If you are like millions of Americans, you are financially strained because of excessive amounts of debt. Debt will eat away at you financially and emotionally if you are not careful. So, instead of allowing debt to run your life, you must lower your debt by paying extra on it every month. In order to do that, consider eliminating these expenses in order to free up money to pay down debt.
Eating Out
Start by eliminating eating out. Restaurants and fast food are very easy ways to bust your budget if you are not careful, so avoid them altogether. Instead, cook the same types of meals at home. You will enjoy the same food for much less. Then just apply the difference toward your debt.
Specialty Coffee
Trips to specialty coffee shops before work have become an expensive habit for many. If this is you, eliminate those trips. This does not mean, however, that you have to forgo your morning cup of coffee. Make coffee at home with flavored creamer and take it with you. It may not be Starbucks, but it will fill that coffee craving for a lot less.
Convenience Foods
Are Hamburger Helper, chips and frozen pizza staples in your home? If so, cut it out of your budget. These convenience foods are almost always more expensive than their homemade counterparts and do not taste half as good. Learn how to make these same foods from scratch and save some money.
Movies
Stop paying to rent movies. Your local library allows you to rent movies for free, and the selection gets better all of the time. However most of the movies are likely going to be a bit older, so for new releases try RedBox. RedBox gives away codes for a free one night rental quite frequently. This will allow you to see all the new releases and not spend one cent.
Cable/Internet
Do you really need cable and internet? Probably not. Cut off the cable and get a digital antenna so you can still enjoy local channels for free. As for internet, go to your local library or use the free WiFi available in your area if you have a laptop. People lived without these luxuries for thousands of years and so can you.
Home Phone
If you have a cell phone and a home phone, turn off the home phone. Landlines have become obsolete in recent years, so there is no real need to keep it. Just turn your cell phone into your main phone number and you could eliminate $50 or more every month in expenses to put toward your debt.
Car Payment
Finally, get rid of your car payment. That is right, sell your car and get rid of your car payment. Use public transportation instead or get a cheap car that you can pay cash for. Eliminating your car payment will give you several hundred dollars to lower your debt with every month. Though it may be difficult to part with now, it will be worth it in the long run.
By eliminating these unnecessary expenses you will be able to significantly lower your debt month after month. Parting with these luxuries may be hard but dealing with overwhelming debt can be even harder. So stay strong and remember that these sacrifices are only for a short while.