DIY debt reduction

One of the biggest issues in this country right now is the issue of debt. If you divide the United States national deficit for each taxpayer to have a share, everybody would owe around $46,000 each. Whether we owe more or less than that, having any sort of debt can cause strains on our lives, not to mention our wallets. The key to reducing debt is learning to make changes in spending. There are plenty of "home remedies" for you to reduce your debt and live a fulfilled financial life you've always wanted.

1) Budget Most people go into debt when they lose track of their expenses. Sometimes people simply get into the habit of swiping their cards without keeping record of what they've spent or charged to their credit card. The solution is to budget how much you plan on spending each paycheck. Always list your utilities and other required expenses first, followed by how much you intend to use to pay off your debt, even if it's just the minimum payment. With what's left, put a certain percentage into savings and then decide whether you can afford extra expenses.

2) Use Alternatives There is always a cheaper alternative to pretty much everything we do or buy. Take a look at the things you buy and see if you can find alternatives. If you often drive to work and spend a lot of money on gas, consider taking public transportation. If you're a movie buff, get Netflix or a similar service rather than forking out the sometimes $12 it costs for a movie theater ticket. Also don't forget to look for deals and coupons. The best way to save is by finding the best deals on products you use every day. If your favorite brand of cereal doesn't have any coupons this week, settle for the off-brand. More often than not, the generic brand is just as good as the brand name.

3) Alter Your Mindset If you are unsure of how to get yourself started reducing your debt, it is best to start off thinking about money in a different way. Determine how much you make on an hourly basis, even if you're a business owner, contractor or salaried employee. Keep this number in mind as you pay for things. If you're thinking about buying a new car stereo, look at the price and divide it by how much you make an hour. Is it worth the 20 or 30 hours you've worked to pay for that new stereo? Do you really even need it?

4) Diet While some health diets can get a little pricey, going on a financial diet can be fulfilling and won't cost you anything--in fact, it will save you money! A financial diet's core function is learning to say "No." Instead of going out to eat, cook your own dinner and take the leftovers for lunch the next day. Rather than going to the bar with your friends, invite them over for a BYOB party and just hang out. Reduce your bills by using less water, unplugging unused appliances, and leaving the lights off when you don't need them. Also use cloth towels instead of paper towels; it will save you money and help the environment at the same time.

5) Find Extra Money There are plenty of methods to make yourself some extra money. Consider taking online surveys that pay for your opinion, look for paid gigs on Craigslist, or start a blog on a topic you're interested in and sell ad space. All of these are tried and true methods of making some money on the side.

If you are in serious financial debt that requires professional help, you are much better off doing so. Locate debt reduction agencies who will help you learn how to monitor and reduce your debt without cutting too deep into your wallet. It is important that you learn to reduce your expenses so that you can lead a fulfilling, successful life free of financial worry.