Truth is, we've been told to borrow! borrow! borrow! until we think that being in debt is just a way of life. But it isn't, and there are ways you can pay off debt-a house, a car, credit cards, you name it-if you really want to do so.
There's the rub, of course. Do you really want to pay off those debts, and be financially free? Choices, and sometimes hard ones, have to be made to get yourself out of debt. If you just cannot give up free spending habits, debt may be your forever future. But if you're ready to try something different, here are some great ways to really save.
Shop only three weeks out of every month. In the fourth week, figure out what you spent in the three previous weeks, and put that money into a savings account or against a debt. Eat whatever is in your cupboard or freezer for the next seven days-no cheating! The upside is, you'll learn to get really creative with a can of pinto beans, macaroni, and some frozen spinach.
Live like a student. Do you remember your early twenties when you'd make homemade beer, and a great night out was hanging at home, listening to tunes and having conversation over slightly soapy suds? Try it again. Cut out the fancy dining, lunches out, and early morning lattes. Make it yourself, and stay at home to enjoy it.
Ignore new or found money. Whenever you get a pay raise, a refund, or some other unexpected money, ignore it. Don't go out to dinner with it. Set that money away against a bill, or put it towards a future large ticket purchase.
Consider the 60% solution. If figuring out a budget is just too much for you, just live on 60% of your income. When that's gone, your spending is done. Just be aware that this plan doesn't account for unexpected or unplanned costs-like emergencies, or expensive annual costs such as insurance premiums or tax bills. On the other hand, if you're setting 40% of your income away, odds are you'll be ready for any unpleasant monetary surprises.
Go on a clothing diet. The problem with a closet (or several) full of clothes is that you never have anything to wear. Stop buying new clothes, and pare down your clothes closet to only those favorite items that you wear week in and week out. You'll be surprised how seeing only clothes that you love and wear frequently in your closet lowers the desire to buy something new. Only replace something when it is worn out, and always toss it out before you buy again.
Commit, commit, and re-commit. Stick to your plan, and before you know it, you can be debt free and financially sound.
Author Resource:-
If you are thinking about consolidating your current debt to make way for a new life of savings, visit our Bad Credit Loans website. Visit our blog for more articles about Bad Credit and Debt.
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