Be Debt Free in 2013
America may be in debt,, but that doesn’t mean you have to be in debt too. There are many simple and everyday ways to cut back on expenses. Here are some of our favorites:
Leave the credit card at home! The typical credit card purchase is 112% higher than if using cash. Paying with tangible cash not only helps keep track of expenses, but it also helps the selection process to be more selective. And while we’re on the topic of selective shopping, remember that the retail price is never the right price. Do some snooping around, ask for deals—a little time and effort can save more than you think. This goes for packing lunch as well. Take a couple minutes in the morning to throw together a brown bag lunch as opposed to buying it later in the day. The average American spends almost ½ of their food budget on eating out—and we all know you’re more than just average…
But do you know what is average? $86 per month. That was the monthly average cost for home entertainment in 2011, and the price has continued to escalate since then. Pay-TV drives up your monthly costs and it is a waste if you pay for channels you rarely watch. While re-evaluating your home entertainment, don’t forget to assess your cell phone as well. Wireless companies depend on users upgrading hardware and signing up for services they may not need.
Other methods of cutting back include things like carpooling with co-workers, using public transportation or biking whenever possible, paying your credit card bill on time, and reducing interest rates. Check out the infographic below for more details and remember—it’s your money. You control it, don’t let it control you.