Credit card debt is a major stressor for many consumers. To get out of that debt you either need to make more cash (and actually use the extra money to pay off the debt) or you need to cut your expenses. I think it is actually easier to cut expenses, so I’ve listed 47 ways you can reduce your expenses and put that cash towards your debt repayment. When you’ve achieved your milestone of eliminating that debt, make sure you ditch the card so you don’t find yourself in the same position again.
1. Sell stuff on eBay.
I know you have probably heard this before but most likely you have stuff laying around your place that you don’t use any more, or need any more. Name brand clothing, books, CD’s, etc. Get the stuff listed on Ebay and get some money out of it. Need tips for selling on eBay? Check out How to Sell Stuff On Ebay , My eBay Method: 13 Steps to Profitable Auctions , and another article on How to Sell Your Stuff on Ebay .
2. Have a garage sale.
Some items just sell better at garage sales than on eBay. For example, kid’s clothing, baby items, electronics, and furniture. Set the date and have a sale. Good resources are Ten Garage Sale Shortcuts and Planning A Great Garage Sale .
3. Cut out the take out dinners for a month or two (or three).
By nixing your dining out budget you can find some serious money to put towards your debt reduction. For some motivation read
5 Reasons to Stop Dining Out and Trimming The Average Budget – Eating Out.
4. Check the pantry for what you have before you go to the store.
Many times you can throw together a quick meal from items you already have on hand without going to the store and tempting yourself to spend more money. Money Saving Mom recently blogged about an Eat From The Pantry Challenge as did the blog Life As Mom
5. Buy generic products instead of store brands.
Our family loves the Albertson’s saltine crackers which are much cheaper than the name brand ones. Read Store Brand Versus Name Brand
and Wallet Pop’s Generic Versus Brand Name Product comparision article.
6. Shop at Farmer’s markets for produce. You can make your grocery dollars stretch by shopping for your fruits and vegetables at your local farmer’s market. Check your local newspaper to find the dates and times for one in your area.
Some helpful articles How To Buy and Sell At Farmers’ Markets and How to Shop At A Farmers’ Market .
7. Buy non-perishable items such as toilet paper, napkins, etc. in bulk.
You can save money buying in bulk, you can also spend too much money if you are never going to use it all. Does Buying in Bulk Really Save Money? and Save Money With Bulk Buying .
8. To save money on meat and chicken, only buy it when it is on sale and then stock your freezer up.
We usually only buy chicken if it is .99 cents per pound. We load up the freezer when we find it on sale.
9. Learn to give the kids a haircut.
Here is a neat video that gives some tips for cutting your child’s hair.
10. Consider stopping your cable service or if that is too drastic, then see if you can cut it back to a lower cost plan.
Check out Ask and Save on Your Cable Bill and How to save $138 on your Cable bill? Just ask!
11. Brown bag your lunch.
Those quick trips to the deli for a sandwich can really add up. Cook your dinners with leftovers in
mind for the next day’s lunch. 15 Fresh Brown Bag Lunch Ideas and 12 Brown Bag Lunch Recipes .
12. Shop the dollar store for your party goods, gift wrap, and gift bags.
I’ve written before how you can put together dollar store gift baskets and save money on children’s birthday parties.
13. Schedule a couple of meatless meals during the week.
Bean and rice burritos, cheese sandwiches, and yes even peanut butter and jelly sandwiches can keep your food bill low.
14. Drive your car until the wheels fall off. Find a reliable auto mechanic to keep your vehicle running.
15. Learn to cook your favorite restaurant meals at home. The secret recipes site has lots of free recipes for your to copy. We found that making our version of our favorites makes it easier to eat at home. Visit http://www.topsecretrecipes.com for some great recipes.
16. Use the microwave so you don’t heat up the house. In the summer time I always double up on my cooking and cook the main meal in the morning so I can avoid heating up the house.
17. Shop for clearance sales for the kids clothing for the next year. Keep a list in your purse or wallet of the sizes you think they will be in next year. Update your list as the kids grow out of items and check seasonally that you have what you need ahead of time – outwear, socks, sweatshirts for winter months, and bathing suits, cover-ups, etc. for the summer months.
18. Shop at garage sales and thrift stores for furniture needs. Hit the neighborhood sales to maximize your time.
19. Train yourself to buy only what you need and not what you want. When you have eliminated your debt, then you can treat yourself to a splurge (but not by putting it on the credit card!)
20. Checkout Freecycle for getting items for free. Give away what you don’t need or can’t use. Ask for what you do need or would like – www.freecycle.org.
21. Set the thermostat above 78 degrees in the Summer and 60 degrees in the Winter.
22. To help keep the house cooler in the warmer months, plant shade trees.
23. Periodically have a no spend week where all spending is put on hold for the entire week.
24. Build up a stash of inexpensive crockpot recipes. This will help you keep focused on saving money on your food expenses.
25. Close the blinds and drapes to keep the house cooler in the Summer.
26. Don’t overwater your lawn.
27. Run only full loads in the washing machine.
28. Use the same towel all week. We instituted a policy where everyone in the family gets one bath towel per week to use. They are all different colors so we know whose towel it is if one is on the floor!
29. Turn off the car’s air conditioner to save money on gas. Park in the shade to keep the car cool.
30. Learn to pair manufacturer coupons with store coupons. Combining store sales with manufacturer coupons and store coupons really does help to stretch your dollars. AFullCup.com can help you maximize your savings by giving you the weekly lists of what’s on sale and what coupons to use. I also like the The Coupon Mom site too.
31. Use cash to shop for groceries, dining out, and entertainment. You will know exactly how much you spent and how much you have in your wallet.
32. Learn to plan your meals around the weekly sale ads. Meal planning is essential to really keeping your grocery costs down. Check out $5 Dollar Dinners for help with this.
33. Never go to the store without a list.
34. Constantly re-evaluate what you “need” . Make due with what you already have and learn to re-purpose things. For example, use rags instead of paper towels.
35. Use a clothesline or drying rack instead of your dryer for drying your clothes.
36. Take advantage of the library. Don’t buy a book when you can borrow it instead.
37. Scour your town for free weekend entertainment. Look for seasonally related parades, festivals, craft shows, etc.
38. Manage your leftovers – don’t let them go to waste.
39. Have a change jar where you save up all your spare change.
40. Shop around for home and auto insurance for the best rates.
41. Give homemade gifts for all gift occasions.
42. Make your own coffee at home.
43. Grow a garden. You’ll save money and eat healthier too!
44. Make your own bread, muffins, and cakes at home.
45. Make your own laundry soap and cleaners.
46. Set up a coupon exchange with your friends.
47. Create a price book so you know if the price on an item is the lowest or not.
{ 12 comments… read them below or add one }
Very good tips. I have a few friends I can share these with.
I agree these are helpful tips. Does anyone know of an online coupon exchange they could recommend?
We are a family of 5 and trying to get out of debt. Thanks for these helpful tips!
Garage sales can work both ways.. not only can you get a good deal at one, but as you mentioned, you can make a buck on the side too! You may have to sacrifice a Saturday morning though..
Great website, things have been very hard for families lately!
You give wonderful advice many thanks.
Money Smart for Kids is a Download that has 101 Money Making Ideas and Teaches Goal Setting and Saving Skills and much more. Lets help our kids to avoid credit traps etc when the become adults.
Dana, that is a fantastic list! Thanks for including CPF in it!
Wow! Concise, direct, and full of useful tips. I have used tips like these to pay $23,000 toward credit cards in 18 months. It is AMAZING to see how much money one wastes without thinking!
Ohh man one thing I love about your posts is that they have the exact length they need to be. I guess this is not. Great tips though
I love these. Although my family is lucky enough to be doing okay through these touch economic times, I am always looking for ways to save a little extra money, just in case.
Here are some of the easy savings wins I just accomplished:
Cancelled HBO, which we hardly watch anymore ($10 month / $120 year)
Switched our phone and Internet to Comcast ($40 month / $480 year!)
Reduced our childcare by 3 hours per week ($150 month / $1,800 year!)
Instead of paying the listing fees to sites like eBay and dealing with all of the hassle involved, there are lots of sites like my company that will let you trade in your movies, music, books, and video games for cash. There also sites like gazelle.com that will trade in hardware for cash. It’s convenient, fast, helps you clean out your old stuff, and lends for recycling goods back into the market. We even have a real time calculator where you can enter your items and find out instantly how much we’re willing to pay you for them.
The #4 suggestion has been one of my biggest cash savers. I also only go to the grocery store after I check everything and make a list of exactly what I need. Weekly meal planning helps too.
Thanks for sharing these tips!
Great list!