to save money. If you always stop for a coffee at the local coffee shop or even the gas station, you are spending anywhere from $1-$6 for a cup of coffee each day. Make your coffee at home and bring it in a travel mug. Take your lunch to work and pack your kids' lunches for school to save a ton of cash. Make dinner at home instead of eating out to conserve your money. Even if you splurge once in a while, you will still save money over the long run that you can apply to your credit card debt.
With utility costs rising each year, it is important to do what you can to save energy. If you can, investing in energy efficient appliances will help you conserve money over the long run. That, however, is not possible for a lot of people. There are some ways that you can cut back on your energy expenses immediately.
Make sure to seal any drafty windows by recaulking the seal. Use an automatic thermostat and set it for a lower temperature during the times no one is home. Wash your clothes in cold water. They get just as clean, but your hot water heater doesn't have to work so hard. Run the dishwasher only with a full load. Turn off lights when you are not using them, and close doors to unused rooms to avoid heating or cooling spaces that are not being used.
When you shop, look for ways to save. You could buy generic instead of brand names. Most are just as good, and some are made by the same company! Buy used as much as possible. Shopping at thrift stores or searching on Craigslist can net you some great things for a great bargain! Being a bargain shopper will save you big bucks!
Look at your monthly luxury expenses. Do you really need that deluxe cable package? Are you using all your cell phone minutes or going over your minutes? Look for the cheapest package that you feel like you can realistically live with. If you are really committed to paying off your high interest cards, maybe you could forgo cable for a couple of months to get your balance down.
All of these tips can save you a lot of money. Just make sure that you apply the extra cash that you save to getting rid of those credit card balances. Then, don't use the card again. Use cash or your bank debit card for everything. Save for those larger purchases. Getting out of debt is hard work, but it is so worth it!
Get more ways to save money to help you in improving your financial situation. Plus learn about money saving ideas that help you make cash fast.
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