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Thursday, February 26, 2009

Get out of debt

Getting out of debt is more important now than ever. Our money buys less and less each day. We need to eliminate our debt and not accumulate any new debt. This frees up our money so that we can use it in more useful ways (like prepping).

Start with your credit card or loan with the highest interest rate and put any extra money you have each month into paying that off. Do not charge anything new or take out any new loans. Continue through until each credit card, mortgage, student loan, etc is paid off.

So where do you get the extra money to pay these off?

1. Get free movies or books from the library instead of paying for them.
2. Cut out that morning latte or fast food lunch.
3. Carpool instead of driving solo.
4. Reduce your grocery bill by eliminating pre-made convenience foods.
5. Cancel your newspaper subscription & read it free online.
6. Buy clothes second hand at thrift stores instead of brand new.
7. Sell your excess on eBay.
8. Have a tag sale.
9. Reduce your long distance. Write a letter instead.
10. Eat at home instead of out at a restaurant.
11. Take your lunch to work instead of buying it.
12. Switch to cloth diapers instead of disposables.
13. Turn the thermostat down to 65 degrees.
14. Start using coupons or switch to generics at the grocery store.
15. Eliminate premium channels on your cable or satellite bill.

Once you're getting the most for your money, you can start funelling your extra into stocking up.

2 comments:

katie said...

Good tips,, thanks!

ConfessionsOfAnOverworkedMom said...

Thanks, Katie! Hope they are helpful!

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