Last spring, the combined household debt in the United States officially reached $14.6 trillion. Unfortunately, the COVID-19 pandemic only exacerbated an already existent issue. If you struggle to keep your head above water when it comes to your finances, you aren’t alone. It can be challenging to budget when your income does not match your expenses.
Stagnant wages, skyrocketing housing prices, and student loans have proven to be more weight than most United States citizens can bear. These economic conditions have caused many people to search for ways to cut corners. Thankfully, there are a few tips that may be able to alleviate some of the financial burden.
1. Get discounts on your prescriptions.
Despite the United States is a global leader in modern medicine, health care is out of the budget for most citizens. Research has shown that outstanding medical debt has reached $140 billion in the last year. Aside from pricey copays and doctor visits, prescription medications can make routine pharmacy trips a detrimental expense. Nonetheless, your health matters more than your money. It can be challenging to cut corners on health care costs when you have a chronic illness or require ongoing prescriptions.
Thankfully, sites like canadadrugstore.com may be able to lessen your burden. Canadadrugstore allows patients with a valid prescription in the United States and Canada to order refills and prescription drugs at discount prices. Depending on your prescription order, you may be eligible for coupon codes or promotional codes that can help you save money on brand-name and generic over-the-counter drugs.
2. Open a savings account with automatic transfers.
Saving money can be tough. One simple trick that can make it easier is to set up a savings account that has automatic transfers. Similar to the way your direct deposit works, you can schedule a withdrawal to be taken from your checking account and deposited into your savings account automatically.
This allows you to begin accumulating savings without ever having to move money around manually. You may start small with just $20 taken out of each paycheck and work your way up to more significant values when the time is right. Having even a small amount of money put away for emergencies or debt payments can help give you peace of mind. Knowing that you’re working towards financial freedom is the light at the end of the tunnel.
3. Retain the services of a consumer debt relief company.
Depending on the type of debt you have, you may require professional intervention. Large amounts of unsecured debt can lead to
harassment by debt collectors. If you have begun to receive collection calls, don’t panic. Professional debt relief services like citizensdebtrelief.com can help protect you from aggressive creditors and the accrual of late fees.
Citizen’s Debt Relief has a number of different programs tailored to fit a person’s individual finance needs. For this reason, it is best to obtain a free consultation to get a better perspective about how your debt will be managed and what options are available to you. Citizen’s Debt Relief may be able to work with your creditors directly to find a solution and help minimize what you owe.
Using these tips to help you save money on prescriptions and accumulate savings may help. However, debt is damaging to more than just your wallet. If you are struggling with a large amount of personal debt, it can be difficult to focus on anything else. Your health and well-being are the most important thing to care for. If your debt has become too difficult to manage or has become a source of overwhelming stress, seek help. Although your debt will not be eliminated immediately, knowing that you have professional help working towards downsizing your outstanding expenses may ease tensions.