4 Simple Tips to Reduce Your Debt Load

It’s no secret that discussing debt is an uncomfortable topic for many people. It raises a litany of emotions around having lost control and feeling unable to catch up. Whether you have accumulated debt because of student loans, emergency car repairs, family vacations, unforeseen expenses, health issues or other reasons, it is critical to know how to manage and reduce your debt to improve your overall financial health.

There are two primary ways to reduce debt: you can increase your income so you have more to put towards your repaying your debt, or you can reduce your expenses. As increasing income is not always a viable option, reducing your expenses becomes a practical solution.

Taking steps to reduce your expenses starts with things as simple as evaluating where your money is going every month, and figuring out how you can reduce your expenses.

Many of us are reluctant to start “cutting” things from our monthly budget. It is difficult to go without something we are accustomed to having. One way to approach the problem with a more accommodating solution is to figure out substitutions that impact your monthly cash flow more positively, instead of simply “going without”.

Here are 4 simple tips to help you reduce your expenses:

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1. Call your TV, internet and cell phone providers and negotiate a lower plan or try bundling up your services. Find out how much home internet and cell phone data you actually use, because you may be paying more than you need.
2. Seek out digital versions of the magazines or newspapers you read. Many times they are free or at much lower cost, and can be accessed virtually anywhere.
3. Instead of going out with friends or family, host a night in. You can save tons on entertainment costs by simply organizing something at home.
4. Clear the clutter and post easy-to-sell items you no longer use or need on sites like Kijiji. Listings are free, and most people will pick-up their items, resulting in no cost or inconvenience to you.

While these simple steps are certainly not daunting, and are easily achievable by virtually anyone, it is important to keep in mind that improving your debt load is a long-term activity, and it won’t happen overnight. Set a reasonable and achievable goal for yourself and use that as the yardstick to measure your success.

Keep an eye out for my next column for more #DebtSolutions and ways we can help you leave debt behind.