?Cancel the Coffee Break: Ways to Reduce Your Credit Card Debt
Studies prove it; people with high levels of credit card debt do indeed enjoy life less. In fact, levels of happiness seem to be directly related to levels of debt for married couples. Believe it or not, reducing credit card debt is an effective way to make your love life better.
The most efficient way to reduce your credit card debt is to find an area of your budget where you spend an amount of money that is more than what is necessary. Then, cut back your spending and use the money you save to pay off your credit card debts. One area of the budget that nearly everyone spends a lot of extra money on is foods and drinks outside of the house. Remember, though, that you need to use the money you save to pay off debts, not on something else.
Keep A Food Spending Diary
The first step in reducing credit card debt is to keep track on how much money you are spending on food. Doing this will open your eyes about how much you are paying others for the convenience of having ready-made drinks and meals. It will also give you an idea of how much you can save by making a few simple lifestyle changes.
If you change your habits too rapidly, you are more likely to feel overwhelmed by the changes. On the other hand, making slight moderations to your food spending habits is more doable. Sticking to your plan will leave you feeling proud.
Cut Back On Coffee Drinks
Starbucks and other coffee shops are ubiquitous in today’s American culture, and there is a long line of customers waiting for service most mornings. Specialty coffee drinks usually cost $3 to $5 by the time you tip the barista, and you might spend even more if you also purchase breakfast foods, like croissants, scones, and bagels, to go with your latte or mocha.
If your goal is really to reduce your credit card debt, you should elect to make your own coffee at home. The amount of money you spend on one day of coffee at a fancy coffee shop is about the same you would spend on a whole week of homemade coffee.
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