Are you looking for ways to eliminate debt and save money in 2014? If you resolved to change your spending habits in the New Year, we’ve got some great ideas to get you started! Making a few small changes in your finances can result in a big change in 2014.
- Track Your Spending – If you haven’t created a budget for your family’s expenses, now is the time. Mint.com offers a valuable app that lets you track and organize your spending. Once you can see where you are spending your money you can make the necessary changes to cut costs.
- Unplug – Did you know that your devices such as televisions, phone chargers and computers make up 10% of your monthly utility bill? Shut down computers when they are not in use and unplug chargers and electronics when they are not being used.
- Weatherproof – This winter has already brought us extreme cold. If your home is drafty it’s time to weatherproof. Seal cracks in doorways and windows and install a programmable thermostat to decrease your heating and cooling bill.
- Pack Your Lunch – Planning a dinner menu, packing a lunch and sticking to a grocery list are a great way to save money. Making coffee at home is another great way to save big. A few small changes will put more money right in your pocket!
- Buy Used – Previously owned cars, clothing and furniture can save you big. Next time you need to make a purchase check Craigslist or your local thrift store. Turn around and sell some things you aren’t using to make a little extra cash.
- Schedule Savings – Schedule a portion of your paycheck to go directly into your savings. If you don’t see this extra money in your check you won’t spend it. Even if you can only afford $25 a week, it adds up!
- Cut Coupons – Take a moment before you go grocery shopping or before you buy anything to look for a coupon or discount code.
- Cancel Cable – More people are quitting cable and turning to the internet to keep up with their favorite television programs. You also may not need a land line and a cell phone anymore.
- Target Specific Debt – Paying more than the minimum on your debt will pay it off faster and reduce the interest you pay over the life of the loan. Start with the debt that has the highest interest rate and once you’ve paid it down put all the money you save each month towards a new debt.
- Live on Less – Downsize your lifestyle to the extreme to pay debt off as fast as possible. Ideas include living of the income of one family member and putting the other income towards debt or living with a parent or family member temporarily and focusing all of your income on reducing debt.
Make 2014 the year you reduce your debt!
Depending on your debt level you may need to take a more proactive approach. Contact Suburban Legal Group’s Chicago bankruptcy attorneys today to schedule a FREE Bankruptcy Consultation and find out how to best handle your debt!
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Did You Know?
Half of American workers buy their coffee each day. This habit costs them over $1,000 annually.
Two-thirds of American workers buy their lunch out. They spend nearly $2,000 a year on this one meal.
A year of commuting to work costs the average American $1,500.
*Facts from the HuffPost
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