In order to see the fruition of most financial strategies, you have to be patient. Paying down debt and building wealth do not happen over night. However, there are a few things that you can do today to help accelerate your progress. The following is a list of actions that will have an immediate positive impact on your financial situation and free up cash.
Sell Unused Items: Look around your house (or storage unit) for items that you rarely use. There is a good chance that you have a few items that might be of value to other individuals that you can sell on EBay, Craigslist, or in your local classified paper. Old bicycles, musical instuments, sports equipment, clothing, tools, and furniture are always in demand.
Reduce Your Utility Bills: Contact your cable, internet, and phone providers and tell them that you are considering an alternate service provider who is offering a better price. I recently got my cable company to honor a 6 month $29.99 service special that was “only” for new customers. You man also consider downgrading your service plan, or canceling it all together if you are desperate to free up cash now.
Get a Second Job: Depending on your location, there are usually a variety of part time job opportunities available to anyone willing to work. From delivering pizza to cleaning houses, the possibilities are endless. Who knows, you might even be able to turn your hobby into a part time job.
Downgrade Your Vehicle: If you’re driving around in an expensive car and your priorities have shifted to becoming more financially stable, you may consider selling it. Even if you are significantly “upside down” in your current automobile, selling it may be a wise thing to do.
Sell Your Recreational Toys: One of the first things that we did when we began eliminating our debt was my sell my motorcycle. You may have a boat, RV, 4wheeler, or other recreational motor craft that is holding you back from reaching your financial goals. Don’t worry, when you are debt free you can pay cash for a nicer “toy”.
Maximize Your Vehicles Fuel Efficiency: With the price of gas climbing, even a marginal increase in fuel efficiency can free up extra cash in your budget. No matter how fuel efficient your vehicle may be, you can always benefit from my popular tips on improving your vehicles fuel efficiency.
Reduce Impulsive Purchases: Maintain a shopping list of the items that you need. Going unprepared to the local Wal-Mart or grocery store can cost you a fortune in impulsive spending.
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