Cutting down on expenses is usually the only way to get out of debt. If you’re in debt, it’s most likely because you’re spending more money than you are bringing in each month. That can be easy to do if you have a great job and you think you’re making a nice salary. Or if you work really hard for your money, then you might feel like you “deserve” a few perks each day. Well, sorry to say, but to get out of debt you must be spending less than you are earning. The good news is that it’s not so hard to cut back on expenses. You’ll be surprised at all the little places in your home, car or lifestyle where you can nip corners and end up with more money at the end of the month. Personal loans are one way to get started in reducing your debt, because you can use them to pay off your expensive bills. Here are 3 more things you can do:
1) Knowing Your Expenses
You might not even be aware of how much you’re spending each day. The first step to reducing your expenses in making a list of everything you spend money on. Begin with your fixed expenses such as your mortgage or rent payment, add your insurance and utilities, then your car or other related transportation expenses and see how much you have left after that. You’ll still need money to pay your debts such as credit card bills and for food, clothing and school expenses. If these expenses are more than you bring in each month, you can quickly see where to cut them. 
Cut Back on Your Expenses
2) Saving Money in the Home
Starting with your mortgage payment, check the interest rates you are paying compared to current rates. If you bought your home when rates were high, go to the bank and renegotiate your mortgage. Get a new mortgage with a lower interest rate and begin to save money. Then look at your utility bills and see how you can lower them. What a waste of money they can be! If your electricity bills are high, fork over a little money to buy energy-saving LED bulbs. 
3) Cut out credit card spending
Leave the cards at home when you go out shopping. Pay cash and save on future interest payments and possible late fees and penalties.

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