Think saving is just about tightening your belt? Dread giving all the fun?  I’m here to tell you that it’s not necessary to do so! While there is a real need to cut back when you’re saving money for a home, there’s no need to give up all the things you enjoy in life. Your savings plan needs to be enjoyable for you – or at least not torturous – in order for it to be sustainable.

Here’s what you can consider doing: make small reductions in all areas, instead of just in the entertainment category. In this way, you won’t notice as much of a change in your lifestyle, and you are much more likely to stick with it!

Here are some other ways to negotiate bill payments, including dealing with existing debt, so you won’t be missing all the fun.

Cut down on those monthly payments

Have credit card debt? Focus on paying off debts that are interest-generating. These include credit card debts that are cumulative, with an extra interest charge added each month. The lower the amount of debt you have on your credit card, the lower the interest charge you’ll have to pay off. By paying off these accounts first, you end up paying less in the long run.

Another option is to negotiate your payment with credit card companies. Call the loan officer or the company to negotiate. Many places are likely to lower interest rates for you: all you have to do is pick up the phone and ask!

Have you explored your options?

If you have multiple debt accounts, it’s possible to consolidate them into one account and pay it off.  Contact a debt consolidation company that can compile them into one account, and charge one monthly fee instead.

You may also get offers of zero interest on balance transfers in your mail. What a balance transfer does is move the entire balance of one card to another with a zero percent interest rate for a period of time.

Sounds good, right?

But there’s a catch: this special zero percent interest rate is only for a limited time. This is an ideal solution if you can pay it off within the time frame allotted. Remember to take note of what the interest rate will be when the special rate expires!

Maybe it’s time to close an account

You could also consider closing an account completely. Give the company a call and see what options are available for you if you want to close your account. It’s possible they will be willing to negotiate better terms that are more feasible for you to pay. Let them know what you are capable of paying, and see how they are able to help you.

Once an account is closed, there will no longer be any interest accrued on your existing balance. However, don’t close too many accounts too quickly! Doing so will make a dent in your credit score.

You Have Options

There are ways to cut down monthly bills. You just need to get a little bit creative. If you’d like help getting a debt consolidation or repair plan in place, give us a call. These are our areas of expertise, so we will be happy to help!