What do you need to do to get out of debt?
It is so frustrating to want to be out of debt. I remember that feeling well. I wanted the debt gone so that I could do other things with that money. Now we are completely out of credit card debt. But we have medical debt and a child about to go to college. I’d love to have a new car but don’t want the payment. With him going to college we figure we’re going to be paying out $500/month that we’ve not paid out recently. So here’s some ways I plan to cut expenses and help pay off whatever your debt (or college) is that much quicker.
5 Simple Ways I plan to use to help pay off my debt
1. Cut cable back or cut it out completely. If we were to cut cable out completely that would be a savings to us of $113. Then we could just use our Amazon Prime and our internet to watch tv. That’s a substantial cut to throw at debt.
2. Stop eating out entirely. If we stopped eating out we would save $203. That’s how much we spent last month on eating out. That doesn’t even count the kids lunches at school. That’s just my hubby and I having a date night. That’s me being to tired to cook. Once my son goes to college that’s just too bad. I will be cooking all the time and cutting this out. I may try to cut it in half and do it with cash to see if we can do better next month and then try to cut it down again. I need to make more freezer meals to accomplish this.
3. Stop buying books and dvd’s or renting the dvd’s even. Our library has so many books and dvd’s that there’s really no reason why we don’t take advantage of that more often. I love to read and I do not need to be buying books with all the books in my house or on my kindle. Just reading what I have should accomplish that desire to read. Turn off one click on your kindle so that you don’t accidentally purchase books by mistake. We’ve done that a few times and it can add up. Money saved per month about $25.
4. Make your own coffee at home. Sometimes called the latte factor. If you spend $3/day on a latte or an iced coffee that is $60 a month just on coffee. I can make my coffee so much cheaper than that. I have 2 recipes on my blog one for iced Mocha Coffee and one for a homemade creamer recipe and am about to make a third for Caramel Mocha Coffee recipe (to be seen soon!). I just got into coffee and know that I have to make it at home to save me money and get that boy his college education.
5. Call and see if you can reduce your insurance payments on your car, home and health. I would do this as a last resort and only if I could still get good insurance just at a lesser rate. I do not want to lose coverage to save money. My healthcare runs us around $800/month. It’s ridiculous. I don’t have any solutions to do without it though. I wish I did. That alone would send my son to college. If you were able to save say $70/month here just by calling it might be worth it.
If you did just these things you would save $469 a month. That is almost what I need to send my son to college or what you could use to pay off debt. Getting out of debt is the best thing I ever did. We will live debt free except for our house for as long as we possibly can. It takes spending money at yard sales instead of Nordstrom’s. It takes carrying a sack lunch instead of buying one. But it’s worth it to change your family history. This would also work if you were in a pinch to pay for Christmas. You would have quite a bit in no time! Want to know other ways to pay off debt? Check out Dave Ramsey’s The Total Money Makeover Workbook.