Saturday, 18 July 2020

7 Money-Saving Tips To Payoff Your Debt


Here are some of my main money-saving tips for paying off debt, and this is specifically geared towards paying off debt or saving money. So wherever you're at, this is geared towards cutting those costs, really whittling them down, so you make sure that you have money to get that debt knocked out, or to get that savings to account built up as quickly as possible. It might not apply to everyone, but these are just my own personal tips.


1. Write A New Budget Every Month 

You want to write a fresh new budget for every single month, that way if your expenses vary. If you're going to be paying off debts, and your expenses are going to be changing, and you want to reallocate money to different areas, maybe different categories, but at least you'll know what expenses are coming at you that month, and what your income is going to be or if you have an inconsistent income, you can at least have your projected average income. I know it can be hard if you work on like Commission base, sales or something like that to know what your income is going to be, sometimes it can be really high one month, and then really low the next month. But at least it'll give you a grounding sort of idea for what expenses are going to be coming at you, and what income you are probably going to have to work with.


2. Look For Bills To Eliminate

Maybe there are some unnecessary bills you don't absolutely have to have, and that's something that you want to look at. Everyone's going to be a little bit different. I know for me, I used to have gym memberships and I cut that out. Another one would be like a landline phone if you already have a cell phone maybe you don't need to have both. I eliminated my landline phone and so now I only have my cell phones. 


3. Cancel Subscriptions

I used to have like Fitness Magazine shape, oxygen magazine, I was really into those like years ago. I would get those every once in a while I get a subscription to them, and now I don't do that anymore, because all the information is free online, and if I'm already paying for internet then I don't really need any of these magazines anymore. I quit any subscriptions, otherwise, there might be other types of subscriptions like box samples, is on YouTube, and is really popular and if you're trying to pay off a debt, you definitely don't need to have something like that hanging up your head either. But yeah, once again, it varies on your personal situation and your personal finances, and where you're at. I'm not trying to take the fun out of your life or anything, because it's actually not, budgeting is so freeing, and like cutting expenses and the bill's can make you feel empowered and motivated to work towards that financial freedom.


4. Eat At Home

Eat at home as often as possible instead of eating out. I used to go out to eat once a week and then I ended up scaling back when I realized how much money I was spending doing that. I scaled back to once a month or once every couple of months and it saves me so much more money, yet, I still get to go out and have fun it's just less often. If you're doing like a date night or something, you can always make a nice dinner at home and just do other things that are less expensive instead of going out to like a fancy restaurant, and also, if you work outside the home you can always pack your lunch. It's not possible in all cases, depending on what you do for a living, but you can always pack your lunch at home it's possible and bring it to work with you.


5. Make Dinks At Home (And Bring Them To-Go)

Quit buying expensive beverages or lattes. I used to go out and buy a latte every single day and that really adds up at the end of the month. I know it can be a hard one for some people to let go of, but it is so worth it too, especially if you have debt that you're serious about paying off. Buying a latte every day for $4 or whatever it is, is not a good priority to have. Priorities are backward if you're not paying after debt, but you're going out and buying $4 to $5 lattes, so is just something to consider, watch out for those beverages, it's not just the food, it's this quick little beverage expenses. And this is actually still an area that I'm trying to work on, I'm trying to work on cutting back buying those beverages and coffees, so what I did, instead of going out and buying smoothies or lattes. I just started making them at home, and then you can pour it into whatever nice little glass or cup that you have, a to-go cup, and then take it out with you, and then you're all set, you already have your beverage, you don't have to spin pay that $5 bill to go get your latte out.


6. Cut Cost On Entertainment

Any type of entertainment where you're going out and spending money on that entertainment. for me, it was going to the movies, and I actually stopped going to the movies entirely. I can't remember the last time I went to the movie theater, but that was a really expensive bill, and I used to go once every two weeks or twice a month, at least I would end up going to the movie theater probably spending like $25. Whatever your entertainment of choices is about, that's another area that you're able to prioritize, maybe trim that down a bit, and see what you can do to eliminate those sorts of expenses. And then another one kind of falls into the same category, that is no cable TV. You do not need any cable TV, in fact, you don't even need a TV at all, so yeah, especially if you're working on getting out of debt. Having a cable TV bill is not something that is necessary, you can definitely eliminate that. Nowadays, there's Hulu, there's Netflix, there's Amazon, to stream movies and TV shows on all of those, and it would be so much cheaper than being for a cable TV bill.


7. Reduce Utility Bills

Very old-fashioned, but it really does work, reducing utilities wherever possible. Trimming those utilities down a bit because it's something that you do have to pay every single month. You need your electricity and water, but if you can reduce that bill by at least a little bit, that's better than nothing. That's a little more money, that you're able to take and put towards whatever debt you're trying to pay off, so just remember to do the basics, like turning off lights when you leave a room, turn off the water heater during the day, just leave it off all day long until you're ready to take your showers an hour before you flip it on. That way, it's not heating water all day long when no one's even home. That's just a little thing you can do and that will actually cut your electric bill down like quite a bit, and also, you don't need a dryer and so that also cuts your electricity down a bit, to even in the future if you do have a dryer, you will still try to use it as little as possible. If you do have a yard where you're able to hang dry clothes out in the sunshine instead. Another bill you might be able to reduce is your cell phone bill, if you go talk to your carrier maybe you can get either a better plan, a less expensive plan or maybe use-less data, there might be an option out there to help reduce your cellphone bill.







Conclusion

Those are my own personal tips that I want to share with you for this article. Something else I want to mention is, budgeting can be so much fun, once you're starting to see progress and you're motivated to either pay off your debt or to just build your savings, all you need to do is see that little spark of progress and can really light a fire inside of you. And if you're working on a budget with your partner, your husband, wife, or whatever, or you're working with your kids and you're trying to get them involved in the budget. Just make it fun, make it like a game, like how little can you spend this month, what little expenses can you cut this month, and just make it fun, and it can actually be really enjoyable..

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