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Three (of many) debt management tips
By David Pilley on October 19, 2011

1155329_62756779-(1).jpgManaging your debt involves adherence to a payment schedule. Knowing when and how much to pay is the main difference between shrinking your debt and collecting even more debt. However, debt management may also mean a lifestyle change, or an alteration of your everyday routine. This may involve giving up some things that are not necessities or changing what you do in your free time. Here are three unconventional tips that may help lower your debt.
Go to the library. This may be something you haven’t done since you were in grade school, but the library is for everyone, not just kids who need to do a book report. Your local library has a plethora of books, CDs, and DVDs, and they don’t cost a dime. Instead of spending a large amount by purchasing a book online or at a bookstore, go to the library first and see if you can find it there. And, unless you have some extra cash, don’t bother with a Kindle! Amazon advertises that this gadget can hold thousands of books, but they won’t tell you about the hundreds of dollars it costs. Library books are free, unless you lose them or are late turning them back in.

Give up the smokes. You should already know that smoking cigarettes may lead to the development of cancer, and there is also social stigma involved with people who puff a pack a day. I’m telling you to quit because it’s an expensive habit. In the US, cigarettes are taxed at both state and federal levels. On top of that, most states have excise taxes. Tobaccofreekids.org states that the average cost for one pack of cigarettes is $5.58. The federal tax is $1.01, and the average state tax per pack is $1.46. Of course, average means nobody is exactly at that number. Missouri’s state tax is at a low $0.17, while New York is the highest, $4.35. Giving up smoking will immediately improve your physical and your financial health.

Save up. From Census data, the median household income in 2008 was $61,521, and average expenditures were $50,486. This means, on average, we spend 82% of our income. Personally, I think that’s too much. You should get into the habit of saving, if you aren’t already in it, and you can do this in numerous ways. From every paycheck, deposit no less than 20% into a savings account. Consider making at least two meals at home every week, and also eat leftovers! Buy generic foods instead of brand-name items. Instead of always going out to the movies, every once in a while, go do something that’s free (the park or most museums, for example). A penny saved is a penny earned.

You can generate some extra cash by altering your lifestyle. Whether you go to the library to find books or you decide to bike or take the bus to work once in a while, you can find ways to improve physically, mentally, and financially.
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