More Ways to Save Money for Debt Reduction

If you are looking for more ways to decrease your spending while paying down those nasty debts, I am happy to relay another set of great tips from the financial experts at Yahoo! (They picked the article up from Businessweek.com)

The article is really just a list of common-sense reminders that we've all seen before. But, that is exactly what we need. I mean, if you think about it, common sense would have kept most of us from getting into debt in the first place. (Don't have the money in the bank? Don't buy it)

Anyway, if you do not have time for the long article at the other end of that link, I've picked my top three favorites and commented on them below:

1. Shop Smart [article item number 25]
   I like this part of the article because it reminds me that I need to stop being so lazy about using coupons. I have always avoided using coupons for groceries because I felt like it made me look cheap. Well, cheap is how we're going to get out of debt, right, people? I just conducted a search for "grocery coupons" in Google and found approximately 1,830,000 results. That represents a lot of opportunity for us to save, doesn't it? So, let's shop smarter.
2. Buy Used [article item number 24]
   I'm putting this one among my top three favorite tips because it makes me feel good about something I've always liked doing anyway: Getting a good deal on something used. This is especially the case with technology items. I'm a pretty big nerd when it comes to computers and stuff. But, I am perfectly happy not to purchase the latest and greatest digital gear. I research stuff for weeks or months before settling on the outdated item I want. Then I watch it on ebay or craigslist for another several days before plunking down my hard-earned cash. In many cases, I end up with something that is as good as new. It's fun. And, according to Businessweek.com, it's smart, too.
3. Institute a Waiting Period for Major Purchases [article item number 20]
   This is a good one, because you will be amazed at how often you may decide that you do not want something you thought you needed so badly two days ago. I've had some people say they're waiting period consists of walking out of the store and around the mall before deciding whether they really want to buy the coveted item. While this is a, um, nice start; the 48-hour time frame suggested in the article is probably a better system. I consider a major purchase anything over $80. That's a lot of money to me. It's a utility bill in some cases.

The other reminders in today's personal finance article are good, too. It's really worth reading when you have a chance. But, today anyway, those three items above are my favorite ways to save money and pay off debt.

In Debt,
Ed Ness