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August 04, 2006
The Little Things Add Up - Debt Freedom can be Achieved
One of the first and most obvious ways to pay off debt faster is to look for ways to cut excessive, wasteful, and frivolous spending and to apply that money toward our debt.
It can be hard to save hundreds of dollars in one category, but, amazingly, it's easy to save five hundred dollars or more by cutting back on smaller expenses.
Could we, for instance, replace the two-dollar cup of gourmet coffee with the stuff we get at work?
Can we buy generic brands of medicine?
Use vinegar instead of expensive cleaning solutions?
Use cheaper shampoos and lotions?
Bring our lunch to work every now and then?
Cutting back doesn't have to mean doing without. We experiment.
Maybe we get gourmet coffee once a week or once a month instead of every day.
We may find that we don't miss it as much as we thought we would and that we feel more gratified saving ten dollars a week.
We allow ourselves to be flexible. We put the money we save in an envelope or box.
We apply the savings toward our debt.
Look for small ways to save five hundred or a thousand dollars a year.
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