Studies prove it; people with high levels of credit card debt do indeed enjoy life less. In fact, levels of happiness seem to be directly related to levels of debt for married couples. Believe it or not, reducing credit card debt is an effective way to make your love life better.
The most efficient way to reduce your credit card debt is to find an area of your budget where you spend an amount of money that is more than what is necessary. Then, cut back your spending and use the money you save to pay off your credit card debts. One area of the budget that nearly everyone spends a lot of extra money on is foods and drinks outside of the house. Remember, though, that you need to use the money you save to pay off debts, not on something else.
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.