Finance Friday: Pay back your debts by saving money and negotiating with creditors

Source: digitalar; freedigitalphotos.net

One of the fastest and best ways to get out of your credit card debts is through debt negotiation. The process of debt negotiation includes bargaining with your creditors to reduce the interest rate on your outstanding debts or to reduce the total amount of your outstanding debts depending upon your debt situation. Whatever you do in order to make your debts more manageable and to pay them off quickly, you need to save money to make your debt payments. You can also find alternative ways to earn money to pay back your debts.

Here are a few money saving tips that will help you to reduce your expenses.

  1. Make a shopping list – It is necessary for you to make a list before you go shopping. This is to avoid impulse buying. A very common human trait is to buy extra things while they are out shopping which perhaps they won’t even need. In order to avoid this you should make a list of the items that are necessary for you to buy. This is applicable for all shopping starting from grocery to clothes.
  2. Buy in bulk whenever you can – The advantage of buying in bulk is that majority of the shops give you a discount if you buy items in bulk. This is applicable to non-perishable items such as cereals, beans, pasta, shampoo, body wash, toothpaste and other such similar items. If you buy such items in warehouse stores especially, then you can save quite an amount of money.
  3. Go for grocery shopping with little time in your hand – Although it might sound absurd but it is true that if you go for grocery shopping in a hurry and with a list of items you end up not splurging. This is because you wouldn’t need much time to go in and out of stores and buying the things written on your list. However, if you have extra time you would be hanging around and observing other items on display and end up buying things that you find appealing but is not in your list.
  4. Try to let go of named brands – There are a number of items which you can buy even of generic brand and you won’t even notice the difference. Cereals, milk, juice are namely some items which can be equally good with generic brands. Even when buying clothes you can adjust with not very pricey brands while buying your regular wear.

Thus you can see how by following the above practices you can save a considerable amount of money and pay back your debts sooner.

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This Post was submitted by a Guest Writer: Nancy Smith is a contributory writer of Debt Consolidation Care. She is a financial writer and has specialisation in financial problems and its solutions. She has made significant contributions on debt consolidation, savings, planning, frugality, debt settlement etc.

 

 

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