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Pay Off Debt Faster by Cutting These 3 Bills

pay off debt fasterPaying off debt is a serious challenge. The problem is that you can’t stop your other bills while you are working on reducing or eliminating your debt.

This means you need to do one of two things in order to pay off debt faster and get back on track financially – either make more money, or reduce your bills. This article is going to be focused on the latter of those options.

By doing your best to cut the three bills included below, you can redirect more of your income toward eliminating that pesky debt once and for all.

The Infamous Gym Membership

Having a gym membership that you don’t use is almost like a running joke among many adults – but the money that is wasted is no laughing matter. If you pay $50 per month to maintain a gym membership, and you only use that membership once or twice per month at most, you are wasting money.

Some quick math will tell you that $50 per month adds up to $600 per year, which would have been a nice amount of money to apply towards your debt. There is nothing wrong with a gym membership if it is being used regularly, as it can be a great way to stay in shape. However, if your gym card never comes out of your wallet or purse, consider cancelling and using that money to cut into your debts.

The Cable Bill

It can be difficult to cut the cord on cable. Most people are used to having hundreds of channels available at the push of a button, so cable is a bill that many people pay automatically each month without even considering an alternative.

However, you might be able to consume the same programs that you currently watch for less money through other methods. With subscriptions to services like Netflix and Hulu, it is possible to watch many great shows for a fraction of the cost of cable. Another option, like the Amazon Fire TV Stick, allows you to pay a one-time $39 fee and you get access to tons of content. It is important to note, however, that this plan won’t work for everyone, as things like live sports might require a cable (or satellite) subscription.

Dining Out Bill

This isn’t a ‘bill’ in the traditional sense, but it can cost you just as much money as some of the other monthly bills that land in your mailbox. The habit of going out to eat multiple times per week is something that many people can’t seem to break – and it is costing them big time at the end of the month.

When you look at your monthly budget, be sure to evaluate how much of your money is heading to restaurants. If you are going out more than once or twice per month, your budget would greatly benefit from a reduction in meals out on the town. Generally a meal eaten in a restaurant, even when you try to be frugal about it, will cost you double what it would cost to eat similar food at home, so the savings can be huge when you start to add it all up.

 

Have you cut any of these bills to help pay off debt faster? What else have you given up to help pay off debt faster?

 

Photo courtesy of: Icb

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

3 comments

  1. I’m a big fan of at-home workouts. It saves energy in getting to the gym, and of course, it’s free. YouTube is a surprisingly good source of videos.

    And I have to say, we definitely don’t miss our satellite bill. We’ve been using Hulu for nearly 3 years, I think. There are one or two shows that it’s annoying to have to wait for on Netflix. But not enough to make up for the price difference!
    Abigail @ipickuppennies recently posted…Why we’re getting Tim weekly massagesMy Profile

  2. I haven’t had gym memberships for more than a year. And, I think that it has helped me save much money, imagine the payment I do each month. I know for myself that my finances has become easy to manage without that gym membership.
    Jayson @ Monster Piggy Bank recently posted…Investing In Your Child’s AbilitiesMy Profile

  3. To avoid the gym bill I started to bike to work. It’s been about 6 years now and I’ve never looked back. Not only does it save money on a monthly gym membership but it also saves money on the commute to work. I used to spend ~$2000/yr on a transit pass. Now I spend ~$100/yr on individual fares if the weather is super bad. Otherwise I just bike in each day.
    Thomas @ i need money now! recently posted…The 3 Big Benefits Of An Emergency FundMy Profile

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