10 Ways to Save Money on Practically Everything to Make Debt Settlement Easier

If you have more than $10,000 in unsecured debt (credit cards, medical bills, etc.), debt settlement allows you to get out of debt much faster than by making the minimum monthly payments or by using debt consolidation.

In previous articles, we have discussed "10 Factors that You Must Consider When Choosing a Debt Settlement Company" and "How Debt Settlement Saves You More Time and Money tha
Other Debt Relief Options." Let's say that you have sought debt relief and are now in a debt settlement program. Yes, credit card debt can be very expensive and stressful, but getting out of debt doesn't have to be.

How would you like to save $150 over the next month toward your next debt settlement payment? How about $400 over the next two months, or even a $2,000 over the next six months? This article lists 10 ways to save money on practically everything to make debt settlement easier.

Some experts suggest that you get a second job in order to finance your debt settlement payments. While this might work in certain instances, you must also remember the famous 17th century proverb: "It is as useful to save money that you already have as it is to earn more."

Not all of the tips in this article apply to everyone. Just find those money-saving ideas that apply to you, and start using them. If you are committed and persistent over the long haul, you will be amazed at how much money you can save.

1. If your bank offers free online bill payment, take advantage of this option. With the price of a first-class postage stamp at 45¢, free online bill payment can save you lots of money over time. For example, if you use online bill payment to pay your gas, electric, water, and cable bills every month, you are saving $1.80 (4 x 45¢) a month in postage. That adds up to $21.60 a year.

2. Instead of an expensive whitening mouthwash, consider using a use a 50/50 mixture of hydrogen peroxide and water. We checked the prices on both. At the drug store, you can pay as much as $6.99 for a 32 oz. bottle of brand-name whitening mouthwash. At Pittsburgh-based Giant Eagle®, you can pay as little as 99¢ for a 16 oz. bottle of generic hydrogen peroxide.

3. Give up smoking. If you live in Illinois, the average cost for a pack of cigarettes is $9.67. If you smoke a pack a day, that's $3,529.55 a year! So, if you think that you can't afford a debt settlement payment every month, think again. If you're paying $300 a month to settle your debts, $3,529.55 is equivalent to almost 12 monthly payments.

4. We suggested this money-saving tip in a previous article, but it is worth repeating again. You can save a lot of money if you stop watching commercials on television. Commercials market to your emotions and not to your practical thinking. Do you really need that miracle eye cream or perfect cupcake maker? Recently, we saw an infomercial that was promoting a 15 oz. bottle of shampoo for $29.95, plus shipping, handling, and applicable sales tax. Remember, expensive does not always mean better.

5. Wash your laundry in cold water. It will save you lots of money over time.

6. If you like berries, buy them on sale during the summer and freeze them for future use. Pittsburgh-based Giant Eagle® frequently advertises berries at "buy one, get one free" during the summer months.

7. Even if your checking account doesn't require a minimum balance, make sure that your balance is never below $100 just to play it safe. There are two reasons for this. First, if you don't have overdraft protection, the charge for insufficient funds now averages $35 per transaction. And according to SmartMoney.com, "Some banks even charge a fee each day an account sits in arrears."

The second reason is that the CFPB [President Obama's Consumer Finance Protection Bureau] "has a hunch that banks are manipulating the order of your daily transactions to maximize the chances you’ll be charged an overdraft fee."

It's better to have an extra $100 in your checking account that you might never use than to pay a $35 overdraft fee. You can purchase a lot of "buy one, get one free" groceries, household supplies, and personal care items with that $35.

8. Monitor your checking account very carefully. Make it a priority to document every transaction, including any applicable fees. If you see a charge that you do not recognize, notify the bank immediately. We recently found an unauthorized charge of $79.99 on our checking account that did not belong to us.

9. Consider using fat-free plain yogurt instead of sour cream. It is a healthier option, and is cheaper than sour cream when bought in the 32 oz. size.

10. If you receive any extra money as a gift, work-related bonus, etc., put your debt settlement program and peace of mind first. Do not go on a spending spree. Remember how the destructive cycle of debt has been running and ruining your life up until now.

So there you have it, 10 ways to save money on practically everything to make debt settlement easier. While credit card debt can be expensive and stressful, getting out of debt doesn't have to be. Make saving money a top priority, and focus on making a stress-free debt settlement payment every month.