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Drowning in Debt: Let Proper Funding Help You Create a Bright Financial Future

Too many Americans are at risk of losing their current way of living. They have huge piles of debt caused by the Pandemic of 2020. With doors closing on small businesses, many are out of work or, if they are still working, they are earning lower wages. The good news is that the vaccine is on its way to each state. This will allow you to return to work in the not-too-distant future. Listed below are a few tips to eliminate debt and reduce costs now. 

Paying Off Excessive Debt

Having too much debt will affect your credit score. It can reduce a once good score to a poor score in a matter of months. Too much debt from several sources is also much harder to tackle, putting you at risk for late or missed payments. Thankfully, there are several ways to reduce your debt. You can apply for a credit card that offers balance transfers with no interest, refinance your home and use the equity, or apply for a consolidation loan from a company like Proper Funding.

Reeling in Spending

In order to sustain a good quality of life, you need to adjust your spending habits. Going out to dinner, ordering takeout, and spending money on the things you want are all items to show restraint. If you avoid wasteful spending, you can afford to pay your monthly bills and the essentials. 

Reducing Weekly Food Shopping Outings

When money is tight, looking for ways to save money on the things you need is crucial. Food shopping is an area where you can lower costs considerably by checking weekly fliers of the stores near you and doing comparison shopping. Using store brands versus brand names and clipping coupons are other effective measures to increase your savings. Some supermarkets offer rewards for loyalty. These programs offer you discounts on products, gas, free items, or cash off your entire purchase. Use any means available to capitalize on savings.  

Finding Extra Income

If your debt is more than what you make, consider taking on a second, part-time, job. Deliveries for food and essentials are growing in popularity. You won’t have people in your car and you leave deliveries outside the home. If you prefer to remain at home, there are several money-making opportunities online. Writers, editors, tutors, and customer service representatives are a few of the jobs available. Working 15 to 20 hours weekly will bring in a few hundred each month. Use this money to pay down debt faster. 

Bundling Services

Cable, cellular service, and insurance are a few services you can reduce by bundling. If you currently have your internet, cable, and landline through separate providers, you’re probably paying more than necessary. The same goes for insurances like home, auto, and life. Companies reward customers for putting multiple services or policies in their trust. Take advantage of the reduction in costs. 

Avoid Credit Cards

Credit cards are wonderful if you use them correctly. However, when money is tight, many people use them to cover daily expenses. This can lead to racking up a lot of unwanted debt and contribute to a larger budget. Instead, work with the funds you have and find every way possible to save money. Before making a purchase or paying a bill, make sure that you are getting the best price. Even though you may stress a bit, you’ll begin lowering your debt.

Eliminate Unnecessary Expenses

Difficult financial times can become less stressful by eliminating expenses that are unnecessary. Gym memberships, magazine subscriptions, and monthly coffee clubs are a few examples. Cable is another expense that’s considered a luxury. Instead of paying hundreds of dollars monthly for cable, use services like Netflix, Hulu, and Disney+. Recheck your cell phone and make sure you are on the right plan and do the same with your insurance policies. 

Getting on track with your finances by reducing debt and spending less is possible. Adopting smart money habits will put you in a position to recover and achieve personal financial wealth in the future.

Wondering if Proper Funding is a legit company? Read more about how it works.



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