Reduce Your Credit Card Debt By Cutting Out The Coffee Break
Credit card debt can seriously interfere with your enjoyment of life. Studies have shown that how a married couple's rating of how happy they are is directly correlated to the amount of credit card debt they carry, so reducing your credit card debt can also improve your love life!
The best way to reduce your credit card debt is to cut back your spending in some area and apply that savings to your credit card debt. Be careful, though: You will not reduce credit card debt if you spend the money you save on something other than your credit card balances. An easy way to reduce credit card debt is to reduce your spending on food and drink consumed outside of your home.
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.
The easiest way to make these changes is to make them one at a time. Drastic cutbacks will leave you feeling deprived, but if you gradually change the way you spend money, you will gain a sense of pride and accomplishment in your achievements.
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.
Reduce credit card debt by making coffee at home and skipping the stop at the coffee shop. You can buy a coffee brewer and a pound of coffee for about the same amount you spend on coffee drinks in one week.
If you look forward to your coffee break as a way to socialize, go ahead and walk with your friends to the coffee shop. You can catch up on conversation while you wait in line and wait for your friends' drinks to be made. Chances are, though, that your friends also need to reduce their credit card debt. Suggest an alternative to the traditional coffee break, such as playing cards in a break room, walking up and down stairs for exercise, or taking a brisk walk around the area where you work.
At the end of the month, add up the amount you have saved on coffee drinks, bagels, scones and the like, and reduce your credit card debt by that amount plus your regular monthly payment.
