If you have reached the point where you have had it up to here with your debt, concentrate now on the debt solutions that are within you capabilities. Before you know it you will be making a significant dent in your debt.
1. Don’t Over Spend
One sure way to retire your debt is to spend less money, and apply the money you save to your existing debt. At first you might think this will not generate enough savings to be a serious debt solution, but it all depends on how much you are willing to sacrifice to get yourself out of debt.
2. Eat at Home
One relatively painless, and healthy, way to spend less is to cut back on the amount of takeout and restaurant food you eat. Not only is home cooked food less expensive, it is almost always healthier and better for you than restaurant food.
Skip the latte or espresso, and reduce the amount of coffee you drink at home by a cup or two. You can try skipping a day or two of drinking coffee if you can, or you can even try going for a cheaper substitute, perhaps diet soda and buy them in bulk. Buying in bulk reduces that amount you spend per serving of the drink.
3. Save Up The Small Change
Small change adds up, and most banks today offer a plan where you can round all your credit and debit card purchases up to the nearest dollar and deposit the difference in a savings account. Once a month, transfer the funds from savings to checking and use it to pay off your debt. This debt solution is a painless one you may never notice.
4. Sell One Of Your Cars
Plan and simple, cars are expensive in many ways. Gas prices are soaring with little evidence of it backing down anytime soon. The cost of insurance goes up every year, even if you never have to make an accident claim. If you happen to have a two or more car household, then a debt solution method you can try is to adjust your schedule or even lifestyle to be able to live with just one car. This solution can quickly make a huge difference in your expenditure, since you will save a lot of money each month on gas bills,car payments, maintenance costs and insurance payments.
Whichever debt solution you choose to implement, be sure to use the money you save to pay down your debt. Pledge right now to apply any windfalls you receive against your debt. From now on, every birthday check, every annual bonus, tax refund, and other windfall you receive will go to pay off your debt.
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