Are you asking yourself if there are any “Sure Fire Ways To Get Out of Debt?”
If you are asking yourself the above question, you are not alone at this time in our country. If you have lost your job, become too ill to work, or had any major setback, it would seem justifiable. However, to your rescue…here are some surefire ways to get out of debt.
U. S. Household debt is at a record high of 15.0 trillion, as mortgage debt climbed to $10.4 billion amid a refinancing boom. Per Statista.com see chart
Going Forward
If you have started to question- how to get out of debt- it is a great sign that you are welcoming some need for change within your financial status.
Those who do not realize the magnitude of their debt until the crisis hit might be wondering why and how to get out of debt in the future. There was probably some head rubbing and wishing they had been more aware and advised of their debt situation.
It is easy to obtain credit even with minimal credit or credit with a flaw nowadays. Lenders want to give everyone a chance to get a piece of the pie. This is not really good for those who want to keep their credit, savings, and emergency funds ready for an economic decline as we have had.
Where We Are Currently With The Pandemic Which Has Caused Losses For Many
Today more than ever people are trying to find ways to cut back and trim their expenses. With so much talk about the economy, people are becoming more afraid, and are starting to find ways to put back some of their income.
Of course, some are trying to figure out what to do to get back to the stable income they had before the pandemic.
In the week ending September 11, the advance figure for seasonally adjusted initial claims was 332,000, an increase of 20,000 from the previous week’s revised level.
Whether you are expecting the economy to tumble, a new addition to the family, or trying to retire in the coming months; thinking beforehand is wise. The hardest part of adjusting is often changing your habits. Because we are creatures of habit it may take some getting used to, but once accomplished the rewards are endless.
Let’s get to some sure-fire ways to get out of debt…
Budgeting Is Not Hard – It Becomes a Habit and It is a Great Start…
Taking the time to identify where you can spend less, and still have a good life is important. Budgeting does not mean one must do without; it is sometimes called frugal living. As we have suggested before, frugal living is not being cheap, it is being wise always, not just during a pandemic.
If you desire to save money and watch what you are spending, a budget is the best way, it is not hard, and it will become a habit.
Budgeting Tips That Are Easy To Start the Process of These Sure-Fire Ways To Get Out of Debt
- Stop buying junk, if you do not need it, forget it. Buy the items you need. Be it food, clothing, house linens, housewares, cleaning supplies, etc.
- If you are a brand person, maybe you should think about an alternative. Just like the medicine, you take. The generic brand works in the same manner. If it doesn’t, you can always switch back.
- Mix and match clothes. You can be the best-dressed person at work by simply knowing how to mix and match for the perfect look.
- Buy things that are on sale. The same product just waits before you buy it and then save over and above the sales price.
- Stop indulging in frequent restaurant meals. Make your meal menus ahead of time. In the evening if you need something to be unfrozen, transfer it from the freezer to the last shelf in your frig and it will unthaw. Then in the morning make a crockpot dish for your meat. The rest is easy peasy.
- Think rich and it will help you to find more ways to become richer.
- The more conservative you are, the more money you can save.
- Pay yourself an extra $50 a month, it adds up quickly and it will be there for a rainy day.
- Do not compare yourself to your best friend, unless of course, they are super conservative.
- Check your budget weekly at least. This keeps you on top of what you are spending on all essential items and miscellaneous expenses also.
Quick Fix
If you are into the “quick fix” you need to look no further than your refrigerator, as by using its contents more you can save yourself a bundle almost immediately.
Take your lunch to work. Being lazy in the morning is not an excuse. If you allow yourself the habit of grabbing something at work, versus making a sandwich, or soup, you overindulge.
While this in itself is keeping the local businesses or the cafeteria running, your pocketbook is suffering. You may also want to enjoy more meals at home. While a meal out once in a while is not harmful, eating out or ordering in more than a couple of times a month can add up.
Shopping For Groceries – doing this right will help you know, “Sure-Fire Ways To Get Out of Debt”
Approach your food shopping as if it was a game. See how much money you can save. Set aside an amount ample for the supplies needed and then see how far under you can achieve.
Get that Sunday paper, clip those coupons, and check the stores and the sales that are going on. There is a lot of competition going on right now – use it to your advantage.
The most important thing to remember before heading out is to compile a list of the items needed and stick to the list. More often than not, if you go out without a direction you are likely to pick up items that you could have done without.
Whatever you spend under your allotted amount, put in a container and save it until you have saved enough for the item you wanted. This way it is not coming out of any other money.
Utilities Are Essential- You Can Still Be Economical
Utilities: are another example of places where money can be saved. It’s easily achieved by simply turning off lights when not in use, using the dishwasher once it is full, lowering the thermostat, or buying a programmable one.
Programmable thermostats allow for regulation of your thermostat and lower bills. The same can be said for air conditioning. Using these tips will help to lower your utilities over the year.
Cable- another way to save is to reduce your cable and cell phone bill. It seems like there are endless channels available on cable today. However, most premium channels replay the same movies. Look into your current package to see what can be removed.
Consider Roku, there are many plans as well as totally free channels. You purchase the Roku equipment for around $35 to $45 dollars. You do not need a Roku TV if you have an updated one. You can use your internet data, however, if your data plan is not sufficient you may have to increase your interest data.
This saves money, and I can prove that because I have done a Roku myself.
Cell phones – if you have minutes left over each month, chances are pretty good that you are overpaying. It is good to have a bundle with unlimited minutes so that you do not have to pay more; especially if you have teenagers with phones.
There are plans with data and without data that are reasonably priced.
- TRACFONE – with minutes and text-only
- minutes and text only
- Republic – wireless with 1GB plan and for those who want a prepaid plan with a date
There are several who have a pay as you go plans as well.
- AT&T
- TMobile
Endnote:
Just for the record, it does not matter what your best friends are doing. I actually believe that Warren Buffett, Bill Gates, and others would give this a high five. If you were to check their budgets, you would probably understand the blessings of becoming frugal.
Having a budget and cutting back requires a lot of determination and sheer will. Adjusting your habits is not always easy, but when approaching a life change, it may be necessary.
You will thank yourself if there is another recession or other drastic change within your life.
For additional debt information: Credit Card Payoff and Financial Solutions
Just so you know…these are not the only sure-fire ways to get out of debt, but these will definitely get you started in the right direction.
