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33 Ways To Reduce Debt

October 18th, 2011 at 05:24 pm

A very inspiring list.

The couple referenced in this article paid off $66,000 in debt in three years. The article contains 33 ways they reduced their debt. Are you doing any of these?

The only one I haven't done is number 3 on the list. I personally keep thinking about disconnecting our home phone line, and likely won't until we move. But it sure is tempting.

9 Responses to “33 Ways To Reduce Debt”

  1. whitestripe Says:

    interesting article, it's inspired me to write a blog post Big Grin

  2. MonkeyMama Says:

    I think I have done everything but #3 at some point to (to not go into debt in the first place).

    That said, I take issue with #33. We find frugal ways to be giving, too. (& I am pretty vocal about that because I see people give to the point of going bankrupt, staying in debt, etc. Giving within reason is totally fine and I have no issue with, but I think a lot of people feel pressure to give that which they do not have).

  3. ceejay74 Says:

    Good list! I agree w/ MonkeyMama that although giving is extremely important, it doesn't have to be money. When we had more time and less money, we mostly gave our time. Now that it's harder to find spare time, we give more money.

    I've done all of these things that apply to me (all but about 5) in the past 5 years to get through rough patches. About 12 of them apply to my actions within the last couple months. We don't need to pinch as many pennies as before, but I'm glad we stay in practice in case we ever need to again. Smile

  4. baselle Says:

    I've done all but a couple of them. I loved the list, but I saw a lot of what I've seen before and we are preaching to the choir here.

    Really, what reducing debt is all about is that you have to want to bring that debt down MORE than you want anything that your spending bought and you have to be willing to explore where your money goes, if necessary cut it off.

    The last way is a bit surprising to the beginner and I think its important to give ($, of yourself, time) because it brings you to others. Saving money and honing your costs can be in a very interior game - do it too much and you're left with a pile of money and no human contact.

  5. creditcardfree Says:

    I agree with all of you. And I completely agree with the giving...it can be in the form of time or talent.

    Some of us already know this info, but I did post it for those that are new on the blogs, which we do have several that are in the beginning stages of paying down debt. We need to keep them inspired!

  6. MonkeyMama Says:

    P.S. I still don't understand how programming the thermostat saves money. I think someone explained it to me, but I don't remember. Oh, I guess it's for people who forget to turn it off. In our case, we don't forget, so it would just be ON more. (If you had it set to come on before you wake up, before you get home, etc. - I am sure that is more comfortable - but I find we just flip it on when we NEED it. If we set our own thermostat, it would just be wasting electricity and gas, I guess. So just depends on the circumstances).

  7. MonkeyMama Says:

    P.S.S. I think spending time in a soup kitchen would do a LOT for perspective when digging out of debt, etc. I just don't see how forking over cash to charity is nearly as useful, especially when you need it for debt. So I suppose I understand the sentiment on some level - the execution is rarely very good in this area. Just to clarify. I do think charity in that regard is probably very important (as much as the debt sucks, there are a lot of people out there who have it worse?)

  8. ceejay74 Says:

    Oh, MM's comment just made me think of something else: On the new show "Princess," Gail Vaz-Oxlade always has a "giving back" challenge for her debt-ridden subjects. It's always time, work, attention or talent they give back, not money. Besides what Baselle says about debt repaying being very "interior," some -- SOME, not all by any means -- debt problems can be the result of selfish behavior or a selfish mindset. So getting the perspective afforded by "giving back" can help remedy that.

  9. dmontngrey Says:

    There are so many things on that list that are of no use to me. You can't cut back on/eliminate things that weren't in your life to begin with. My whole adult life has been this way so there hasn't been much room for improvement in that respect. I already pack my lunch, don't have cable, killed the landline, don't pay for hair cuts, don't go to the movies, hardly ever eat out, etc. At least living like this is finally starting to pay off for us. Smile

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