Do your finances need to go on a diet? Going on a “debt diet” can help trim away the excess weight that comes with being in debt and make sure you are on the right path to a healthy bank balance. How can you start this new diet?
Here are three practical ways to kick-start your financially healthy habits!
Less Is More
Just like with dieting where eating less calories means being able to lose weight, the same formula can be applied to overwhelming debt. It may seem like a no-brainer, but, the real truth behind lessening debt is by spending less. This can seem near impossible when there are already so many necessary expenses in your life, but taking a good look at your budget and even getting outside help is crucial. Once you are able to take in less debt, your debt diet is well on its way to working and you can build up your savings faster.
Using Rewards to Your Advantage
Almost all companies have some form of customer loyalty rewards, even insurance companies and banks. Call up your insurance providers, bank, and look into loyalty points at your favorite stores in order to save more money through incentives and other promotions.Rewards such as good driver breaks, non-smoker rewards, and frequent shopper points at grocery stores will all add up each month into great savings and a stable debt diet.
Swapping and Bartering Websites
While you can try and sell some unused items taking up space in your home, most of the staples such as eBay and Craigslist are already crowded with many others attempting to do the same. Instead, you can swap or barter those items completely for free in return for something else that you actually need and will use. This is especially useful for children’s clothes, toys, electronics, or household items. And the best part- It can be even free though Craigslist or very cheap with websites such as Swapbox. You can also look into local swapping and bartering groups via Facebook or local papers.