There will come a time in many people’s lives where they need to take drastic steps to cut their bills. For instance, a recent job loss may take its toll on family finances. Sometimes bills can become out of control, forcing some folks into bankruptcy.

If you feel like you’re in financial hell, it’s important to remember that there is help out there. Some help might be financial while others can take the form of practical advice. Today, I would like to offer you the latter.

Here are some actionable steps you can take to downsize and cut your bills by half:

Cancel all non-essential subscriptions

Life may suck if you don’t have any creature comforts, but it could be a whole lot worse. You could end up homeless and have nothing! Of course, you want to make sure that situation doesn’t happen to you. And so that means sacrificing a few luxuries for now. But, don’t worry; when your financial situation improves, you can get them back again.

Examples of things you need to cancel include cable TV and streaming movies and music. Consider taking up new (and free) hobbies to occupy your time. And find free sources of online music if you can’t live without your tunes!

Buy cheaper food

Do you always buy your groceries from the same supermarket? If so, it’s time to shop around and seek out better deals. Also, don’t be afraid to buy supermarket-branded products. They are often the same as premium ones; they’re just unbranded.

Be sure to visit food markets to get fresh yet cheap fruit and vegetables. And give up buying takeaway food.

Move into a smaller home

Do you live in a big house? If so, and you don’t need all the space, you should sell up and move into a smaller home such as an apartment. First of all, you need to determine your home’s market value. That way, you’ll know what you can afford to buy once your home gets sold.

Avoid cheap homes that need a lot of repair work. Otherwise, it negates the purpose of moving in the first place: to save money!

Buy a smaller car

You can also cut down on your motoring expenses too. Sell that powerful V8 you’ve got parked outside and opt for something more eco-friendly.

If you’re a car enthusiast, doing this will hurt you the most. But, your financial situation takes priority over your love of cars I’m afraid. Just remember that you can “upgrade” again once you’re in the black, as it were.

Get a housemate

Do you live alone? And have you got a spare room in your home? If so, you should consider getting a housemate. Not only will you generate extra income, but you won’t be alone in your home.

Get a debt consolidation loan

If you’ve got a lot of loans and credit cards, it makes sense to convert it into one easy to manage debt. A debt consolidation loan can help you cut your interest charges. It can also make your monthly payments more affordable.
Good luck!