In the first quarter of 2020, household debt was recorded at a record $14.20 trillion in the US.
That’s a huge number!
Bringing that amount back down to normal would require us to pay back some of this debt and cut expenses at home. At the same time, doing something like this can seem tough since several Americans think carrying debt is normal, which it isn’t. To achieve your financial goals, you need to take control of your money.
To get you started, BillSaverUSA Inc. is taking you through some simple ways you can cut costs at home.
The first step to cut your expenses is to know where your money is going. Tracking these expenditures for a month or two will be eye-opening! You’ll be surprised by the amount of money you spend on certain habits, and the old-fashioned way of fixing this is to note down every cost as soon as it is incurred. Fortunately, you’re living in 2021, and technology will do this for you (credit and debit cards have payment histories).
Separate your needs from your wants and reduce both of them as much as possible.
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You name it! It seems like you need a subscription for everything these days, and once you’ve set one up, you’re supposed to pay for it every month! Take a closer look and ask yourself the following questions:
If you’re canceling a particular subscription, go to your email and unsubscribe to every newsletter or any advertisements you get from that particular source. Once you’ve canceled it, don’t use that money to get a cheaper subscription!
Give debt a knockout blow.
One way you can reduce expenses is by consolidating the debt you’ve accrued. Credit card payments take a huge chunk of your dispensable income. If you get the chance, check the interest payments on your credit cards, it’s very likely they’re going to be between 17% and 30%.
You can reduce this number by combining all of your payments into one big payment. You’re going to do this to reduce what you lose to interest and shed off some of the debt.
The benefits of this will be:
The two most prominent ways you can do this are:
As the world settles into the new normal life and we slowly restart our lives, now is the perfect time to cut down on expenses. If you need the help of a professional to get your finances in line, BillSaverUSA Inc. can help you get started!
Call now on +1 (888) 789-1357 to work with a business that has been given an A by BBB!
Happy saving!
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