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The following article was published in our article directory on July 9, 2014.
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Debt Reduction and the Theory of Diminishing Expenses

Article Category: Finances

Author Name: Irene Immink

Since debt can be mathematically represented by the equation income-expenses= (debt) where expenses > income, lessening expenditures could ultimately eliminate debt and help repair your credit.

Simply put, one must lessen his expenses such that they will not be greater than his income. Based on the 2012 Consumer Spending Statistics with data from the Bureau of Economic Analysis, consumer spending reached more than $13 trillion in the United States alone where almost 60% of the average income of an individual is spent on housing and transportation. Interestingly, the remainder is distributed among food (13%), insurance (11%), healthcare (7%), entertainment (5%) clothing (3%) and "others" (11%).

In order to eventually eliminate debt and repair your credit, it is necessary to understand the debt problem by distinguishing good debts from bad ones. Good debts are those incurred in order to purchase something that is considered as a necessity and continues to rise in value even after it is purchased like a college education or a house. This would therefore include student loans and mortgages. On the other hand, bad debts are those incurred to purchase things that are both necessary and unaffordable such as credit card debts and other personal loans with higher interest rates.

Ways of Eliminating or Reducing Expenditures

Eliminating or reducing expenditures may be difficult at first, but it is an essential requisite to eliminate debt and repair your credit. This can be done by optimizing existing resources, sharing and selecting low-cost alternatives.

Optimizing Existing Resources

In order to optimize existing resources, one must make a quick inventory of everything he owns and learn how to maximize their use. For instance, simply knowing the contents of one's refrigerator may enable him to think of ways to re-invent his leftovers and eat them instead of taking out food or ordering deliveries. To lessen clothing expenditures, one should simply shop in his own closet and think of imaginative ways to produce instant party wear or improve his office wardrobe. By mixing and matching his clothes, he can come up with different new looks without actually having to buy new clothes. Depending on how often he shops, savings from clothes would add a conservative estimate of at least $200 a year. This will prevent you from using your cash or your credit card and therefore enable you to eliminate debt and repair your credit in the long run.

Existing resources also include one's own skills. Instead of going to a carwash or hiring someone to do laundry, mow the lawn or paint the house, one can just do it himself. Other more detailed jobs like setting tiles may be learned by reading DIY procedures over the internet. In other words, before hiring, consider trying!

Another way to optimize the use of one's resources is to use them until they are fully depreciated, completely worn out or broken. This should eliminate debt and help repair your credit equivalent to the steep costs of gadgets which you would otherwise have opted to replace notwithstanding their working condition.

Borrowing and Sharing

Another way to eliminate debt and repair your credit is to resort to borrowing and sharing. One does not always need to buy things like expensive power tools or equipment especially if he is most likely to use them once or at least very few times. Likewise, sharing transportation and gasoline expenses through carpooling would also enable one to save around $3.5-$4 per gallon of gasoline or diesel on days he carpools.

Select Lower-Cost Alternatives

If purchasing a necessity which costs a huge sum of money is inevitable, you can still eliminate debt and help repair your credit by selecting from alternatives that have lower costs. For instance, you may either choose to buy a modestly priced brand new car or a reasonably priced second hand car in good condition. Other goods like clothes and household materials as well as services also vary in price and one may opt to do some online canvassing on where anyone could find the lowest prices before buying. Similarly, one can cut down costs on medicine by buying generic instead of branded ones.

All in all, there is nothing complicated about debt reduction and the theory of diminishing expenses. Simply put, the world is full of options. Debt reduction entails choosing sensible ones.

Keywords: Eliminate Debt, Repair Your Credit

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