Tips To Become Debt Free
Wednesday, February 9th, 2011
What are some good ways to cut expenses to pay off debt?
I became unemployed in November after my government branch shut down – I recently got picked up again, but I ran up debt and also dipped into my savings while I was out of work and on Unemployment Insurance.
I started working about 3 weeks ago, and I’m wondering what some good tips are to help get back into the black (Despite some guilty spending after getting my first couple paycheques (I know, I know… but it felt so good to buy a few luxury items and eat out again)).
So far I’ve:
- Stopped eating out and started to bring lunch/snacks to work – only buying a coffee or a sweet treat here and there.
- Walking where possible and only using bus tickets instead of change (I don’t use it enough to buy a full pass).
- Really limiting my cell-phone use and txt msgs to what’s free under my plan.
Any more suggestions?
My only entertainment really is my gym membership at $30 a month – and the occasional movie. I don’t really go out clubbing/drinking that much.
- Just to go with the bulk concept, buy non-perishable food at wholesalers like Sam’s Club.
- Stick to cheap, easy to cook basics to save money on food: Dried Pasta, rice, and beans and avoid costly items like mostly prepared frozen foods, specialty meats and cereal.
- Eat in bulk with friends. Have one friend make the big lasagna for everyone, the next night at someone elses place for a roast chicken, etc. This helps you buy and use in bulk, reduce per/unit costs, and in rotation, you save on cooking energy.
- Cancel excess media: magazines and newspapers. Most of it can be fond online for cheaper or free these days anyhow.
- Consider cancelling any land-line in favor or your cell phone. Even if it means going over-plan on your cell, the over-plan costs may be cheaper.
- Minimize energy costs. Electricity is cheaper in late night to dawn hours. Showering and using the hot water heater/furnace before bed and washing dishes overnight can save you dollars a month. Not to mention, eating late dinners helps too.
- If you have an energy guzzling HDTV, don’t leave it on for background noise.
- Sweating out a few more days in lieu of the AC and piling on an extra blanket instead of more heating also tends to work.
- Try used before new. Lots of kitchen utensils, pots, flatware and plates often are in great shape at 2nd hand stores and like new at a fraction of the cost. Also, lots of kitchen and dining furniture and coffee tables at low cost often pile up there, often donated by relatives who already own their own sets.
Living Debt Free
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