Reduce Debt with Smart Shopping

One of the best ways to reduce your debt is to spend less. To help you spend less each month, we’ve compiled a list of shopping do’s and don’ts that will give you some good information when it comes to getting by with less. See how many of these tips you can implement. Use the money you save to apply toward your highest interest credit cards and loans.

Shopping Do’s

• Use a shopping list  – The best way to avoid overspending is to plan your purchases, particularly at the grocery store. Go with a list and stick to it. Don’t add extra items to your cart.
• Comparison shop – For big purchases in particular be sure to spend some time and find the best deal. Every dollar saved is one that can be spent on paying down credit card debt.
• Use coupons – With some advance planning and a bit of organization you can save a bundle each month at the grocery store. Using coupons is a great way to rack up the savings and spend less every time you buy groceries.
• Have a waiting period – If you see something you love and feel you just can’t do without, don’t buy it right away. Make yourself wait a week. During that week, ask yourself if it is something you really need or if being out of debt is more important.
• Send in rebates – If you make a purchase that has a mail in rebate, be sure to send in the rebate immediately. Manufacturers count on a significant number of rebates going unclaimed. Do not be one of the consumers who doesn’t collect.
• Buy in season – At the grocery store, purchase fruits and vegetables that are currently in season. For example, avoid buying imported strawberries in December.

Shopping Dont’s

• Don’t use credit cards for purchases – If you’re trying to get out of debt, you have to stop using your credit cards. Only use what is in your wallet or in your checking account to pay for new purchases.
• Emotional Shopping – Some people use shopping as a form of therapy. It’s probably much less expensive to see a therapist! If you’re in an emotionally upset frame of mind, find another activity instead of shopping. Talk to a friend, go for a walk, play with your children or pets. Extra debt can just add to emotional distress and will contribute to a vicious circle.
• Shopping when hungry – Don’t go to the supermarket if you are hungry. Plan your shopping trip for a time just after a meal.
• Don’t eat out – Homemade food is healthier and costs less. It takes a bit more time to prepare but it will significantly help your budget and your waistline.

Reducing debt is a difficult thing to do. It takes dedication and a lot of planning to make the right decisions. However, it can be done. Use a few of our shopping suggestions to whittle down your debt a little each month. Every place you can save money will improve your bottom line over the long run.

Tags: debt reduction, reduce debt, shopping tips to reduce debt