This article on cheap living tips was written and submitted by CardDebtGuide.com site visitor Iris of Kenya.
In my opinion, cheap living is one of the secrets to getting out of debt. Owing huge sums of money to creditors is frustrating and difficult, especially if you have a family to take care of.
To succeed in getting out of debt, it takes creativity, perseverance and a lot of sacrifices to pay off what you owe. Frugally living is among the essentials to financial freedom.
Here are some of my ideas to help you get out of debt as soon as possible.
Get rid of non-essential expenses
It may seem extreme to get rid of that television services and subscriptions or put a stop to eating out, but sometimes you have to take these steps for a better tomorrow.
My advice is to eliminate what’s unnecessary to you. Simply cut back on what you don't need for everyday living. Stop going to the movies every time a new movie premiers, call off those outings with your buddies, and quit spending money on alcohol.
Cut your grocery bill by not buying beverages (sodas and juices) or foods that aren't essential to your health and well being (gum, candy, chips and coffee). This will help you have an extra buck or two.
Sell valuables you are not using
Do you have furniture that’s never used? Do you have jewelry that you no longer wear? Well, these among many other items that are valuable can be sold for some extra money. You don’t use them anyway, so why not put them up for sale on eBay or Craigslist and use the money to clear your debts?
Cancel your credit card
Using your credit card is always tempting. Don't. In fact, cut your credit cards in half and throw them away. Cancel all your credit card accounts and begin paying cash for everything. That way you won't continue to accumulate more debt. Remember that if you want to climb from a deep hole, just stop digging.
Many people would call this having a budget. While it is one and the same thing, the term budget tends to strike fear in many, thinking that they have to live a completely restricted life in order to save. This is not the case. Having a spending plan basically means you write down the things you need for the month, plan for them and purchase in time. This gives you more room to think about your debt.
Debt payment plan
Cheap living while in debt has to include a debt payment plan. Yes, you have cut some expenses and taken positive steps needed to save some money. Now go ahead and have a dept payment plan, making it one of your priorities. Just as you pay your bills, plan to pay your debt. As you do this do not forget to avoid more debts or else you will dig the hole deeper, making it hard for you to get out.