Following sound advice and managing your spending are key ways to lower your debt and increase the amount of money you have saved at the end of the year. Along with these, there are three more tips that can help you increase your bottom line.
Most stores in the States have moved to a fixed price model, but that doesn’t mean you still can’t bargain. When visiting the grocery store, check out the section that has food that is about to be taken off the shelves, or has damage to the packaging. There is nothing wrong with these items, but you can often ask the manager for a discount just to help them reduce their stock. Instead of purchasing name brand everything, opt for generic, the quality is often the same as the name brand but will cost you far less.
Medial bills are one of the biggest reasons people stay trapped in debt. Health insurance can be very expensive if you are not offered a plan through your job. The Obama care plan is in the works, but still will take time before the general public can really benefit from the program. Instead of paying high out of pocket fees, look for a good affordable health care plan for the whole family. It’s much better to pay two hundred dollars a month for full coverage, than to suffer the debt of emergency room visits or expensive doctor visits. Also, take note of the hospitals or clinics you choose to take service in, those run by the government often have a lower pricing scheme than private hospitals.
Once you get out of debt, you need to increase your savings to put your family on firmer financial footing. Always put at least 45% of your monthly or annual income into some sort of savings plan. This will allow you to not only remain debt free, but also to have something for the future.
There are many ways to get out of debt; some are as simple as following a few well placed tips others require more time and effort. If your debt is especially severe, then you may need to consult a debt reduction lawyer to help resolve your cash flow issues.
If you are having trouble managing your debts and cant seem to find a way to lower your expenses on your own, hiring an experienced attorney is a step in the right direction that can lead you to a firmer financial future. Hiring a debt attorney will allow you to get guidance that is based on fact, not conjecture. You will also benefit by using their negotiation expertise to reduce your monthly payments and lower your interest charges.
Working with a debt lawyer assures that your best interest will always be at the forefront. You will also be subject to higher protections such as the Fair Collection Act. This will keep creditors from harassing you and allow you to deal with the debt in a calculated manner. Many companies also prefer to work with a lawyer as opposed to a commercial debt resolution agency.