Family debt is all too common in American homes today. Debt is hard to manage and harder to pay off if you use it too much. Reducing your debt makes it easier to live life, and a lot more of your money can be actually be saved and used for other things when you're not living on credit. Here are some of the ways that you can reduce the family debt.     

1. Don't Use Credit Cards

Most of the debt that homes have today consists of credit card debt. If you want to reduce your debts, start by not adding more debt to what you already owe to your creditors. When you don't have the cash to buy something you want, wait until you have the money before you buy it. (Remember that "wants" and "needs" are two different things.) Although this seems like a very elementary concept, it is the main thing that people struggle with. In the end, it is more worth it to reduce your debt than to increase it. For example, you can hold off on a new laptop until you have the cash to buy it outright.

2. Cut Back on Expenses

One way to reduce your family's debt is to cut back on expenses. If you do that, you can allocate that saved money to paying off the debt.  Here are some ways to save money:

• Make your own food from scratch as much as you can
• Cut your electricity bill by using less energy
• Learn to mend your own clothes and reuse fabric for other sewing projects
• Buy things at thrift stores and yard sales
  
  

It might seem hard to do this at first, but it won't be long until you get used to it.

3. Stick to Your Budget

The first thing you have to do is make a budget. If you don't know what you're spending, how you're spending it, or what you could save with what you have, you will get into debt. You have to stick to a budget. Keep track of your spending, and you'll think twice before you make an impulse buy. Put some of that money towards your savings account and the rest can go to your debt. If there are emergencies, you still have your savings account and you can keep paying off your debt.

4. Sell Belongings You Don't Need

One way you can get extra money to put towards the family debt is by selling some of your things. You can sell books, extra clothing, bikes, games and extra shoes. This will give you a little extra money to pay off more debt. Look through your house and sort through your belongings. Sort them by priority. If you really need something, keep it. If you don't need it, see if it is in good shape; you can then sell it on eBay or Craigslist.

Being debt free can change your life. It's much better to be debt free and stay debt free. It will reduce stress and put your family back on the road to true wealth.

__________________________
Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.