A lot of people have started this year with the goal of getting their family finances in order. While there are a lot of ways to do this, to save enough money to pay off debt, you’ll need to make some significant changes.
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Consider these five ways to get your finances in order:
Rent out a room
Odds are your biggest asset is your home, so you might as well start making money off it. Renting out unused rooms can generate several hundred dollars a month and reduce your utility expenses by allowing you to split the bills. If you’re a single parent, consider splitting a household with another single parent to greatly reduce your expenses without having to move.
Sell your car
If you live near reliable public transportation, the option to sell the car won’t be a great sacrifice. Even if you have to go down to one car for the family without any public transportation, the inconvenience might be worth it. You can share a car for a while and use a taxi service or rental car for those occasional times when you have to drive.
Selling a car wilgenerate thousands of dollars, eliminate a monthly bill, and save money on car insurance.
Plant a garden
Transforming your backyard into a vegetable garden or orchard is a lot of work, but it is a great way to save money on groceries. If you grow extra produce, you might be able to trade it for goods and services you need. Furthermore, you’ll be able to increase the value of your house by adding a garden.
Start a business
If you can start a business without a major capital investment and keeping your regular job, this year is the time to do it. Besides pursuing a lifelong ambition, you’ll be able to generate income.
Cut the cable
You can always turn it back on in a few months if you can’t live without it, but most people who take this step say that after a week or so they don’t miss it. You might also want to consider reducing your cell phone plan or getting rid of your Internet service. You’ll save hundreds of dollars a month.
While these methods might seem drastic, they really can save your family thousands of dollars a year. The sacrifices will only be for a few months or years, and at the end, you’ll be debt free and have thousands saved in the bank.
About the Author:
Tricia Borren is a mom and a blogger from California. If you need to buy or sell a car, she recommends Sell The Car.
CMO Contributor
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