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We are back for Part Two of how to master the art of debt reduction. Herein, find a list of ways to reduce your spending so that you can save money to put towards your minimum monthly debt payments.

  1. If you are not going to be home and it’s hot/cold outside, turn the A/C and heat off completely so that you are not paying for services you are not using
  2. Get rid of your home phone line if you have cell phones
  3. Purchase clothing at thrift stores or lower cost retail stores, such as Ross, Marshalls, and TJ Max
  4. Keep yourself away from stores at which you make impulse buys
  5. Call the company in charge of your automobile, life, and home insurance to try to reduce your monthly payments
  6. Speak with your utility service and create a budget to pay down each month to keep payments more even month to month
  7. For holidays, set a spending cap on presents with loved ones
  8. Exercise at home or outside to save from having a gym membership
  9. Schedule a weekly family/friend dinner that you do not have to make and pay for
  10. Either rid yourself of cable or reduce your package level
  11. Cease your magazine and newspaper subscriptions
  12. Use a movie and television show service, such as Netflix or Hulu, instead of getting cable, going to the movies, or using services such as Redbox
  13. Get a library card for books or travel to your local bookstore multiple times in a row to complete a book
  14. Seek out people you can exchange favors with, such as doing handiwork around the house for house sitting services
  15. Make a personal card for someone as a gift instead of buying something expensive that they might not need
  16. Buy expensive grocery items at bulk food stores, such as BJ’s or Sam’s Club
  17. Drink only water for beverages
  18. Try to do multiple things while you are out using gas so that you do not have to go out as much, conserving gas
  19. Sell extra furniture, clothing, accessories, or decor that you don’t need
  20. Promote your items for sale on Craigslist to gain a higher profit off your sale
  21. Make coffee or tea at work or home instead of purchasing at a coffee shop
  22. Purchase generic brand items instead of regular brand items, such as medicine groceries, and hygiene products
  23. Make your own lunches for lunch at work
  24. Rid yourself of posh services, such as massages, pedicures, manicures, and facials
  25. Get a haircut every four months instead of every two months
  26. Consider applying for part-time or seasonal jobs to increase income during tougher times

4) Parley Creditors and Lenders

Call those whom you owe money to and try to parley them for lower payments. Speak with their client-facing staff members about reducing interest rates or getting a reduced settlement. Keep debt to less than thirty percent of the maximum credit limits to protect your credit score. Transfer your credit card debt to accounts with lower interest rates, even if that means opening up new credit cards. Oftentimes, new credit cards will have an allotted amount of time that is interest-free. Also, you may also want to research the idea of getting a debt reduction loan.

5) See Your Plan Through

Keep an eye out on your monthly expenses to stay on top of your finances. With proper forethought, you should be able to stick to the plan you created. Keep your plan in plain sight so that you do not forget about it or mix up numbers in your head. You can keep it at your desk, on your bathroom mirror, on the refrigerator, on your bed stand, or even near the front door to your home. Keeping debt in mind will actually reduce its significance in your life. Not thinking about your debt will increase your debt and stress so much so that it’ll come crashing down on you one day. It’s a paradox of sorts, but the truth of the matter is that you can and you will reduce your debt with this five step plan. So, what are you waiting for? Begin at step one!