The most common complaint of people who are deep in debt is this..."I'm just living paycheck to paycheck! I don't have any extra money to pay down my debt." Well, guess what?! There is a way to get control of the downward spiral! Let's turn it around. First, try these 10 tips for reducing your spending. 1. Replace all of the lightbulbs in your house with the new compact fluorescent bulbs. These bulbs last 8 to 10 times longer than regular light bulbs. Plus, you're being good to the planet! 2. Haven't analyzed your car insurance/house insurance costs lately? Did you know you should shop around at least every 3 years?? Be sure you are comparing apples to apples though. You can save tons of money by doing this. It's amazing what your insurance company doesn't tell you about reducing your costs. Make it a point to tell each company that you are looking for ways to reduce your monthly costs on your insurance. If they are afraid they'll lose you as a customer, they'll suddenly find lots of ways you can do this. Let them know you're looking around at other companies too. 3. Do you run your dishwasher every day? If so, try running it on the short cycle rather than the long cycle. Unless you've let your dishes sit for hours with caked on food, this will definitely save you cash on your electric bill! 4. Unplug all of your large appliances while you are gone to work or out of town. For instance, unplug your televisions and computers. Anything that is plugged in is actually using electricity. This won't hurt you at all and it's worth the inconvenience of having to plug them back in when you get ready to use them. 5. Negotiate lower interest rates on your credit cards. Spend one hour each night calling your credit card companies to ask for a lower rate. If they say no, ask to speak to a supervisor. If you're not successful, call back at a different time the next week until you get the answer you want. Don't pay those 18 % rates! 6. Turn down your water heater temperature by just a few degrees. This can save you a bundle and you won't even notice the difference. 7. Use only 1/2 of the recommended amount of clothes washing detergent. It still does the job and your detergent lasts twice as long! 8. Bring your lunch and snacks to work rather than eating out with friends. If you enjoy eating out, just commit to bringing lunch 2 times a week. That $10 you save each week adds up to $40 for the month that you can put toward your debt and you hardly feel any pain! 9. Check the tire pressure on your car every month. Keeping it at the recommended level saves you 10% on your gas bill! 10. Finally, rather than buying clothes at full price, make a commitment to buy at the end of each season and look for the best sales. Don't pay full price for anything, no matter how much you love it. Keep track of the sales at your favorite store and you can keep your wardrobe up to date for 1/3 to 1/2 the cost! Now, figure out much money you saved this month by following these steps. Was it $50 to $100? Whatever amount it was, take this money and pay that much EXTRA toward your highest interest debt. Paying the minimum amount on a credit card bill will take you forever to pay off. By putting extra toward your debt, you can watch your debt shrink and your wealth grow.
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