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If you're facing a wagonload of debts, what's the worst thing you can do? It's simple. The worst thing you could do is ignore them. You might act like an ostrich and stick your head in the sand – at least figuratively speaking – but that's no solution. You might want to ignore your debts but your creditors won't. The more you try to ignore them, the worse things will get.
Don't forget the other side of the coin, which is to find ways to save money and pay off your debt. When they put their minds to it, most people can find ways to cut their food costs by 50% or better. What's the secret? Use coupons. Become an astute coupon collector and you might be able to get $100 worth of groceries for $20 or less.
How much are you spending on entertainment? This is another area where most people can easily cut costs. Do you have cable or satellite TV? There's really not much of a reason to have either of these. You could get most of your television programs and movies downloaded to your computer and streamed to your TV using services such as Netflix, iTunes, Amazon prime and Hulu. For that matter, Google recently introduced its new product called Chromecast. It costs just $35, plugs into any HDMI port on your TV and enables you to stream Netflix, YouTube and Google Play content from your PC to your TV. Google says that it's negotiating with other providers and will soon have even more content available via Chromecast. If that’s not enough, you can probably get your local TV channels free through the air. All local stations are required to broadcast digital, high-definition programming that you could pick up simply by buying an inexpensive antenna. This would get you all of your local news as well as all network programming –free.
Where else could you make cuts?
The list of categories where you could reduce your spending is probably as long as your arm. In fact, there may not be a single category where you couldn’t make cuts if you put your mind to it. But that's the secret. You need to review all of your spending with an eagle's eye. Do this and you should be able to reduce it by at least $200 a month without breaking a sweat.