Are you a homeowner struggling to get out of debt or make ends meet? Getting out of debt while managing credit card, loan, or other interest payments can be a real challenge. It can also be hard just to make the necessary change to reduce spending in order to pay down the debt.
While it’s not impossible to get out of debt by winging it, having a plan with dramatically increase the odds of being successful. Read on for a few tips for getting out of debt as a Boston homeowner.
It might seem obvious and simple but taking the time to tracking where every dollar is going is the very first step to getting out of debt. Tracking your spending is the easiest way to know where your money is going and identifying where there might be room for adjustment. It’s critical to cut back monthly spending so that it’s lower than monthly income, without tracking this you simply won’t know if you are being successful. There are many tools such as mint.com for making this task super easy. You can also use a pencil and notebook if you prefer! Taking this simple first step to track where each dollar is going every month is a necessary and critical first step.
Now that you have your monthly expenses tracked it’s time to take a few minutes to review every item. You may be surprised how quickly those small magazine, internet, or streaming service subscriptions add up. Using your electronic or paper expense tracker take a minute and mark each expense as want or need, be honest here! After marking all of your expenses start taking steps to remove the items marked as “want” from you monthly expenses, including canceling membership or subscriptions. Every dollar you save in these unnecessary expenses will help you as a Boston homeowner get out of debt even faster!
Use Shopping Lists
Similar to step one having a plan, using lists can help prevent unplanned expenses for the Boston homeowner. If you are going to the grocery store or planning for a family event, make a list and try getting creative about keeping the costs down. Can you borrow one of the items you need from a family member or friend? Can you use sites like Facebook Marketplace to buy the item secondhand? It’s easy to go on Amazon and order every item you need but are you really spending each hard earned dollar wisely? Keeping your lists and be frugal is key to getting out of debt quickly.
Freeze Your Credit Cards
Credit cards are a convenient payment method for every day services but they are often the number one reason that Boston homeowners find themselves with big debt. It’s easy to spend the money before you have it but credit cards often have incredibly high interest rates making it nearly impossible to get out of debt by making the minimum monthly payments. Credit card companies can freeze your cards temporarily which will force you to pay with cash or debit cards. This can be hard but is a tried and true method for keeping spending in control and creating more extra cash to pay down debt.
Selling with Candor Realty Greater Boston
Our final suggestion for homeowners in Boston to get out of debt is to discuss options for selling their home. If you need to eliminate the burdensome expenses related to home ownership quickly and need the big pay day a home sale often brings then Candor Realty Greater Boston can help. We specialize in providing homeowners with multiple options to sell their home, including a direct quick and easy cash sale, a quiet off market listing, or fully prepared on market listing for top dollar. We strive to work with homeowners to find the option that best meets their needs. Fill out the quick form below or call us at [company_phone] to learn more about these options with no pressure or obligation!