Let’s be honest if you’re trying to pay down debt faster, you need to have more money for your debt payments. there are 2 ways to do that – either increasing your income or adjusting your current expenses.
Taking on a second job or starting a side business can do wonders for getting money, but it’s not an option for everyone. Perhaps you are working plenty of hours already and you don’t want to take more time away from your loved ones. If that is the case, then optimizing your monthly expenses is vital.
Where is Your Hard Earned Money Going?
First off, if you haven’t already, go ahead and get a snapshot for your finances. You have a few options out there right now:
Do It Yourself:If you want use your bank or credit union’s online records, go ahead grab the data for the last month or so. Some banks will let you download that information free into Quicken for analysis.
Mint: Signing up for Mint is easy and it can pull and organize your financial transaction in one spot. Besides warning you when you’re spending too much, Mint also has the ability to keep you keep tabs on your financial goals.
Personal Capital: If you want to get a detailed report and analysis on your finances, Personal Capital Wealth Management offers a free review.
Going back to the financial snapshot you got, the two of you should try to review all of your expenses to see what expenses you can trim and what expenses you can cut.
Finding Money with Your Bills
If you’re looking at some ideas on where to start, here are a few suggestions:
Cell phones: If you are out of your contract, now may be a great time to slash your cell phone bills. I signed up with Republic Wireless to get their unlimited smartphone plan for about $20/month. There are also options like StraightTalk that cut your smart phone bill in half. You can have an iPhone and still keep your bill relatively low.
Cable and internet: I know some couples are leery of cutting cable, but the two of you need to sit down and see if you’re really getting your money’s worth from it. You may find that having service like Hulu + and Netflix is cheaper and what you really use. You should also call to see if there is a promotional for internet service.
Land line phone bill. Be honest with yourself and see if keeping a land-line is worth it. you may be able to eliminate it. Personally, we Skype for our house phone. It costs less than $10/month and it provides the same services other home lines offer plus we can chat with friends around the world for free since they’re also Skype members.
Auto insurance rates: You’d be surprised at how much you can save if you hunt around for a deal. You can use free online tools like Go Insurance Rates to cut your bills drastically by comparing rates.
Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..