Too much credit card debt and personal debt can make life miserable. At the very least, excessive debt payments consume extra money that could have been used for recreation or savings. If you would prefer an easy yet effective debt reduction method, to eliminate credit card debt or get totally out of debt, consider a part-time approach. Here’s how.
Debt Management Goal
Begin by deciding on your debt solution goals. Are you primarily interested in elimination of credit card debt or overall debt reduction? Is your goal to become totally debt free? Once you are clear on your primary goal, it will be easier to achieve it.
Part-time Debt Relief Method
It often is easiest to reach goals if the process is enjoyable. Many of us have trouble, however, persisting for long periods in unpleasant, unrewarding activities. Reaching your debt management or elimination goals will probably be easier if your approach is part-time, with non “goal work” intervals in between.
Reducing debt can be an enjoyable process if you make a game out of it. Be sure to take all money saved by your part-time debt solution methods and set it aside for paying on your debts. Here are areas for elimination of debt – part-time.
Shopping and Eliminating Debt
Most of us have heard or read advice about saving money by shopping sales, discounts, and used versus new items. Though this can be very effective, it can also become tedious and depressive over a long period of time. Many people like to splurge sometimes without having to base buying decisions on price alone.
Using a part-time approach instead, choose a category or two of items where you spend a fair amount of money. Decide to shop frugally some of the time on these things, and by your normal method the rest of the time. For example, if you buy many new books, you could search for used copies half of the time, or borrow from the library occasionally instead of buying new. Or, if you routinely buy the latest sporting equipment, you could shop for sale items part of the time. Take whatever amounts you save by the part-time method, and set it aside to pay on your debts.
Recreation and Debt Reduction
Reduce debt more effectively by using part-time debt elimination tactics on recreational spending. Consider play activities and hobbies where you spend the most to work on – some of the time. For instance, if you enjoy frequent gambling trips to local casinos, try replacing as planned portion of them with cheaper activities. Or if you enjoy frequent dinners and movies out, you could substitute a third or half of the time with cheaper take-out food, movie discount matinees or at-home rentals. Be sure to pull whatever money you have saved towards the elimination of your debts.
Household Expenses and Debt Solution
Choose a couple areas of large budget expenses to apply the part-time debt reduction method. Food and utilities are good choices. For example, pick a couple days a week to serve very inexpensive meals instead dishes you normally prepare. Or buy only essential groceries that are on sale, one week out of the month.
You might choose to target heating and utility bills with part-time debt reduction. For instance, hang out some of your laundry – some of the time instead of using the dryer. Or reduce hot water usage part-time by filling bathtubs with half your normal amount occasionally. The choice and frequency of your money saving debt relief methods is up to you. Make a game of your strategy and set aside your savings for debt reduction or getting successfully and totally out of debt!