As many of us are well-aware, being deep in debt can be detrimental to one’s slumber, peace of mind and sense of well-being.
But the good news is reducing debt is not rocket science.
Simply cut your spending and apply the savings to your debt.
1) Use real money instead of a credit (or even a debit card) for all your purchases.
Personally, I’ve found that it’s harder to pull cold hard currency out of my wallet than to slide my debit card. This has helped me cut back on non-essential purchases.
Here’s a great way to painlessly save some extra money:
Since the beginning of this year, I started putting all the coins from any change that I receive into a piggy bank.
Last night I dutifully rolled and wrapped these coins which gave me a “surprise” $104 windfall.
2) Cancel your cable TV service and rediscover your love of reading.
This was the first thing I did to cut expenses and I miss my monthly $65.00 bill not one bit.
Please visit the Curtis Memorial Library’s Readers Corner for book recommendations, book groups (meet some new people!) and book articles:
Please also browse our financial literacy books and CDs (including excellent works by Dave Ramsey and Andrew Tobias).
If you still want to watch some movies and/or documentaries, please look over the library’s DVD collection on the first floor. Ask a staff member for help if you can’t find what you want to see.
3) Avoid dining out. Save restaurants for special occasions.
Prepare tasty and nutritious meals at home. Cookbooks for every type of cuisine you can think of are on the second floor of the library in the 641s section.
(Large print cookbooks are on the first floor – also 641s.)
4) Examine Amazon’s subscribe and save program for essential household items (dental floss, laundry supplies, cat food, paper products etc.) that you frequently purchase.
You get typically get a 5-15% discount, free shipping, and as an added bonus, you can use the Amazon shipping boxes for your eBay auctions (an income-enhancing topic which we’ll address in upcoming Curtis Money posts).
If you don’t have a computer at home (and/or Internet service), you can take advantage of the library’s public computers and/or wi-fi.
5) Review ongoing costs such as gym memberships (home exercise books and DVDs are in the 613s), insurance premiums (books on this subject are in the 332s), magazine subscriptions (new issues are in the 1904 room) and so on.
6) Cut coupons (even if you’re a guy) for essential items to use at the grocery store and your local retailers because every little bit counts.
“Money is the opposite of the weather. Nobody talks about it, but everybody does something about it.” – Rebecca Johnson