My Debt Relief Plan

How To Reduce Debt and Save Money During a Recession

July 10th, 2008

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The cost of living is on the rise in the United States. Now, more than ever, it is important to start reducing your debt load as much as possible and save money where you can.

MONEY MAGAZINE ARTICLE ON INFLATION

In this months Money Magazine, there was an interesting article titled “The Ultimate Inflation Survival Guide.” Here are some interesting stats from that article.

• The cost to fill up your Chevy Trailblazer is almost $90.00. That’s about 20% more than you spent this time last year.
• The price for a pack of hot dogs is almost 7% higher than you paid a year ago.
• Eggs are up 30%.

What the beginning of the article is outlining is that our cost of living is on the rise. Inflation is a normal part of the economy. Over time, there are periods where inflation is higher than others. In our current situation, inflation is also going hand in hand with a decreasing dollar and sharply increasing oil prices. This makes the small increase in inflation seem drastically higher due to outside forces.

What can you do to help offset the increased costs?

Decrease debt - Interest is a real killer during difficult times. The least amount of debt load that you can get away with…the better. This may mean that you go without some items that you are “used to” having, but in the long run…you will be far more ready for the swings in the economy.

Cut back in areas of your life - During times like these, you can cut back on items that aren’t necessary. Several examples are:

• Going out to eat once per week instead of multiple times
• Vacationing closer to home to offset transportation costs
• Eating store brand products instead of name brand

Look for savings on must have items - A great way to decrease gas costs and save time is to shop more online for the items you need on a daily basis.

The work that you put forth now is going to set you up for greater things in the future. In case most of you haven’t noticed, things are not going to get better right now…only worse. Work hard now for the future benefits.

Robb Sutton
University of Georgia - Economics
http://www.savingsecrets.net/

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Entry Filed under: Debt, Debt Relief, Settlements, Debt Reduction, Debt Consolidation, Blog Carnival