While it would be great if someone gave us a spare one, ten, hundred grand to clear all our debts, most of us have reconciled ourselves to the fact it isn’t going to happen. It can feel like, with all of the utility and necessity costs of life, finding the money to pay off our credit card debts is impossible. But make some every day changes and consciously put the savings towards your debt. and you might surprise yourself. They’re simple, sometimes quirky, but every little bit is crucial in the war against consumer debt.
I probably spend five dollars a week on razor blades, and men would probably have to spend even more. Buying an electric razor may not give you a super clean shave, but it will save money. Over a year, that’s $260 extra dollars towards your debt repayments.
Do a cost-analysis. If you’re not using the gym more than a couple of times a week, the membership is costing you money. Cancel it and start going for walks instead. Or spend a couple of dollars on going to the pool. My membership is cheap, at seventy dollars, so you’re looking at an extra $840 a year.
Food You Don’t Eat
Get smart about your own habits. Australians throw away $5 billion a year in food, which is obscene. Get half a dozen eggs, break off the amount of bananas you actually want. Go to a deli, and weigh out the right amount of cheese and cold meats. Work out how much you are saving and transfer it across immediately onto your card.
Instant gratification has done terrible things for our wallets. Yes, you might have to walk a couple of extra blocks or get out extra money, but the fees on withdrawing from another bank’s ATM is just dead money. If you do it once a week, you’re looking at saving $130 a year.
I love the Saturday morning paper, but tough calls need to be made when you’re paying off credit cards. It can be something you reintroduce once you’re rid of your debt, but until then, reading the paper online will just have to do. If you buy the paper three times a week, you’ll stand to save around $190 a year.
Working in hospitality changes how you feel about tipping, sometimes it’s as much about the compliment as it is about the money. Which is why, when the service is bad, there is no way I would leave a tip. I tip when the service has been good, not as a default.
You’ve spoilt yourself and decide to get takeaway. Save ten to fifteen dollars every time by picking up the pizza, not getting it delivered. Sure that might only be $75 a year, but $75 over a minimum repayment will make it’s presence felt as you repay your debt.