Pay off Debt By Saving Money at Home

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There are lots of ways to save money and pay off your debt. You can take out a loan to consolidate your expenses into one payment a month saving on interest rates. You can sell off assets and use the proceeds to pay your bills to avoid costly interest charges and late fees.  You can get a second job or make things to sell on the side. You’ve got lots of avenues you can explore, but what about starting where you’re sitting….at home!

The best place to start is with your utilities. Much like homeowner’s insurance rates vary from place to place, utility rates vary from state to state. Check into programs that are offered by your provider and consider joining their programs to help you save.

Some places like San Diego are temperate enough climates that even with higher rates; most peoples’ utility bills are low. In the Northeast, rates are a little lower, but the bills are quite high due to harsh winters and extremely humid summers. In Texas and the southwest, the energy industry has been deregulated which means that you can shop around and explore all of the different electricity rates for Texarkana and the areas that surround it. The same strategy applies in Connecticut and Ohio and their surrounding areas as well.

Make Sure You’re Getting the Best Rate

You can further save by implementing eco-friendly measures like installing a rain collection system. This reduces the amount of water that you use through the city’s water supply.  You can’t use this water for cooking but you can use it for things like watering your yard and plants, washing the car, etc.

If you want to save even more money, take out your lawn. Replace it with a garden of veggies, fruit trees (if they will grow where you are), berries, herbs and spices. Gardens use, believe it or not, less water than a full lawn. They also require less upkeep. You can grow things in containers if the ground isn’t conducive to growing things this year.

Smaller changes can help you save quite a lot as well. Switching to LED bulbs is a bigger expense now, but will save you hundreds of dollars later on (ease the financial burden of this change by simply replacing bulbs as they burn out with LED alternatives).

Making sure your home is properly insulated doesn’t just reduce your utility bills, it gives you a break on your taxes (some states will give you a credit; others consider it an allowable deduction). The same is true for energy efficient appliances, putting in solar panels, switching to a tankless water heater, etc.

It’s also worth mentioning that downsizing your home can provide you with substantial savings as well as a large windfall to help you pay off your debts. Selling a bigger house and paying off the mortgage on it and then using the profit to buy a smaller home is a great way to rid yourself of mortgage debt and set yourself up for a lifetime of savings. That, though, is usually a last resort.

Really, there are all sorts of ways you can save money at home such as using natural light instead of lamps, buying generic groceries, repairing furniture instead of replacing it, etc. Get creative!  How many different things can you think of that will help you cut expenses?

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