Helpful Ways to Get Out of Financial Debt

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Last year my husband and I decided that it was time to slowly remodel our 1970’s home. Of course, while our house was being remodeled we came across a lot of unexpected problems which we were not financially ready for but we had to resolve them. By the end of the year, we were 80% finished with our remodeling but with all of that said we found ourselves using our credit card more often than normal. After the holidays we knew that we had to come up with a financial plan. We could not continue to swim in debt, so as a couple, my husband and I made a list of helpful ways to get out of financial debt.

These tips are in no particular order and they may not all pertain to you or your family but hopefully, there will be at least one tip that you’ll find helpful. 

• Unsubscribe from email lists that offer deals and savings. Every year around the holidays I subscribe to my favorite store email lists so that I can be alerted of special sales and offers. Even after the holidays, I am easily tempted by after seasonal sales such as winter apparel for my kids and amazing candles from Bath and Body Works. Unsubscribing from these emails has helped me not feed into the temptation of buying things that I do not actually need right now. 
• Make a grocery list and stick to it. The layout of a grocery store can be very tricky. Some items are strategically placed so that you are tempted to purchase something that you don’t need but end up wanting at that moment. 
• Meal plan. Sometimes, especially for busy parents, meal planning can be difficult but it’s important that you try. Meal planning will help you prevent unplanned and expensive fast food and restaurant outings.
• TV Entertainment- Evaluate which TV entertainment you love, which you feel like you have to have and which you can get rid of. If you have cable television make sure that you keep an eye on your monthly statement. Too often they are known for increasing their rates without notice. If this happens or if you want to lower your bill during any time of the year, call your cable company and speak with the Loyalty or Retention department. Explain to them what your situation is and ask them if there are any options that can help in lowering your bill. This can be time-consuming but throughout the years, it has worked for me. 
• Weekly Budget- Determine how much money you spend each week on daily necessities such as groceries, gas, lunches etc. Make a goal to stay within your weekly budget and carry over any extra amount that you didn’t spend to the next week. 
• Track your purchase. If you can’t figure out where your money is going, write down every single purchase that you make and analyze what you are spending. This can be an eye-opener. 
• Eat before you run errands. If you leave the house to run errands without eating first, expect to spend money on eating out or buying unnecessary grocery items. 
• Always ask yourself, ‘Do I really need it?’
• Pay with cash. I know a lot of people pay with their debit card but doing that can make you not realize just how much you are actually spending. 

There are a lot of ways that you can work on getting out of financial debt. It’s important that you look at your life, your daily habits, and needs and then start making financial goals. If you work on achieving these goals as a family you will see immediate results. 

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