subject: Ways To Save For Debt Settlement [print this page] Well let us suppose that you have enrolled in a debt settlement program and everything is set. Still the fact remains that you have to pay back the debt now or later. Even if your debt amount is reduced to 40-60%, still you owe a major amount to your creditors. The negotiated amount can be lessened but your debts are not waived off altogether. You may face a tough time searching for the possible ways to collect the money for your monthly payment. You can think of saving from various reliable sources but the question is what the possible sources are?
Confused? Well, here is how you can save for your debt settlement monthly payment without taxing yourself:
1. Procure a low interest card: Conduct a market research and find out a low interest credit card. If you can do so the process will save you the money earlier lost on high interest credit cards bills. You can even request reductions on interest on the cards from your creditors.
2. Reduce entertainment cost: If you own a cable TV or take magazines for entertainment purpose try and cut down on such expenses. You can compromise on them by reading borrowed stuffs from friends for some time. You can get back on these luxuries when you have resolved your debt issues.
3. Opt for combined offers: You may come across companies which offer discount rates if you get multiple services from the same company. For example if you get internet, cable and phone services from a single provider you may get discounts on them.
4. Do not miss out on the discounts: Look for products which offer discounts or offers on their products. If there is any discount form that needs to be sent in order to receive the discount, do it immediately. Your delay may lead to your missing out the opportunity. Even if you can save a little amount that will add to your savings for debt payment. These small savings will lead to a bigger amount one day.
5. Home refinance: Refinancing your home may offer a reduction of barely 1% on your interest rate. However this can be a bigger amount when it runs over a longer time span.
6. Get rid of any unnecessary expense: If there are any expenses that can be done without prefer to go for it. It is all about scraping extra money from wherever you can. If you have any rental insurance or overpriced car coverage curb them off. In this dire situation every penny counts.
7. Shop prudently: If you love shopping then try not being extravagant. Look out for better rates and offers on garments and other items. Shift to lesser known brands or less expensive good looking items. You can switch from your brand loyalty for the time being and try frugal shopping.
8. Avoid having restaurant stuffs: Having food with family and friends at a restaurant often turns out to be an expensive venture. The money that you spend on these outings often takes a toll on your finances. Instead if you try out some homemade food may be able to save quite some dollars.
9. Search for a secondary income source: If you find that your income is insufficient to meet your expenses look out for alternatives. A secondary source of income can be a favorable option. Try out for some part time or free lancing jobs to substitute your income. This will help you to meet up your expenditures and create saving opportunities.
10. Rent out extra accommodation spaces: If you have a big house rent it out to gather some extra money. You may not arrange for the total but you can gather a pretty good sum from house and garage rentals.These are some of the easiest ways to fulfill your financial needs without getting into further debts. There may be other innovative ways which you can apply from time to time. Taking a new debt to get rid of the previous one hardly serves any purpose. By leading a frugal life you may feel down for some time, however it will be fruitful when you consider your future advantages. Debt free life is possible. You just need to know the smart ways to reach to it!
by: Messi
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