Canada’s Money Coach: You can’t go wrong with these tips to reduce personal debt.
It happens, you may have stumbled into debt, but here are some common-sense ideas you may not have thought of that can help you get out of the red and back into the green.
- Re-evaluate your home, auto and life insurance – see if you can reduce the rates. I do this regularly, rates change, and I comparison shop whenever I can to be sure I have the best possible insurance at the best price.
- Get in touch with your phone/cable/internet provider and see how you can ‘bundle up.’ Technology and prices change as fast as the Internet. Make sure you have the most recent costs wherever possible on the services you need.
- I love to go out to the movies, but I don’t always have to go to the first run cinemas. There are always smaller, second run cinemas that show the same films, maybe a bit later, but at a bargain price. In Ottawa there is the Mayfair Theatre and the Rainbow Theatres. They have all the popcorn and drinks required, at a price you can afford.
- Make a clean sweep and reduce clutter at home. Keep what you really need and sell the what you don’t online, there are many places to do this like Kijijji.
- Take advantage of your local library. It’s far more than just a quiet place to read and it’s very affordable. You can rent a room for meetings, browse E-books and magazines. Need a computer? They have public terminals and free WiFi. Your library has book clubs, writing workshops, health and wellness sessions and more. The motto for the Ottawa Public Library is “If it’s out there, it’s in here.” So why would you buy what you can borrow?
- We all like to treat ourselves every now and then, but if we are trying to reduce debt we still can while saving money. How about instead of going out for dinner, fix something nice at home and then go out for coffee and dessert?
- You can work with your utility providers so that you can have gas and hydro bills put on equal billing to help manage your cash flow.
- Got debt? Pay off your highest interest debt first, or transfer balances from higher interest rate account to one with a lower interest rate. Pay attention though, a lot of these have time limitations.
- Set up a budget that you know you can stick with AND pay down as much as you can on your debt.
- Get in touch with me, together we’ll develop a money management plan that will steer you out of debt and back into the clear.
Canada’s Money Coach, always sharing ideas to help you smartly and safely manage your finances. Get in touch today, give me a call at 613-875-5834.