In part one of this three part series of helping you get out of debt, we covered paying more on your credit card to help pay it off faster, spending less per month and targeting your most expensive debts first.
Buy Used or New to You Automobiles
An automobile loses between 15 to 20 per cent of its value each year, on average. One way to help save you and your family some money is to buy a used automobile. Buying a good quality used car, can help you save money and help pay off your debts faster.
For advice on buying used cars see. http://www.consumerreports.org/cro/cars/used-cars/buying-advice/index.htm
For Advice on buying new cards, see http://www.consumerreports.org/cro/cars/new-cars/buying-advice/index.htm
One Car or Two
If your family has two or more automobiles, consider getting rid of one of them. If this is a possible option for you and your family, this can help free up some money each month into paying down debt faster. Granted having a car at your will and call can be useful, but this can be a costly expense per month or yearly, especially when those unexpected car problems arise and force you to dig in to your pockets to pay that extra expense.
Some alternatives to driving are car pooling, transit system, walking (if close enough), or cycling to work are a few possible options. The cost of ownership per car does add up each month, from gas, insurance and maintenance. Take this extra money and look at paying down your more expensive debts.
A person’s grocery bill can quickly add up over the weeks. One way to save more on your monthly grocery bill is to stock up on groceries when there are sales. This is extremely helpful for non-perishable groceries and items that can be put in the freezer. Checking each week to see what items are on sale, can help you to stockpiling these sale items, and help to cut down on your grocery bill each week/month. Naturally there will be items such as milk as so on that can’t be stockpiled, but focusing on the items that can, will be helpful. Being a smart shopper can help in saving more.