Can’t Afford Credit Repair?

Why you can’t afford not  to repair your credit.

Do you find yourself saying that you can’t afford credit repair? If so, this post is to help you find some potential savings that might allow you to change this mindset. It is our experience, that the majority of those that “can’t afford credit repair” are the same group of people that can’t afford to not repair their credit. We’re willing to put a wager on the reason you feel that you can’t afford the cost of credit repair is because you’re paying extremely high interest rates on your financing and it is ultimately sucking the lifeblood out of your monthly budget. It’s true: repairing your credit may take some additional money, but unless you’re able to establish a savings plan in order to afford these necessities, you may be digging yourself a deeper hole.

We know that saving extra money when you’re barely making ends meet may seem overwhelming and impossible, but there are some areas that you can consider before you make the determination that credit repair is out of the question. Here are 7 areas of your life that you may be able to explore potential savings:

  1. Cell Phones

We’ve reached a time where many of us feel as if we can’t live without our smartphone. In fact, many households are including their children on their monthly plan as well, driving that overall monthly cost up. We can all agree that cell phones and smartphones make our lives a lot easier, however, this is an easy category to trim the fat for the short-term in order to achieve our long-term goals. Consider how many phone lines are included on your monthly bill and determine if any of them can be eliminated for the time being. It may be convenient for your child to have their own cell phone, but surely, everyone around them has a phone that they can borrow in order to check-in with you.

  1. Monthly Subscription

In addition to cell phones, our technological advancements have provided all types of entertainment and luxury that are offered for relatively small fees every month. The problem is, those monthly subscriptions add up really quickly and some of the accounts that we pay for are such a nominal fee that we forget about them and don’t even use them. Take a minute to look at your bank statement over the past 90 days and see what is being debited over and over and determine whether or not there is anything you can eliminate. Keep in mind that “Netflix and Chill” might be an activity that is worth sacrificing for the next 6 months in order to for you to reach your financial goals.

  1. Cable/Satellite Subscription

We’re not going to lie. This is a big one! We understand the comfort in being able to snuggle up on the couch after a long day’s work and winding down to your favorite show or watching your team play on Sunday after the long week. This is one of the hardest amenities for people to part with as well as one of the most expensive line items on a household budget. Often times, the difference between you achieving a better credit score and a better overall financial position comes down to eliminating this expense. Get creative, find new activities that are cheaper or free in order to fill your time.

  1. Dining Out

There is definitely an element of convenience when it comes to going out for a meal. The bad news is, you’re pocketbook takes a beating in exchange. Get into a better habit of preparing weekly grocery lists, packing lunches and planning dinners is what it will take in order to eliminate this enormous cost.

  1. Transportation

There are a lot of factors you can consider when it comes to transportation costs. How many vehicles do you have in the family? Are all of them being used? Does your vehicle get good gas mileage? What is the cost of the licensing and registering the type of vehicle that you have? What is your primary mode of transportation? Do you carpool or utilize public transportation? Pick away at some of these questions to determine if there are any cost savings available to you.

  1. Routines and Habits

Consider your routine throughout the day and if there is a daily or weekly expense that maybe isn’t necessary. Do you buy a coffee every morning on your way to work? Do you buy a soda at the vending machine on your lunch break? Do you pack your lunch for work or do you dine out every day? Analyze where you’re money is going and determine what can be eliminated. Odds are, whatever it is, it will most likely benefit your pocketbook and your health. Win! Win!

  1. Energy Costs

Sometimes making small adjustments can add up to huge savings! Did you know that you can save up to 3% on your gas bill for every 1 degree lower that your thermostat is set to in the winter? In the summer you can achieve the same savings on your power bill for every 1 degree higher the thermostat is set. Some small adjustments and an extra blanket could help retain some extra money in your bank account each month.

Reach out to us with any questions or click on this link if you’re ready to schedule your free credit consultation.