Off-grid pantry planner


As any mother knows, keeping track of a family budget can be very challenging. While all people try to live within their means the best that they can, many end up spending more each month than they earned, which can quickly lead to an accumulation of a lot of credit card debt. Families that are looking for ways to reduce their credit card debt each month could do a number of different things to get their balances reduced. You can read some more on this subject at – a website packed with advice on the topic.

Reduce interest rates: The first thing that someone can do to get their credit card balance reduced would be to get your credit card interest rate reduced. Credit card companies often charge their customers interest rates of 20% or more. This means that someone with a $10,000 balance, will spend $167 per month on interest alone. If you have a decent credit score and have been a good customer, most banks will reduce your interest rate if you simply call and ask. In some cases, you could even have the interest rate cut in half. By having your interest rate reduced, more of your payment will go toward paying down the principal balance as opposed to paying interest.

Switch to a cheaper card: Another way to get your balances reduced would be to open up a new credit card. If your bank won’t reduce your interest rate much, then it may be a good idea to look for a card that offers very low introductory rates and open a new account. Some banks offer credit cards with free balance transfers and interest rates of 0% for up to twelve months. By transferring your balances to a zero percent card, you could quickly see a large reduction in your balance if you continue to make your normal monthly payments.

Spend less: While you may have already found ways to save money each month, even the most frugal families can find new ways to save money. For example, instead of going out to dinner once per week with your family, starting cooking at home more and limit your dinners out at a restaurant to only once or twice per month. Or when you are grocery shopping, make it a habit to either shop for certain items at the cheaper grocery stores or only purchase items that are on sale.

Use your rewards: Most families have at least one credit card that pays out rewards. If you have a rewards credit card, you may have the option of taking your rewards points and using them to pay down your credit card balance. While you may have to forgo airline miles or a gift card to your favourite retail store, you will see a big drop in your credit card debt.

Overpay: The fifth way to have a lower credit card balance next month would be to put more money towards your credit card payments. If you have outstanding credit card debt, it would be a good idea to concentrate as much of your finances on paying that down as possible. While saving is always important, the high interest rates that come with credit cards should make paying them off a top priority.

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