Struggling to pay off your credit card debt? These tips can help you to reduce that bill and allow you to look forward to an easier, less stressful and more financially stable 2019. There are tips to directly reduce your credit card bill and tips to save money, which can then be used to pay off more of your debt.
7. Stop Collecting, Start Selling
Most Americans have a collection of some kind, whether it be first edition books, action figures or antiques. There is nothing wrong with collecting as most collectibles will hold their value just as well as precious metals, and in some cases they’ll increase at a greater rate than stocks and shares.
But collecting is an expensive hobby and it’s one that you can’t afford if you are in debt. After all, even if you focus on the best case scenario, which sees an investment of $1,000 turn into $5,000 in the next ten years, you’ll still lose more than if you were to simply use that money to pay off your debt.
So, stop investing and start selling. There are a number of great options for selling off your collectibles in 2018. This has also been a great year for collectibles. Uncertainty regarding global trade agreements has turned many investors away from fiat currencies and stocks and many are looking to precious metals, digital currencies and collectibles instead.
6. Make Your Own Gifts
The average American spends over $900 on Christmas, and many hundreds more on birthdays, Valentine’s day, father’s day, mother’s day and easter presents. We’re nearing the end of the year, so most of those have passed, but the most expensive one is still to come.
To save some money over the Christmas holidays, try making your own gifts instead of buying them. It’ll cost you a fraction of the price and it will also make the gift more personal. Things like candles, soap, treats, baked goods, home fragrances and even jewelry are all fairly easy to make with basic materials.
Homemade gifts won’t go down well with kids, but where the little ones are concerned you just need to rein in the spending. Kids get piles of toys for Christmas and they only play with a handful of them, leaving all the others to go to waste. So, buy a couple of presents you know they will like as opposed to dozens you think they will like.
5. Pickup Some Credit Card Offers
We recently wrote an article on the best credit card offers for 2018. This guide covered rewards cards, introductory rates and more, all of which are available for the final few months of 2018 as part of limited edition deals.
Take a look at this offers article now to find a card that can help you to consolidate your credit card debt.
4. Reduce Your Thanksgiving Spend
2018 has been a pretty good year as far as food costs are concerned and Thanksgiving dinner for this year will be cheaper than it has been for years thanks to a large production of turkey and other staples.
That’s a good start, but there are other ways that you can save even more this Thanksgiving, before using the money you save to go towards your credit card debt:
- Shop Smart: A recent study found that Thanksgiving staples cost twice as much in Whole Foods than Walmart, and around 20% more in independent stores than major chains. Aldi was one of the cheapest, and the quality is still top notch.
- Plan: Americans waste more than $500 year on food, with a chunk of that being lost at Thanksgiving. Plan ahead to reduce your food spend.
- Bring Your Own: Planning a big gathering? Ask visitors to bring booze while you cover the food.
- Fly: If you’re looking for a break during Thanksgiving then book a flight during late September. There are some very cheap flights available around this time, especially if you’re flying overseas.
3. Get Free Entertainment
Looking for something to do during the holidays? Instead of spending big on a resort, theme park or other expensive treat, take the whole family on a frugal day out:
- Museums: Many museums have free admissions on specific days, including MoMA, which is free on Friday night. Check the schedule of your local museum and see what offers they have available.
- Picnic: Rather than taking the family to an expensive restaurant, get some of their favorite foods from the grocery store and opt for an outdoor picnic instead.
- Go for a Walk: There are thousands of great walks across the US, from beaches to forests and more. Look for the nearest one to you and enjoy the scenery as you get some exercise.
- Historic Sites: There are a huge number of historic sites offering free access and tours across the US, including walking tours in New Orleans and the birthplace of Martin Luther King Jr. in Atlanta.
2. Get Help
Need a little guidance? Give us a call on: (888) 431-6751.
This free phone number will connect you to someone who can help you with your credit card debt. It’s time to stop hiding—there’s nothing to be ashamed of. Everyone struggles with debt from time to time and everyone can benefit from some expert advice, so dial that number and get the help that you need.
1. Put Your Extra Money to Good Use
Now that you have some extra cash in your account, it’s time to put it to good use. Every penny that you save should go towards paying off more of your credit card debt. Don’t be tempted to put it in a savings account and definitely don’t be tempted to spend it. You will save yourself much more money by using that extra cash to pay off more of your credit card debt.
It should be obvious, but it’s something that many cardholders miss: the more you pay off each month, the sooner the full balance will be paid off and the less interest you will pay over the long haul.
Every penny counts, so this is a tip you need to keep in mind even if you only have a few extra dollars spare at the end of the month.