Whether you’ve been in debt, are teetering on the edge, or don’t want to take any chances, this post can help you. Here you’ll find 14 tips that everybody can make use of to stay out of debt forever! Enjoy…
Think Before You Buy
Do you buy on impulse without really thinking about it? Stop buying like this and instead ask yourself if you really need what you’re about to buy. Sometimes it’s ok to buy stuff you want and don’t need, but doing this too often will leave you with a lot of stuff and no money. Give yourself a while to think about purchases before making the spend. Some people say for large purchases, you should wait up to a month. If you still want the item after a month, you should go ahead and buy it.
Budget Your Cash
Lots of people don’t work out a budget; they spend without knowing what’s in their account. The sensible thing to do is sit down and work out how much you’re earning and how much you can afford to spend on things for yourself. Take into account your bills and living expenses.
Work On Decreasing Your Spending
Is there a way you can decrease your spending? Take a look at where you spend the most money and see if you can cut back. You might also find it helpful to start trying out alternative, cheaper brands. It may not seem like much, but it all adds up in the long run.
Try to Make More Money
There’s nothing wrong with being ambitious, so consider making more money to help you lead the kind of lifestyle you want. You could set up a part time business, for example. Or you could simply offer to do overtime at work.
Plan for Expensive Events in Advance
People go on about birthdays and Christmas like they didn’t know they were coming for a year beforehand. You have a lot of time to save up for these events, so make sure you keep them written down on a calendar and start putting money aside for them. You’ll thank yourself when you don’t go bankrupt over Christmas presents! You can also try to make such holidays cheaper, for example by making your own decorations.
If you must buy something, shop around before handing over your money. You can usually find a better deal that will be kinder on your bank balance. Once you’ve found the place you’ll buy from, consider searching for discount codes and vouchers to get even more money off your purchase.
Make Eating Out a Treat
Consider eating out at restaurants a real treat. The amount of money spent on food for 2 people at a restaurant could easily have been spent on one whole weekly food shop! Only eat out once per month, or on special occasions. Make a habit of cooking from scratch at home instead. You’ll be eating healthier foods, and you’ll improve your cooking skills!
Say No to Credit Cards and Store Cards
Credit cards and store cards can be 2 of the biggest issues for people who like to spend. The interest rates can be ridiculously high, and you’re spending money you haven’t got. Although credit cards can offer extra protection when making big purchases, you should use it for impulse buys or things you don’t really need. Make a rule of only spending money that you have.
Save for Emergencies
Providing you have no debts to pay off, save for emergencies. Always have an emergency fund in a separate account to protect you from anything life throws at you. This can be an amount you deem suitable, but remember; you must act as if it doesn’t exist! You can’t use it for that monthly meal or for paying off an impulse buy. An emergency cash cushion always comes in handy.
Sell Stuff You Don’t Need
I bet you have a ton of things lying around that you no longer use or need. Sell it! You can attend car boot sales and markets, or there are lots of sites online you can use to help you. Either way, you’ll get rid of your useless stuff and make some extra cash while doing so. One man’s junk is another man’s treasure!
Set a Savings Goal
Forgetting about your emergency fund, consider setting a savings goal to help you pay for things such as holidays. Everybody needs to treat themselves every now and again, whether it’s for a luxurious break or a new car. Take your savings goal into account when budgeting to help you.
Try to Live a Simple Life
Try not to buy into commercialism. You don’t need to own the next big thing; the fanciest TV, the most expensive car, or the most hi-tech phone. Providing your stuff works and you’re happy with it, why compete with anybody else? Having things like this is a real luxury that you have the right to, but you don’t need it all right away. Focus on living a more simple life and you’ll be much happier.
Don’t Save Money if You Have Debts to Pay Off
Although I’ve mentioned saving money here, make sure you pay your debts off first. If you don’t your interest rates will be getting higher and higher and you’ll be in even more debt. Put the money you would save towards your debts, and get them paid off as quickly as possible. You can then focus on putting these tips into action and saving money. Take advice from somewhere like WealthMaverick.com. You’ll soon be a lean, mean, money saving machine!
Finally, don’t gamble large amounts of money. Whether you’re considering investing in the stock market or heading to Las Vegas, BE SENSIBLE. The buzz of gambling in any form is strong, but you must control yourself. Never gamble money meant for something or someone else, and always give yourself a budget to play with. Quit while you’re ahead too, and don’t try to win money back that you’ve lost.
Use these 14 tips and you’ll always be in the green!