When facing huge amounts of debt, bankruptcy may be something on your mind. Learning and understanding bankruptcy, is very important to do before deciding to file. If you have large amounts of debt and are scraping by pay check to pay check you are probably like most Americans out there. If you still able to make your minimum payments on your credit card bills then bankruptcy can wait, while you see if you can come up with more money to pay off your bills.
One of the key ways to pay off debt is to make more than your minimum payments. But how are you going to do this if your barely scraping by at the end off the month. Well by reading this article I’m going to share with your tips and tricks of the trade to have more money in your pocket at the end of each month. That way you can have more money for chipping away at your debt.
The Grocery Store
The grocery store is somewhere you can save possibly several hundred dollars a month. First before you go to the store make a list of everything your going to need at the store to make meals. Think of affordable meals as well, spaghetti, whole chicken, veggies, rice, etc. When you go to the store stick to the list do not detour from it not only will it get your through the store quicker, it will keep your from impulse buying.
If you own a home, you may realize how quickly you can add up cost in maintenance and repairs. Save money by prioritizing what needs to get done. Do the things that are in really in need of doing like your roof is leaking, put off things like remodel the bathroom if money doesn’t allow it. You just may have to wait until next year to do some of the things. If you hire a contractor to do work offer to pay them in cash if they cut you a discount; if they accept don’t pay it until the job is complete and you have inspected it. Try buying second hand home appliances, look in classifieds and online fore cheaper deals, this can save you several hundred dollars.
Save On Clothes
Money is a really one of the number one reasons people can be in debt. Really cut back your cloths shopping, you going have to do some second hand and discount store shopping to save money. Clothes have a 90 percent mark up in most department stores, so consider yourself a real sucker every time you shop there. Sell old clothes you don’t wear anymore before making other purchases. Also try and avoid fads, because you will purchase something, that you probably won’t wear again next year. Try and get classic pieces you can mix and match and don’t go out of style.
Save on Entertainment
Entertainment can be another money pitfall. Avoid bars all together, they just suck away you money. Instead try and have friends over to your home more often, plan a game night and cook some appetizers, this alone could save you several 100 dollars a month. Also look for alternative means of entertainment such as free concerts in the park, or free days at the museums, which is usually on Tuesdays. Drop your gym membership and take up a affordable sport such as running.
Yes you are going have to change your lifestyle a bit, but it is worth it to climb your way out of debt. If you do manage to get out of debt, avoid backsliding and going straight back into your old ways. You will soon learn that people can live on much less than they do and you will be happier not carrying around the weight of too much credit card debt.