Here are some simple steps to reducing your debt. Most of these tips are self-explanatory and basic.

Tip 1: Stop buying things you don’t need. Can you imagine how much money you’d save if you only bought things that were necessary to your survival? Of course, it would mean you’d have a very boring life, but you would ultimately save money. Many people fall into debt because they buy out of impulse. Others buy luxury items that they don’t really need, but can’t seem to resist. Before you grab that item and run to the checkout line, think about whether or not you really need that “something”. Do you really need those new shoes? Do you really need that new TV? Can you afford to go on that vacation overseas? If you answered no, kick your will-power into high gear and don’t buy! It’ll take lots of discipline to stop your spending habits, but you can do it.

Tip 2: Every penny counts! Start cutting out coupons, and be a frugal shopper. You may think what good is saving a quarter here, and a dollar there. It does make a difference because it all adds up in the long-run. For example, if you could save $10 on groceries every trip, and you go to the market 10 times a month. You’d be saving $100 a month. Imagine how many different ways you would be able to spend that $100. You could put an extra $100 toward your credit card bills. You could deposit that money into your high-yield savings or CD account. You could pay your water or electricity bill.

As a frugal shopper, you may be able to save money by being more patient or selective. Don’t buy the first good deal you see. There may be other deals out there that may be better. So, take your time and compare shop different vendors and merchants. For example, I use Hotels.com to compare hotel room prices, and LowerMyBills.com to compare mortgage lender quotes.

Tip 3: Get out of debt faster by making smarter payments. Did you know you could shave off up to 6 years off your 30 year mortgage term simply by making bi-weekly mortgage payments? Well, it’s true! By making a payment every two weeks as opposed to every month, you are essentially paying down your principal faster. This means that you’ll incur less interest fees over the entire term of the loan. Here is a bi-weekly payment calculator for you to try out: http://www.dinkytown.net/java/Biweekly.html. You can apply this same principle to credit card bills or any other revolving credit line. The sooner you pay down your balance, the less interest fees you’ll incur.

Tip 4: Transfer your high-interest credit card balances over to a zero-percent introductory credit card. You could save a ton in interest fees by doing this. For instance, you could save $1,000 in finance charges on a credit card balance of $5,000 at 20% APR. If you don’t qualify for zero-APR credit cards, look for other financing alternatives such as personal loans or debt consolidation loans with lower interest rates.

These are just a few ideas to get you going. You may come up with some money-saving ideas of your own.

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