Yes, You Can Pay Off Your Debt and Save Money!

Consumers and AltaOne members struggling with their finances may feel as if a dark cloud hovers over their heads, casting a gloomy shadow over their life. Is it tough to see the proverbial light at the end of the tunnel? Does it seem as if you will never be able to rebuild your savings account? There is hope. It is possible to pay down your debt, while you begin to rebuild your nest egg at the same time. The first step is the most obvious: stop spending more than you need. Easier said than done, we know -- especially for those who have slipped into bad spending habits. If you seriously want to climb out of debt, you must take stock of your expenses. List all your monthly costs and eliminate every unnecessary item. Next, brainstorm on ways to cut corners. These methods may include:

1. Clip coupons Search the shoppers and online coupons for sales ... And do not leave the coupons on the kitchen counter.
2. Avoid brands Determine where you might skimp a little on quality. Do you really need the most expensive spaghetti sauce or paper towels?
3. Slice your phone bill Do you need a long-distance phone plan, when you can use your cellular phone for those calls? Look into other ways to save on your phone plans, as well.
4. Gas savers Gasoline is expensive. Reduce the number of car trips. Start a car pool. Maybe look into a more economical vehicle.
5. Do not waste food Save your leftovers. Do not let your food spoil or gather mold. 
6. Stay home Resist the temptation to eat out, go to a ballgame, see a movie or grab a drink with your friends. All these small expenses add up quickly. Instead, consider a "family fun night," where you rent a movie or play games. 
7. Become a handy man Mow your own lawn ... clean your own pool ... do your own laundry. Hiring out for these services is a major expense. 
8. Do not charge it Credit card debt is one of the biggest reasons why consumers get into financial trouble. Pay with cash (or your ATM card) exclusively.
9. "Brown bag" it Do you eat out with your co-workers on a regular basis? Cut out fast food and restaurant expenses and you will save a bundle. (You may lose a few pounds, as well.)
10. Purchase quality, pre-owned items There are many used items you can buy that are good quality. Consider used cars, thrift store clothing, Craigslist shopping, etc.
11. Go green There are many ways to enhance your home's efficiency. Replace light bulbs with energy-efficient ones. Install dual-pane windows. Insulate your attic. Consider solar energy. Keep your thermostat a little lower in the winter and a little higher in the summer. These changes may save you thousands of dollars per year. 

Once you have sliced and diced your expenses, establish a monthly budget -- and stick to it religiously. Keep a spreadsheet and track all your costs. Utilize online bill pay services such as AltaOne's BillPayer, which allows you to pre-set and track payments each month.How can you grow your savings, as you take an axe to your budget? Pay yourself. That is right -- include a small donation to your savings account every month. Make certain this stays within your budget. If you have sliced enough grizzle from your spending, you should be able to reward yourself with a little savings. As you begin to turn the corner financially, feel free to increase your monthly savings amount. Over time, you should see your savings grow -- as you watch your debt dwindle.For some consumers, digging out of a tough financial situation may seem like an impossible task. Take heart -- you can rectify even a severe financial situation with strict, conservative spending and budgeting habits. AltaOne offers tools such as the Credit Management Coach, a free financial counseling resource for our members, and the Balance Financial Fitness program, that help consumers to organize their finances.

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