The New Year is always a good excuse to get back into the swing of things. Check your credit report, set up your budget, get the kids on the right track with school, get the dogs into obedience class, and commit to calling your mother-in-law, are all things that you can pick back up after “accidentally” ignoring them during the busy holiday season. But what are some things you need to stop doing as we enter into 2012? Everything is about money these days and getting out of debt should be a priority. Follow these 6 tips for managing debt, and before long you may find you are no longer in debt.
Extensive Cable/Cell Phone Bills: Are you really using everything you are paying for? Do you watch every channel on your TV? Do you owe the phone company a large debt thanks to unlimited texting? People who find themselves in debt can get out just by trimming their monthly bills.
Too much insurance: Take a look at your insurance policies and see if they are contributing to your debt. You might be paying more than what you actually need. If you car isn’t new anymore, consider taking a second look at your policy to get rid of a few things.
Brand Name Groceries: Are you in debt because of brand loyalty? There are a great number of groceries that are marked up almost 60 percent. Give the grocery store brand names a shot, you may stay out of debt.
Going out to eat: Eat out only for special occasions. Using credit cards at restaurants will land you in debt. Save the eating out for birthdays or anniversaries. Or, keep an eye out for coupons or Groupons to your favorite locations.
Buying in Bulk: To save money from the start, you need to compare the amount of what you are buying, how much you are getting, and if you will really use it all. Will you eat all the food before it goes bad, if not than you might save yourself a few dollars and avoid consumer debt.
Gadgets: They can’t, and won’t stop, improving the popular products. So, before you go into debt buying what everyone else is, do your research and watch for reports of new versions and updates.