How to Get Out of Debt - Look for Free Alternatives

Cutting spending is one of the key elements to help a person get out of debt. Whether this means negotiating lower interest rates or cutting back on unnecessary purchases, the best way to free up money and use it towards debt is to take a good hard look at where a person's money is going in the first place. In addition to cutting back on regular expenditures, a person can also save themselves a surprising amount of money by taking advantage of free alternatives to regular purchases. These free, money-saving alternatives are available all over the place if an individual is looking for them.

Owning an automobile is the embodiment of freedom. It allows a person to get where they are going without having to rely on someone else and has been a symbol of this country since it was first invented. Unfortunately, owning an automobile also comes with a number of costs that can get in the way of a person paying down their debt. In addition to car payments, a person will also have to maintain their vehicle, purchase insurance for it and fill it up with gas on a regular basis.

Although it may not be possible for a person to completely do away with their car, truck or SUV altogether, an individual may find that they do not need their car as often as they originally believed. Rather than driving a few blocks to the local store to pick up household items, walking or riding a bike is free. Even if a person needs their vehicle 90% of the time, taking advantage of free alternatives for the other 10% can make a real difference. Even if an individual saves only one tank of gas a month, that is money that can be put towards paying off debt.

Another area where many people spend a portion of their monthly income is on gym memberships. Exercise and staying in shape are important because staying healthy can help a person save money on medical costs. The downside to a gym membership is the fact that it can cost anywhere from $30 to 100 every month. An individual looking to save money may want to consider canceling the gym membership and enjoying more outside activities with friends and family instead. A person looking to save money can get plenty of exercise without ever having to step foot in a gym at all.