Cutting Back and Getting Out of Debt

Let's face it; the economy is hurting everyone right now-except maybe those oil company robber barons. But most people have had to cut back on normal expenses or just go further into debt just to make ends meet. Recreation has come to a screeching halt. Economicical confidence is at a standstill. Americans are angry with the soaring gas and food prices. Will there be any relief? Not in the foreseeable future, at least. So, while we wait for the economy to get back to normal or at least lighten up a tad, here are some ways to get out debt or just make ends meet.

o Trim the Extras: Now is the time to cancel or downgrade some of your services, including phone, internet, cable, gym membership, and anything else that you can save some money on. You do not have to unnecessarily cancel all of these; you can just switch to the basic package rather than the premium ultimate deluxe package. And once this economic slump is over, you can go back to your normal amount of service. This may seem like a trivial thing to do to save some money, but it really adds up. If you have enough to pay bills, start using the "extra" money towards getting out of debt. As you begin down this road, you will notice the burden of debt will become a little lighter as make each additional payment.

o Bargain Shop: This includes groceries, clothing, and everything else you buy. When you go grocery shopping, buy the off-brands. They are always cheaper and are not too much different from the brand names-to an extent. And when buying clothing, if you can not hold off and you need something, look for the sales instead of paying full price.

o Garage Sale: Not only will you earn some money, but you'll be freeing up the space in your house as well. It seems that when the economy is going under, there are more people willing to shop at garage sales because everyone is trying to save money wherever they can. So if they can find something at your garage sale that they needed anyways, it is just money in your pocket-and you will have a happy customer.

o Pay Off the House: This is easier said than done, right? But this is one of the largest debts and stresses that most people deal with. Accelerated mortgage programs are pretty new and astounding when you find out that you can pay off a 30 year loan in about 7-14 years. Once your house is paid off, imagine how much extra money each month you will have to devote to other things-whether they are wants or needs. Either way, you will find financial freedom.



Source by Genevieve Bordeaux

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