Tackling debt? Start small
Debt.
That word has such a negative connotation to it, and most people probably just feel overwhelmed by the thought of debt, to actually think clearly about it. Whether your debt is in the thousands or the hundreds, you always want to start small when paying it off. That’s exactly the notion behind an article posted on the Financial Post website this week: Why starting small is the best way to tackle debt.
The article gives a few great ideas on how to start tackling your debt with smaller things, and here’s a few more ideas in addition to the article:
- Print out your monthly bank statement, and go over it line by line. Understanding where your money goes each month, will be a big step in the right direction.
- Reduce your memberships: cut out any memberships you don’t need, ex: magazines, the gym you never go to, etc.
- Stop paying for coffee every day: by just brewing your own coffee at home or the office, you’re saving about $5 – $7 a day.
- Stop eating out: even by opting to bring your lunch to work instead of eating out every day, that’s hundreds of dollars in savings a month.
Looking for some more debt-tackling and saving tips? I’ve got some easy tips listed here. And as always, if you’re looking to find out what your debt right now means for your credit rating and homebuying plans, contact me anytime.
