How To Save Money On Monthly Expenses To Pay Off Debt

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When it comes to paying down debt, knowing how to budget is a critical part of your financial success.

To speed up your path to debt relief, reduce your monthly spending so you can contribute more to paying off your debt.

A few smart cuts here and there will help you reach your financial goals even faster. Here are some ways to reduce your essential expenses:

Prepare a lunch

Prepare your lunch at home and save money. If you spend $ 10 a day on lunch every day at work, that can add up to $ 200 a month and $ 2,400 a year. A little preparation can make a big difference to your bottom line.

And while you’re at it, drink your coffee at home in the morning. All of those morning coffees could be serious savings in paying off your debt.

Cut down on entertainment

Do you really watch all the channels in your cable package? Or would you use a streaming service a lot? Do you read those monthly magazine subscriptions or are they sitting in an unread pile?

Consider reducing your monthly subscriptions to save money.

Shop around for cheaper rates

Are you getting the best possible rates for your mobile plan? What about your insurance? If you’ve been stuck on a rate for a while and automatically pay your bills every month, you might be missing out on savings.

Call your supplier and ask if there are any specials you may be eligible for. Or shop around for a better plan. You never know, just one phone call can save you a ton of money.

Consolidate debt

Are you trying to pay off multiple high interest debts at once? Consider consolidating your debt with a single low-interest personal loan. Instantly eliminate your credit card debt and focus on paying off your one loan payment as much as possible.

Want more great advice on financial literacy? iCASH, a fast and secure Canadian online personal loan provider, has a wealth of financial literacy resources available for free on its website.

To learn more about iCASH, a leading Canadian lender, and how to get instant approval, visit iCASH.ca.

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