How to Find Extra Cash to Put Toward Your Debt

January 27, 2012

Today''s featured article from doughroller.com offers some very helpful ''debt snowball'' tips. One extra cash debt step this original article forgot to mention was Pawn Shops and selling old jewelry or gold for cash. What are your thoughts? Can you think of any additional debt snow ball tips? Tweet about it @pawng

Now before we get to the details, let’s look at the big picture. There are only three ways to free up more cash to put toward your credit card debt: (1) spend less, (2) make more, or (3) do a little of both. Of course, reading an article telling you to spend less or make more isn’t exactly helpful. So we are going to take it a step further and give you some practical tips.

Spend Less

I’m convinced that just about anybody can find an extra $50 by reducing expenses without changing their lifestyle one bit. I call it “painless ways to save money.” Here’s how it works:

Step 1:

Make a list of your monthly bills: Here we are not talking about money you spend eating out, grocery shopping, or filling up the tank. Instead, we are talking about money spent paying your monthly bills like your mortgage, rent, cell phone, Netflix, cable, and utilities.

Step 2:

Eliminate the cost: Once you have your list, go through your bills and ask if there is anything you can do without. Do you really need a land line when you have a cell phone? With football season just about over, how important is the NFL Network? Are you using your Netflix subscription, or has the last DVD you ordered been on top of your TV for 3 months?

Step 3:

Reduce your costs: For those bills you can’t get rid of, scrutinize them to see how you can lower your costs. Here are some examples:

Refinance your mortgage: One of the easiest ways to save money, getting a lower rate on your mortgage can easily save hundreds of dollar a month. Knowing when to refinance will help you save the most.

Lower your insurance premiums: It’s so easy to compare insurance online that there’s no excuse for paying more than you should. You can compare auto insurance, health insurance, and life insurance rates online in a matter of minutes.

Combine cable, interest, and phone: We saved a bundle last year when we combined our communication services. Called a triple-play in the industry, every provider offers discounts when you bundle your packages.

Slash Cell Phone Bill: Cell phone’s aren’t cheap and most of us just accept this. However, there are so many ways to cut down your bill and most of the time it just requires us to look at the bill. These bills are confusing and because of this it’s tempting to not even look at the bill. Here’s a few quick things you can focus on: compare the minutes you use to the minutes you pay for, look for things you already pay for elsewhere like Roadside Assistance of Phone Insurance, and look for mistakes like a text package on a line that doesn’t even text.

Just ask: Ask your landlord to lower your rent. Ask your cable company if they have a better deal. Ask your cell phone provider if they can offer a better price. Ask your garbage collector for a lower price. Ask everybody you pay for a lower price. You won’t succeed in getting a better deal every time, but chances are you will end up saving money without sacrificing the service you receive.

For more ideas, check out 99 Painless Ways To Save. Most of us can save more money and this e-book teaches us how. There are simple things we can do to save that don’t require us to make significant changes. It’s packed full of tips and tricks to save money.

Make More

Getting another job might not be feasible for everyone, but that doesn’t mean there aren’t ways to earn some extra money to pay towards your credit cards. There are a variety of online tools to help you make some extra cash. Here are some ideas–

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