Debt can be a big problem for many people, especially those who took out loans bigger than what they could repay, or if circumstances have changed and a person is no longer able to meet repayments due to redundancy. It can cause a person and their family a lot of stress and worry. Studies have shown that debt stress can also cause family arguments, marital breakdowns, anxiety issues and sleeplessness. Over time, this can have a real effect on the body. So, with that in mind, here’s some simple things you can do to help repay your loan by cutting back on everyday items:
Buy meat in bulk
Buying meat in bulk can be really cost effective, especially if you freeze the meat and use it throughout the month.
Ditch paper towels
Use cloths that you can wash rather than buying in lots of napkins or paper towels – that’s advice from the real simple website, which cites hundreds of other cutbacks that have saved real people money.
Go for the nearly-out-of-date food
If you go to your local supermarket at the end of the day, you may find that the manager will put out food that is nearly out of date at a much reduced cost. Again, you can freeze this when you get home. Use the cost saving to add to your debt repayment.
Write down your meals
By writing down your meal plan for the week, you’ll remember to get the correct items out of the freezer and this will avoid you buying anything extra that you won’t use, or the temptation for a takeaway when you forget to defrost something! You’ll find the way you spend money to be a lot more economical and you could save a lot every year by doing this.
Cut out the Starbucks
Cutting out one coffee a week can really save a lot of money over time. Put that money straight into your debt account to pay that debt down more quickly! Every penny helps.
Get a piggy bank
You can save change and get the bank to give you the full amount in notes. A little change really can stack up!
Don’t get any more debt
Wonga ZA say there are two types of debt – good and bad. Avoid getting more bad debt – such as buying an extra holiday on a credit card or getting out any extra loans online. Wonga also say in their blog that you should borrow responsibly, so don’t borrow money from loan sharks. Stick to accredited, reputable companies.
Try and negotiate
Talk to your creditors and try and reduce monthly payments or payment deadlines. Reputable companies will hear you out.
Walk instead of driving
If you can, try and ditch the car for a walk or bike ride. You’ll save a considerable amount of money on petrol and you’ll get fit!
Shop second hand
By shopping second hand, you can pick up some great deals for a fraction of the cost. Also, check out local websites for free things that are being given away in your neighbourhood.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.