Cut Down Your Debt: 33 Proven Strategies That Work

Debt can feel like a weight on your shoulders, but it doesn’t have to define your life. There are practical strategies that can help you reduce your debt load and lead to a more secure financial future.

Here are 33 proven ways to start reducing your debt today:

1. Downgrade Your TV Package

Reducing or eliminating expensive television services can help save money. There are plenty of affordable or free streaming platforms available.

2. Buy Sale Items at the Grocery Store

Focus on purchasing sale items or generic brands at the supermarket. The savings can quickly add up.

3. Borrow Books from the Library

Instead of buying books, borrow them from your local library. Many libraries also offer e-books and audiobooks.

4. Choose Water When Dining Out

When dining out, opt for water instead of soft drinks or alcoholic beverages. You’ll be surprised at the difference this can make to your bill.

5. Skip the Extras

Avoid unnecessary extras like desserts and appetizers when eating out to keep costs down.

6. Give Homemade Gifts

Consider giving homemade presents such as baked goods or crafts. These thoughtful gifts can also save money.

7. Offer Services as Gifts

Offer services like babysitting or house cleaning instead of material gifts. This can also add a personal touch to your presents.

8. Make Your Coffee at Home

Start brewing your coffee at home instead of buying it daily from a coffee shop. The savings can add up over time.

9. Pack Your Lunch

Packing lunch for work instead of eating out can significantly reduce food expenses.

10. Adjust Your Thermostat

Adjusting your thermostat to hotter in the summer and colder in the winter can help reduce utility costs.

11. Cut Gym Memberships

Consider cutting expensive gym memberships and opting for outdoor exercises or at-home workouts.

12. Use Public Transportation

If possible, use public transportation instead of maintaining a vehicle. The costs of fuel, insurance, and maintenance can add up.

13. Shop Second Hand

Consider shopping at thrift stores or online resale sites. Many items are lightly used and much more affordable.

14. Cook Meals at Home

Cooking meals at home rather than eating out can save a lot of money. You can also control what goes into your food for a healthier diet.

15. Use Coupons and Discounts

Look for coupons, discount codes, and sales when shopping. Many stores and online platforms offer seasonal or occasional discounts. And often times all you need to do is email and ask for it.

16. Cancel Unused Subscriptions

Cancel any subscriptions that you don’t use. These could be magazines, online streaming platforms, or other monthly services.

17. Limit Personal Care Expenses

Consider cheaper alternatives for personal care, like doing your own manicures or haircuts (for a spouse’s simple, straightforward hairstyles, this is easier than you think).

18. Save on Utilities

Switch off lights when not in use, limit your water usage, and unplug appliances to save on utility bills.

19. Carpool to Work

If public transport isn’t an option, consider carpooling with colleagues to save on fuel costs.

20. Sell Unused Items

Sell items you no longer need on online platforms. It will not only declutter your home but also add to your income.

21. Share Large Entrées When Eating Out

Share a large entrée or have small appetizers instead of a full meal when dining out. Portions are often large enough for two.

22. Opt for Matinee Movies

Go to matinee movies instead of paying full price and skip the expensive concessions.

23. Air Dry Clothes

Consider air drying clothes when the weather permits. It can save on energy costs and is gentler on your clothes.

24. Practice DIY

Save on home improvement costs by learning how to do simple repairs and renovations yourself.

25. Share Streaming Services

Instead of each household member having individual subscriptions, consider sharing streaming services to save on monthly fees. (Legally of course).

26. Opt for Free Entertainment

Enjoy free local parks, community events, or even just a good book at home instead of spending money on paid entertainment.

27. Reduce Laundry Loads

Wait until you have a full load before doing laundry. This can save on both water and energy costs.

28. Swap Books, Games, and More

Set up a swapping circle among your friends or neighbors. This can apply to books, video games, board games, and even children’s toys.

29. Bulk Buy Non-Perishable Items

Buying non-perishable items in bulk can save money. Just ensure that you have adequate storage and will use all the items before they expire.

30. Use a Water Filter

Instead of buying bottled water, invest in a water filter. It’s a one-time investment that can save money over time.

31. Make DIY Cleaning Products

Household items like vinegar and baking soda can be used to make effective, low-cost cleaning products. Here is a list of 19 helpful ideas.

32. Use Free Software

Opt for free software alternatives. For example, Google Docs can be used instead of Microsoft Office, and free apps can often replace paid ones.

33. Make a Shopping List

Make a shopping list before you go to the store to avoid impulse purchases and stick to your budget.

Remember, each step towards reducing your debt, no matter how small it may seem, is a step towards financial freedom.

Start implementing these strategies today and see a change in your financial health. Throw every penny saved at your debt as quickly as possible (so it doesn’t get spent/wasted elsewhere).