10 things to cut so you can pay credit card debt- WTF?
Wow- in one of the most ignorant blog posts about saving money that I have EVER seen creditcards.com gives you a list of suggestions of places where you can cut your budget so that you can pay down your credit card bills.
So many of these money saving articles are bullshit- and this one is asking people to make significant sacrifices for really minimal savings.
For organizational ease I will go through each one of their lame suggestions and punch holes in it. It is almost insulting to think that people are stupid enough to need (or follow) this advice.
1. Cellphones- they suggest cutting your bill and getting a prepaid card… huh a. prepaid calling is ridiculously expensive and if you have ever tried it you know that it is way more than a contract and furthermore b. most people are locked into contracts.
2. Cable/satellite- they suggest “cutting the premium package” or cutting it all if you are “really in trouble.” I say- a. if you are so down and out that you can’t pay your bills but you keep your cable then you have obviously lost your mind because you can get just about all of your entertainment free online and furthermore b. most people are locked into contracts
3. Lower your homeowners and car insurance- They suggest significantly lowering your coverage for a measly $88 savings per year. soo not worth it IMO and furthermore b. most people are locked into contracts
4. Transportation- okay, this one I actually agree with. Downsize, bike, or use public transportation because a car is just a depreciating asset.
5. Utilities- If you can cut this down with programmable thermostats then more power to you. Just remember, pipes burst if they freeze and so do people.
6. Food- they suggest that you stop eating*
7. Gym membership- agreed that you should cut this- refer back to number #4 and become your own transportation
8. Movies- You CAN change the way you have fun, stay home, play board games but then again… Every once in a while you need to have some fun so I say- “staycation” but go out for some entertainment once in a while.
9. Taxes- they say that many people who are struggling to pay their debt are in financial trouble do to loss of job. I think that NOT getting a paycheck kind of takes care of the “taxes being taken out of the paycheck” issue.
10. They saved the best for last… drum roll please… the financial suggestion of creditcards.com is that you should STOP PAYING HEALTH INSURANCE FOR YOUR DEPENDENTS. WTF?
*out
Sarah Nadav is an entrepreneur, thinker, journalist, university lecturer, and writer. Sarah is a long time social entrepreneur. She holds a bachelor degree from Hampshire College and a master's degree from Hebrew University.