Are You "Super-sizing" Your Debt? Managing your money can be much like learning a healthy food lifestyle.
As you go to grab that bag of chips, your "fat guilt" kicks in and you go to the produce aisle instead.
As you learn where you can exchange the bad habits, or spending habits that keep you from living a financially fit life, the spend- guilt is minimized.
Super-sizing your debt will no longer be the financial order, and you will find that by reducing your risk of heart failure when opening that credit card bill, you will have a happier future and financially healthy lifestyle.
Here are several ways to consider decreasing your spending so you can reduce the pain of debt.
Fat spending Reduced fat spending Name brand food Pay attention to the ads that come in the mail for savings on name brand, buy the generic, use a coupon from online or the Sunday paper Clothing Shop the outlet stores during the seasonal changes.
Entertainment Internet movie streaming such as Netflix, City deals is a great resource for discounted entertainment.
Utilities Adjust your clothing rather than the thermostat.
Meditate outside of the shower, in other words pay attention to your time and how much faster you can shower.
Use a radio for background noise, rather than the t.
v.
which consumes more power Insurance Don't overlap medical coverage, replace cash-value life insurance policy with lower premium term policy, consider raising deductibles to their maximums on your home-owner and auto-insurance, get a term life insurance with a death benefit to protect your heirs from having to pay off the debt rather than buying credit life insurance policies.
When debt is paid off, cancel it.
Home loan mortgage insurance Request that it be cancelled if your equity is at least 20%.
Extended Warrantees Don't add them to the price of your product.
The product is usually covered for the first year.
Save your receipts! Savings account Redirect to reducing debt.
Paying off balance of a 15% credit card gives you a much better return than putting it into a 2% savings account.
401(k) or 403(b) accounts Contribute only what the employer will match.
Taxes Increase the withholding allowances on your W-4.
For every $600 received on your federal tax refund, you can increase your withholding allowance by one.
Each additional withholding will increase your monthly net income by approx.
$50.
Elite vacations Enjoy a "staycation", exploring the fun in your current area, such as national parks, theme parks and special attractions.
Gift giving "It's the thought that counts" gifts can be just as friendly as a larger gift.
Consider only giving to close relatives and greeting cards to outside of your main circle of influence.
(even online cards to show you care)Offer services for gifts, like baby sitting or making a baked good.
Mark your calendar for getting the best deals.
These are only a few ways to cinch the financial belt.
It is up to you to be honest with yourself.
You know better than anyone where you can save.
Remember, you are the beneficiary of your savings.
It doesn't matter that you may only save 1% at first.
What is important is that you begin your quest to cut the fat and enjoy financial freedom.