Five Radical Ways To Save Money And Get Out Of Debt
When times are tough, the typical advice is to cut spending by reducing non-essential purchases
. But what happens when you quit your daily Starbucks habit and switched to basic cable and you STILL arent closer to getting out of debt? Try these radical ways to save money!
1. Find alternatives to traditional shopping. Were all familiar with department store discount racks and comparing prices but have you ever considered buying the floor model of that washing machine or piece of furniture? Stores may be willing to give you a good deal on the floor model of a product to compensate for it not being new in the package, missing a manual, or for having scuffs or advertising stickers. A little bit of research can pay off big when you need to make a purchase on a budget.
2. If your credit is good, consider a credit card balance transfer. If your main debt is on a credit card with a significant interest rate, your minimum payments might not be enough to actually lower your balance. Look for a credit card with an introductory 0% interest for 6 months balance transfer offer. Youll need to read the fine print to make sure you are getting what you need, but if you are able to get a credit card balance transfer in your favor, you may have a little extra time to pay down part of your balance before the interest kicks back in.
3. Think your grocery bill cant get any lower after switching to generic brands and using coupons? Think again! Food and farm cooperatives, known as co-ops, are partially consumer owned and operated. This means that you trading a day of labor or purchasing a share of the co-op, you can receive either discounts or profit dividends depending on how the co-op is run. Check out sites like coopdirectory.org or do a web search for co-op + cityname to find one near you.
4. Barter with your landlord for lower rent. Is there something you can offer your landlord to obtain a lower rental rate? If your landlord owns multiple properties, offering to mow lawns or shovel snow can benefit both your landlord and your wallet. Do you have a special skill like painting, laying carpet or tile, gardening, etc.? If you can improve your landlords property values, you may be able to barter a rent decrease.
5. Negotiate your bills. Even if you consider your cell phone or cable bills to be non-negotiable, try to get a better price! Call up every recurring creditor you have, and ask for a better rate. The worst that can happen is that they say no, and often, theyll be able to arrange for a promotional rate or find a way for you to get a better deal. This can work on utility bills, lawn care, newspaper or magazine subscriptions; even places like the barber shop! A business appreciates recurring customers, and can cut you a deal if they want to keep you around.
by: Mark Brown
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