When you look at your bank balance and see that dreaded minus symbol, it can bring up feelings of inadequacy and in some cases, suffocation. Debt is difficult for a lot of families and it doesn’t just put a strain on your credit score and future borrowing potential for a house. It also puts a strain on your monthly outgoings and can eat up a big portion of your disposable income. This is the part of your income for the things you work hard for in life, so parting with it to pay off debts can often feel like a slap in the face!

The key for most people, is to make as much extra cash as possible and pay out less on their day to day outgoings, so that they can re-allocate some of their income so debt is paid off faster. Does this mean paying over your minimums for your debts? Yes, it does, and this is a good thing. Companies like best.creditcard can help you find the best credit card deals so that you can transfer balances to 0% cards, which can be a good start. The faster you pay off your debts, the better off you will be in the long run. Making that decision to pay more money on your debts can be a tough one, especially when the vacation posters start going up around town at the start of the summer season. However, keeping in mind the long game and you could be debt free in no time.

If you need some handy hints to decrease your expenses each month, then we’ve got a shortlist below of our favourites to get you there!

• Food. No one wants to compromise on groceries and that’s fine – choose to be creative instead. This means writing shopping lists, making your own lunches to bring to work and buying a travel mug for coffee on the go rather than that tall pumpkin spice latte. You could save almost $40 a week on coffee alone and that build up against debt is incredible!
• Commute. If you have been doing a ten-minute drive to work, it’s time to saddle up on a new bicycle, or invest in a step counter and walk! You don’t need to waste valuable money on car insurance and car costs for a commute that barely breaks a sweat. Save the money and pay off the car!
• Vintage. You may love to be on trend, but the clothes you wear don’t have to be expensive and designer. Shop around in the vintage stores and downgrade to the sales racks. You can be just as stylish and spend less money, while you’re at it!
• Entertainment. You don’t have to spend out every weekend at the local cocktail bar to have fun. Get your friends round for movie and pizza night that you all chip in for – or even cook together! Reaffirm your friendships without flashing your cash and you can put even more money against debts.

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