Home foreclosures continue to grow. Over one million additional foreclosures are predicted. Americans continue to fall behind in their mortgage payments and are drowning in debt. The government does not live within its means and the American people have not learned to live within their means.
If you are struggling with debt and a mortgage, you need to make some serious decisions. To gain control of spending habits, you must be willing to review your finances and develop a budget.
There are numerous ways to reduce your spending. The average person is spending close to $100 for a cell phone. You can easily switch to a $25 pay as you go phone. Of course, it does not have Internet access or texting. These are not necessities and it is better to live without these conveniences than to live without your home.
While eating out is convenient, it is costly. Brown bag it to work and cook meals at home. The average person spends $80 eating out each week. That is a total of $320 per month. You can put this extra money toward debt or your mortgage.
Consumers are stuck on buying costly brand-name foods items. The average family spends too much on groceries. Aside from shopping sales and clipping coupons, you can reduce your grocery expense by 60 percent simply by switching to store-brand items. Most of these items are of similar quality and taste. You can read the label and you will see the ingredients are virtually the same.
Just by following the above steps, you can save close to $500 per month. This money may help you maintain your mortgage payment or pay off debt. Once you start examining what you spend your money on, you will find other ways to cut your monthly expenses. You may save your home and put your family on more secure financial ground.