We are trying to use the Debt Snowball to payoff debts from smallest to largest. We decided to get rid of extras to pay more off sooner. These are the things we cut out of our monthly expenses:

1. $15 Neflix
2. $13 XM radio
3. $40 Cable - got rid of Digital cable box, digital cable & expanded basic. We have 20 channels total and internet access (necessary for work).
4. $30 a month for weekly trips to Chick-fil-a for the kids. A healthy decision.
5. $200 reduction in contribution to 401k. After our debts are paid we will pick it back up.
6. $100 reduction in contribution to college savings. Again after our debts are paid we will pick it back up.
7. Shopping: Vowed not to buy any clothes for myself and only clothes the girls NEED, no toys, games, etc unless it is their birthday or Christmas. I'm trying hard to stay out of Target and if I do go to stick to my list.
8. Unnessary trips out of the house will save an undetermined amount of gas/vehicle expenses.

That should free up at least $400 more bucks to put on the credit card a month!!

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In addition ...

Look at your tax situation. You shouldn't be getting a refund of more than $100 when you file. Make sure to adjust hubby's withholding if you normally get a large refund. Take into account that you will be paying extra taxes because you won't be contributing as much to your 401k.

Look at your insurance coverage. can you afford to increase the deductibles. Are there cars that are old enough that they don't need comprehensive anymore?

If you've been paying extra on your mortgage, can they re-amortize your loan and perhaps lower your monthly payment?

Call around to any credit cards you may owe on. Ask them to lower the interest rate. Even if they say 'no' the first time, persist.

Examine your utility bills. How can you save money there? Does your gas or electricity company have variable charges? For instance, if you run your dishwasher in the evening, will you save on your electricity bill? Can you lower your thermostat? Clean your furnace filter? Use fewer lights? Turn off or unplug devices that have an 'instant on' feature such as a little used TV or your computer printer?

Lastly, vow to stop using disposable items, or at least, reduce the quantity you use. Many people cut back on their food bill first but the real place to save money is in paper products and cleaning supplies. Can you use less detergent? Can you use cloth napkins instead of paper? Can you start a rag bag to use instead of paper towels? A miracle cloth and a little water cleans mirrors and windows just as well - if not better - than Windex and a paper towel.

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"I've been rich and I've been poor but independently wealthy is where it is at."

Cookie2, those were good suggestions. A word of caution about raising insurance deductibles and/or dropping comprehensive insurance on vehicles. You may want to have a fund available to cover the increased deductible and/or a low-cost replacement car first before pursuing this.

I've taken some of these suggestions...one big difference is I went from using a roll of paper towels a week to...i don't know yet! I haven't run out! Just from the cloth napkin thing. A bad thing I did was buy clorox wipes, BUT I can use one to clean my whole (admittedly small) kitchen. Plus the time savings in the bathrooms is nice. After I use these up though I won't buy more.

Netflix users: Did you know you can suspend your membership? That's what I have done for now. I think we'll end up cancelling it but until I'm sure, we just suspended it. I think it's a really cool feature.

I'm also using less of all of my cleaning products. Can you add water to fabric softener?

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Sarah

Thanks for all your additional suggestions.

I've already switched to vinegar & water for most of my cleaning and cut out swiffer months ago. I'm with you faerieflr, I've been trying to use more towels and microfiber cloths for cleaning. It makes cleaning faster and isn't much additional laundry. I don't buy those huge packs of paper towels anymore.

I don't agree with increasing deductibles but that is JMO.

I also don't agree with any kind of reamortizing or refinancing our mortgage. When we pay off the smaller debts we will be paying off that mortgage 20 years early - I HOPE!

I've suspended my Netflix several times and finally decided to go without it.

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Those are some great tips!
Since my dh and I both have our own cell phones, I don't have a house phone.
We have 800 anytime mins, unlimited weekend and family time (all our fam has this) and free texts. We pay $70/both.
I use my wifi for internet, though no shopping online for me!
It's A ok w/ us though

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You must be the change you want to see in the world ~ Gandhi

Cookie...what's a miracle cloth? Who makes them? I wonder if they sell them in Canada?

I did not know about Netflix! That is good because we just aren't watching movies as much lately. I'm going to talk to Matt about this one.

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Parker, Wyndser, and Carson....................Wyndser (in blue) with her cousin

the only thing i would do different than your approach is not totally cut out my 401k contributions especially if its company matched you are loosing money then. also it reduces your taxable income so lets say you contribute 200 a month cut that down to 100 or 75 but i would caution you not to cut it completely out.

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'The will of God will never take you where the
Grace of God will not protect you.'

HAVE A BOOTIFUL HALLOWEEN

Sarah, just use less softener. You do not need a whole capful, even though they make you think you do. When I still used softener, I used half a capful. Now I use vinegar. I was using softener, but it was just covering the BO on DH's shirts - vinegar cuts through it and gets rid of it. (and you don't have any after-smell of it, whether you hang-dry or put in dryer) Also, if you don't do it already, use only 1/4-1/3 of your recommended amt of laundry detergent. If you really need clorox to feel things are clean, grab a small bottle of bleach and a spray bottle, and mix up some disinfectant spray (a capful of bleach goes a LONG way - read the directions). Make sure to label clearly on the bottle. Best of luck!

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~~Amanda~~
Mommy to one Little Man (3 1/2 yrs old), FINALLY expecting #2!!! (due around Memorial Day 2009) *adoption has been put on hold*