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Is Saving Money Possible In A Debt Settlement Program

Author : Evan Parker

People often have a question in mind Is saving money possible in a debt settlement program? The answer is yes. If you are little patient and proactive it is certainly possible to meet the challenge of saving money in a debt settlement program. Here are a few tips to follow while in a debt settlement program to achieve your financial goals.

1.Stop Spending Unnecessarily:

It necessary to eliminate spending on needless things while in a debt settlement program. Discard spending on clubs, expensive magazines, high priced cosmetics and other avoidable items which you previously would spend on.

2. Keep a Track On Your Income:

It is one of the most important and widely discussed steps to follow. Spending money wisely is only possible when you know how much money you make. It is extremely essential to keep a track on your income for saving your cash. y family to maintain monthly budget plans. If you do not know how to do, you might take a help of Greenshield Financial monthly budget form. There are other tools available online which are effective to create your monthly expenses and savings.

4. Make The Best Use Of Envelope System:

Once you finish your monthly budget plans, use the envelope system to make your budget plans work. Simply fill the envelope with money allotted for each budget category and pay for your purchases from the assigned envelope. When the money in an envelope has been spent, do not spend extra money towards a particular budget category. This way you can save a bulk amount of money.

5. Lower Your Expenses On Automobile:

Avoid using car as far as possible and commute by public vehicle in order to reduce expenses on automobile. If your workplace is close by your house then walking can also be an alternative to save bill on automobile. If driving is must, follow a regular car maintenance schedule and inflate your tires to the recommended tire pressure.

6. Shop Wisely:

You can save hundreds of dollars round the year by shopping at sales and watching the grocery store circular. It is advisable to take the coupons along for purchasing goods in order to save money.

7. Reduce Food Cost:

You can save up to 30%-40% on your food bill by taking lunch to your work instead of eating out, and giving up having a cup of gourmet coffee or delicious desert.

8. Give up Bad Habits:

If you have a habit of smoking or drinking alcohol or taking drugs at a regular interval then quit it. Spending money on these addictions means wasting money that you could spend on your necessities or your family’s.

9. Curtail Using Credit Card:

Try to buy goods with cash as much as possible. Try to avoid the indiscreet use of credit card which increases your debt eventually.

Author's Resource Box

This article has been contributed by Evan Parker. He is a content writer with He writes on financial topics including debt, bankruptcy,

money saving, investment etc.

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Tags:   money saving, saving

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Submitted : 2011-07-26    Word Count : 504    Times Viewed: 515