As the economy continues to get more challenging for all of us here in the states, it’s time to start thinking about reducing debt and getting on stable ground. This is more important now than ever. Here are some tips to help get you started:

1. Say No to credit – Even if you have a ton of credit cards with high limits, get used to spending cash for purchases instead. Spending cash can save you years of paying on the interest on credit cards.
2. Don’t Spend! – Yes, it’s as simple as that, cut back on frivolous spending
3. Sleep on High End Purchases – You ever hear that saying, ‘let me sleep on this’. Literally, back away from any major purchases, such as a luxury car, to think about it and sleep on it. You may not desire the item so much the next day.
4. Recycle – Sell old clothing, shoes accessories, etc. on Ebay.com. Even if you sell the item for half of what you paid for it, that’s still cash back in your pocket.
5. The Starbucks Factor – The average price for a grande specialty drink and pastry at Starbucks is $6.00/daily; $42.00/weekly and $180.00/monthly. Enough said.
6. Pay Yourself First – 10% of your income should go into an account that can’t be accessed easily such as a Money Market or CD.
7. Knowledge is Power – Read finance books and magazines such as Money and Fortune. They are full of information for investers on every level.
8. Organization – Move into a smaller space than your used to and make it work for you by getting a more organized household.
9. Sacrifice Premium Services – Let’s face it, anyone who is interested in getting good reception on their television, needs cable, but do not subscribe to premium services.
10. Cut Up the DVD Club Cards – Most cable companies offer a variety of movies On Demand for free. They may not be the new releases, but many of them are still very new movies. This will save you $9.99 a month on Netflix, which is a savings of $120.00 every year.
11. Carpool – Carpooling is always a great way to save money on gas when commuting to work.
12. Public Transportation – A day pass for public transportation in Los Angeles, CA is $5.50. You cannot even purchase 2 gallons of gas for the same amount. Case closed.
13. FREE Entertainment – Many cities host free concerts and festivals. Regarding clubbing, ladies take advantage of the ‘Ladies Nights’ perks and open bar times. I recently hung out with some friends of mine in Hollywood and didn’t spend one dime. A freind of mine worked for the valet company we chose and comped us. We got in Free before a certain time and just in time for the open bar. A fun night was had by all that would usually cost about $200.00
14. How Green is Your Garden? – Start a garden with tomatoes, onions, and fresh herbs. Even if you don’t have a yard, you can still grow these items on a balcony or window sill.
15. Use Secured Credit – Even if you have a 800 credit score, consider getting a secured credit card. Secured credit cards are on a spending limit of whatever cash amount you deposit into it. This card will keep you on a budget whether you like it or not.
16. Save For the Rainy Day – Emergencies happen and are a part of life. Make sure you always have an emergecy fund stashed away for dire emergencies.
17. Never Use Payday Loan Services – Payday loan services are one of the quickest ways to get yourself into debt even more. These services are no more than legal loan sharks.
18. Go Vintage – Are you a fashionista or designer label hound? Visit local Goodwill Stores and similiar retail spots. You will be surprised at how many designer items you will find. I once purchased a Hugo Boss blazer for $25.00.
19. Go Over Your Financial Plan With Your Spouse or Partner Every Six Months – This may sound a little excessive, but it is imperative that you and your partner are on the same page with finances at all times. The #1 reason for divorce is usually over money.
20. Live Under Your Means – Don’t spend ever penny you make. If you can afford $1200.00 in rent every month, rent a place for $700.00. A friend of mine, who is a high powered entertainment lawyer, drove the same BMW that he bought while he was in college. Even though he lives in a million dollar home in Santa Monica, he zips around in this old BMW, free of a car note for almost 20 years.
21. Inherit an Apartment – Most people look forward to inheriting cash when a relative passes. A friend of mine inherited the same 2 bedrooom apartment he grew up in when his mother passed. Because of rent control laws in Southern California, he lives in a spacious 2 bedroom apartment in Santa Monica, CA for $700.00. The apartment would rent to a new renter for $2500.00/monthly. He’s so cheap, he even rents out one of the bedrooms to a student.

Green-Zen.com