Cut Fixed Expenses-
You’d be surprised how much money you can save by getting a quote somewhere else!
I switched insurance companies when I moved out of state over a year ago. I just called my old insurance company last week for a quote. Turns out I could save over $100 on my car insurance! So I switched back. Lol.
You can do the same thing! It never hurts to ask around for a quote and you might be surprised like I was. Be sure the coverage is the same or better though! You don’t want to get short-changed on coverage for a better rate.
You can do the same thing with electricity or your internet. You can also cut your cable program entirely to save some cash.
Do some digging and see where your fixed expenses can be adjusted. Be sure to DO YOUR HOMEWORK! And if the switch works in your favor, then go for it.
Round Up Payments
Rounding up debt payments by $5, $10, $20 can make a big difference down the line. You’re adding extra money to get those debt numbers down as quickly as possible.
Make sure those extra payments are going towards the PRINCIPLE if you can!
That is important. You don’t want your extra payment going towards interest while your principle stays the same. That can cause a more expensive payment timeframe. The more you put towards your principle, the shorter your debt timeframe and the less interest you have to pay.
This method is great for mortgages and car payments! See if your lender will allow it, and make sure there is no early payoff penalty.
Cook at Home
Cooking at home can be annoying sometimes to me. Lol. I am not a fan of cooking, but my goodness does it save me so much money!
That $25 dollars I would have spent on one meal at a restaurant gives me so many groceries to cook for two weeks at home.
Even with the price of groceries going up, I still get more meals out of $25 by cooking at home.
Meal planning can help that money stretch even further! My favorite to prep is spaghetti, it’s cheap and easy to make. And it is DELICIOUS.
How are you cutting back and making debt payoff a priority? I’d love to hear some more strategies from you.
-Adele-
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