Finding New Ways to Save Money and Pay Off Your Debt Faster

by Kyle Taylor on December 8, 2013

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debt vs. saving

If you’re on a mission to pay off debt, you’ve likely already found obvious ways to slash your budget.  Maybe you’ve called your cable company and asked them to reduce your bill.  Perhaps you’ve ended magazine and newspaper subscriptions.  Maybe you stopped eating out as often and found ways to slash your grocery bill.

But what do you do when you’ve exhausted the most obvious ways to save money?  Simple, start looking at less obvious ways to save money.  Here are some ideas to get you started:

Look at Monthly Convenience Payments

If you have life insurance and you pay on a monthly basis, you’re likely paying a few extra dollars a month for this convenience.  Instead of paying this way, if you can pay once a year, you’ll save $50 to $100 or more depending on your monthly premiums.  The same may also be true for your car and home insurance.

Look at Irregular Expenses

Take a fine tooth comb through your expenses.  If you buy paper checks, don’t buy them from the bank.  Instead, consider getting personalized checks online.  They’ll likely be 50% or more cheaper than what you’d pay at the bank for checks.

If you pay your bills through snail mail, consider paying online instead.  If you eliminate just 5 bills a month that you send via snail mail, you’ll save $27 a year.  That doesn’t sound like a lot, but if you add up several expenses like this, it becomes significant.

Learn to Do Things Yourself

We’ve become accustomed to convenience.  We want to buy household cleaners ready made.  We want our vegetables pre-cut.

Instead, learn to make things yourself.  You can make effective household cleaners including laundry detergent and all purposes cleaners for much less than you can buy them.  Likewise, food you prepare yourself is almost always cheaper than boxed or frozen food products.

If you think you’ve made all the changes you can to save money, take another look.  Chances are you could use one or more of these methods to save even more.  Then, you’ll have the debt paid off before you know it!

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