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How to Get Out of Debt When You Are Already Frugal


The first step to paying off your debts is to have an income, and you can happily report that your job gives you a paycheck every month, or perhaps even more frequently than that.  Of course, much of your income goes to recurring, emergency, or incidental expenses.  Therefore, the next step to getting out of debt is to reduce your expenses as much as possible.  Personal finance experts love to grumble about the favorite splurge of the moment, be it Starbucks lattes, avocado toast, the overpriced Cosmopolitans made famous by Sex and the City, or whatever else might brighten your day for a few dollars.  You have long since given up your favorite splurges and even cut out some expenses that, until recently, no one thought of as extravagant.  Before the pandemic, getting excited about receiving a regifted food processor from an acquaintance was beyond tacky, but today it seems like everyone is doing it, and it also seems like everyone is still in debt.  A Plantation debt lawyer can help you get out of debt if you have already trimmed your spending as much as possible.

Signs That Your Spending Habits Are Not the Problem

Frugality is a mindset more than it is a specific way of reducing your expenses.  People who are proficient in frugality have an ever-increasing set of strategies for being able to afford necessities for less in much the same way that people who are proficient in one or more languages besides their native language have an ever-increasing set of strategies for figuring out the meaning of unfamiliar words from context.  One person may save money by, instead of buying fish filets from the supermarket, buying whole fish and then cleaning them at home, reusing plastic shopping bags as gloves to keep the smell of fish and the irritation of fish bones and fish scales off of their hands.  Someone else may participate in Buy Nothing groups and may find them to be a source of new-to-you clothing, kitchen tools, and electronics.

All frugal people have a few things in common.  They don’t buy new stuff except when necessary; when possible, they buy used stuff or continue using their old stuff.  They also make purchases intentionally, buying groceries in bulk and sharing them with frugal friends or going to multiple supermarkets chasing weekly discounts, coupons, or just the items that cost less at a particular supermarket.  If fresh produce costs less at Trader Joe’s and frozen vegetables cost less at Publix, frugal folks go to both.

What Should You Do When Being Frugal Isn’t Enough to Get You Out of Debt?

It is frustrating when you put so much effort into being careful about money, and yet your debt balances still aren’t getting lower.  If you have a job and a frugal mindset, though, you are in a good position to apply for true debt relief.  You can easily qualify for a debt consolidation loan and keep up with the payments.  If you file for bankruptcy protection, you may be eligible for chapter 13, where your credit score takes less of a hit and you are not at risk of the court liquidating your assets.

Work With a Debt Lawyer About Getting Out of Debt When You Are Already Frugal

A South Florida debt lawyer can help you get relief from your debts when you are already diligently doing your part.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.



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