All About Debt: Money-Saving Tips

While getting a debt consolidation loan through All About Debt will make your budget more manageable, leave you with more money in your pocket and rid you of revolving credit accounts, most financial advisors would warn you it's only a temporary solution to a potentially ongoing problem. Whatever got you into the financially dire situation that mandated the need for a debt consolidation loan--whether it was overspending, money mismanagement or inconsistent payment practices--will still be around if you don't do something about it. The last thing you want to do is run your credit cards back up to their limits while still paying on the loan that took care of them the first time around.

By considering a debt consolidation loan through All About Debt, you've already shown a desire to increase the odds of securing a financially sound future for you and your family. By building on that desire and making minor monetary adjustments to your lifestyle, you can maintain sure footing and avoid falling back into a financial hole down the road.

Be a Smart Shopper

Before heading out to the store, make a shopping list of everything you need. Then, once you're there, stick to the list. A lot of extra money is thrown away on impulse buys--things we could have lived without had we not seen them. Set a price limit for impulse buys you can't resist, and if it exceeds that limit, put off buying it until the next time you shop. By doing so, odds are you'll find you're doing just fine without it and pass it right by. And if you usually buy brand-name products, try replacing them with generic or store-brand versions. While in a few cases you might find you get what you pay for, some of the products might prove to be of comparable quality.

Also, you might consider reshuffling your list of frequently visited stores. If you normally buy all of your cleaning products while grocery shopping, try making a separate stop at an inexpensive discount store to pick them up. You'll probably be shocked at how much is shaved off your grocery bill ... and how little of it is used to purchase the no-name versions. And if you normally supplement your wardrobe by taking trips to the chic fashion boutique in the mall, first try visiting a factory outlet or discount clothing store that specializes in irregulars. There's a good chance you'll never make it to the mall and you'll have more money to put in your new outfit's pocket.

Excise the Extras

Maybe you're in the habit of seeing a movie every Saturday night. Or dining out every Tuesday. Or maybe hitting happy hour on Fridays. While no one expects you to remove all of the fun from your life, it probably wouldn't hurt to trim down your social schedule. For example, if you do something once a week, cut it down to every other week. You'll spend half of what you'd normally spend, and you'll probably be surprised at how quickly every other week arrives. If you can't stand the boredom, on off weeks try replacing the activity with something less expensive, like renting a movie instead of going to the theater, or totally free, like playing tennis or strolling through the park.

Cut Corners

True to the adage, "A little goes a long way," the tiniest tweaks on your utility usage can result in extraordinary savings in the long run. A high-end desktop computer can use up to 330 watts of power. If it's left on 24 hours a day, it would cost someone paying 14 cents per kilowatt hour $405 a year to run. So turn off the computer when you're not using it. Do the same with the TV, stereo, lights and other electrical devices. Turn the air conditioning thermostat up a notch. Instead of letting the water run while you shave, turn it on only to rinse your razor. Once you start employing corner cutting measures, they'll likely quickly become habit. And the little bit you save here and there will add up in the long run.