May 1, 2010
Filed under: Debt — Sabine @ 12:07 am
You need to allow yourself to have fun once in awhile, and to experience the finer things in life. Finer dining does not need to cost every cent you have. You can still go out to eat and make your budget. The following options will help you have more of a peace of mind about eating out:
Cut down on cheap everyday fast foods and make your restaurant experience special.
You will have more money for a sit-down meal in a more upscale restaurant if you cut out a few hamburger and fry orders. Not only will your dining experience be more special and more rewarding – In between dining experiences you learn how to cook better foods for yourself at home. This could lead into a new hobby and can result in more money in your pocket in the long run.
There is no shame in ordering water with your meal. In fact, most restaurants automatically supply their visitors with water. This will free up more funds for you to purchase a fuller meal.
Gourmet sandwich shops and pizza places often cost less. That is one option to think about as well.
If you eat a light meal before you go out you will get away with ordering appetizers or other inexpensive items. Either that or you can just go out for a few drinks and work it off dancing.
Buffet places usually offer reasonable rates for different times of the day. Some will offer morning specials for breakfast, while others offer noon-day and evening specials.
Use coupons, and do not be ashamed about doing so. Remember all those buy-one-get-one half off deals? Take advantage of those.
Check your local listings for special events that offer inexpensive dining. Local non-profit picnics, county fairs, and other places offer a well-rounded solution for fairly inexpensive fun you can plan ahead for. You also can find local Internet ads of your favourite places as well.
Have meals delivered, a service which many pizza and gourmet shops offer for free. It beats paying high gas prices to drive there.
Choose a spot in your neighborhood. It will cost you less to drive there.
If you have never been to places nearby you, it is always possible to ask to view the menu before being seated. You can also call ahead or ask around about the place before you go.
Read reviews of local restaurants. These are found in local entertainment guides online and offline. You would be surprise what is in your own backyard versus an hour drive to the other side of town (or out of town).
As long as you can “get away with it” try more informal quality dining. Many bar and grills will not mind if you order a big basket of fries and chicken for more than one person. Even in some places where they have an extensive entrée list you might be able to ask for an extra plate. Most restaurant meals are enough for two people anyway.
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April 29, 2010
Filed under: Debt — Sabine @ 4:23 am
Here are some no-nonsense tips for living within or below your means. All of us, especially in these times, could probably stand to save some money and lower our spending. But if you are heavily in debt or a chronic over spender, what can you do in order to live within, or better yet, below your means?
Tip 1: Use up all of your change
There is a good chance that you ignore your spare change. Those few stray dollars floating around in your jeans pocket or stuffed into your wallet does not command much of your attention, nor does that spare change jingling in your pocket. Well, it’s time to start paying attention to those stray dollars. Set up a stray change jar on your kitchen counter, bedside table or wherever you are likely to see it. Every day when you come home from work, school or wherever you spend your days, add a little something to the jar. Do this for a week and it will become habit. Do this for six months and you will find yourself with a cache of extra spending money. Make a deal with yourself to add to the jar for three months before you start taking from the jar. Or draw a line midway around the jar and don’t take from it unless the change and money reaches the line. Or if you are really disciplined, tape a sticker to the jar with a date six months from the date you started the jar and don’t take from it until that date. The trick is to trick yourself into saving money, and becoming more conscious of how you treat your money.
Tip 2: Make your own coffee
If you are like a lot of working Americans, you probably begin your day with a hot cup of coffee. And you probably let someone else make the coffee for you. Whether it is Starbucks or a less expensive brand, you are probably spending a good chunk of change just by having others serve you coffee. Remember: coffee is no longer ten cents a cup like it was in the good old days. You are talking about at least three to five bucks a pop for a name brand latte or cup of coffee. Save yourself some hard-earned cash and invest in a good coffee maker (you probably already have one) and a good, sturdy and attractive portable coffee cup or canteen. Experiment with different coffee brands until you find one that you enjoy even more than that expensive café coffee. Simply getting into the habit of making your own coffee two or three times a week will save you hundreds of dollars over a year of coffee drinking.
Tip 3: Try save spending on rent
Are you overpaying on rent? Many people are. Are you paying extra for a pool you never swim in, a fitness centre that you never use, or a private clubhouse that you never frequent? If your monthly rent is padded with amenities that you never take advantage of, take a serious look at your living situation and calculate how much you would save if you moved to a house, condo community or apartment complex that better suits your lifestyle. Other things to consider: paying for extra space that you don’t really need or use, or consider taking in a roommate if you don’t want to move but would like to save money on rent.
Tip 4: Take public transportation to work or school
How much are you spending on a weekly basis on just getting to work or school? In these days of record-high gas prices, chances are you’re spending too much on your commute. Just taking the bus or carpooling a few times a week can help you live within your more means more comfortably.
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April 25, 2010
Filed under: Debt — Sabine @ 4:15 am
Are you drowning in clutter? Or perhaps drowning in credit card debt?
Whatever the case may be, a good old-fashioned garage sale can be a great way to get rid of the things you never use anymore, and you can boost your savings account in the process. Here are some garage sale tips for boosting your savings account by putting together a successful garage sale.
Get together with neighbours for a group sale
There is no doubt about it: you are more likely to enjoy a successful garage sale by getting together with neighbours and making yours the king of all yard sales. People are much more drawn to group sales because the opportunity to find a treasure seems greater, and there is less pressure to buy and more latitude to explore when there are other potential buyers milling around. Creating a friendly, active and even festive atmosphere is the key to getting people to stop. You are much less likely to host a successful yard sale if you have a smaller sale on a quiet street. People will likely not feel like stopping if all they see is a few items strewn across the sidewalk and no other people around.
Advertising is key to a good turn-out
If you live on a busy street corner, perhaps advertising does not seem very important. But even if you are on a visible lot, you are much more likely to host a successful garage sale if you advertise ahead of time. There are some people who are yard sale addicts and scour the local ads for the weekend round of sales. You can advertise for free online and your local neighborhood paper can also be a great place to place an ad. Make sure to put your address and a brief description of what kinds of things you will be selling.
Put up large and legible signs
The true success of your garage sale will depend on whether you can get passerbys to stop and take a look at your used wares. A good yard sign will be large and clearly legible even from a passing distance. Go for a simple design of black letters (“Huge Sale”) on white poster board, with a big arrow pointing into your street. Make sure to take down your signs right after the sale has ended.
Do you want to make money, or get rid of junk? Or both?
Pennies will turn into dollars
These are important questions to ask of yourself before your garage sale even begins to take shape. In order to price your items accurately, you have to decide what your ultimate objective is. Are you more interested in padding your savings account, or getting rid of your clutter? Although it is fair to want both, you must make a decision about how flexible you are going to be during the sale when it comes to pricing items. If you price items low, there is a much better chances that your junk will fly off the shelves to become someone else’s treasure. But if you are rigid about your pricing, you may be better off selling your items on eBay or your local pawn shop.
Give your customers a little background music
Remember that atmosphere is the key to making your garage sale a brilliant success. To this end, play a little background music. It is a great way to attract customers and to give a friendly atmosphere, even if you have a dearth of customers. It can be intimidating for customers to approve a near-silent sidewalk. Make sure that you play music that will not offend anybody and that you keep it low enough so that it will not disturb the neighbours. Oldies, country music and classic rock are nearly always a safe choice.
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April 10, 2010
Filed under: Debt — Sabine @ 6:26 pm
Even if you treat your car like a loyal pet, you can probably find ways to treat your car well without indulging in wasteful car-related expenses. Cars can easily make us act irrationally, but that doesn’t mean we have to succumb to spending money that neither helps us or our cars that we love. Here are some tips on avoiding wastes and saving money on your car maintenance.
Do you fill your car with premium gas?
If you think that buying premium gas is the only way to go with your car, maybe it’s time to re-evaluate. In these days of record high gas prices, you should make sure that you are not overspending on gasoline. Generally speaking, you will be OK simply by buying the cheapest gasoline that doesn’t cause your car’s engine to knock. Many people purchase expensive premium gasoline because they think of it as a special treat that will help their car run better and longer. In most cases, however, octane will merely help prevent a knock, but it won’t make your car immune to other problems.
Aggressive oil change schedules
Many people change their oil more frequently than is actually necessary. There are many tune-up chains and auto repair businesses that advise 3,000 mile oil changes. In fact, most car manufacturers recommend 5,000, 7,500 or longer intervals between oil changes. Get to know your car and your manufacturer’s recommendations and follow these rather than the oil schedule recommended by your mechanic.
Using the dealer for all your car maintenance needs
While it may seem simpler and even safer at times, chances are that you are overpaying on repairs and maintenance by taking your car directly to the dealer. Save money by finding a good, reliable independent mechanic. Dealer prices and parts are often inflated. Don’t be afraid to comparison shop, even if it may be a little inconvenient or time-consuming.
Learn to change a flat tire
If you don’t already know how to do it, make it a point to learn to change a flat tire. Not only will you save hundreds of dollars in case that you should get a flat, you will probably also save a lot of time. Who wants to wait around for a half hour or more in the heat or cold for somebody to come change your tire, when there is a very good chance that you can do it yourself? If you’re afraid to learn, find a trusted friend to teach you. Practice in your garage or yard until you have it down, or even take a basic auto maintenance class if they are offered in your area.
Scrupulously avoid the ten dollar car wash
Drive by any car wash and see how many people are waiting in a long line, just for a bucket of gray water or an overpriced professional car wash. Nothing shows that you care about your car than giving it a good regular cleaning on your own. Invest in the proper equipment (a bucket, blade, soap, water, dry towel) and see how nice it can be to get a good clean for a lot less. Keep a small vacuum cleaner on hand to pick up stray dust, dirt and crumbs from the interior.
Don’t jump to conclusions
Many car owners make the mistake of buying a whole new set of tires when what the car really needs is new shocks. Or you perhaps you misinterpret a brake squeal as a call for new brakes. In many cases, especially if you are not on schedule for replacements, these may be symptoms of smaller troubles. A brake squeal could also mean that you may need new rotors or pads. Make sure to investigate thoroughly and keep records of all maintenance so that you are not prone to jumping to conclusions.
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March 24, 2010
Filed under: Debt — Sabine @ 4:12 am
Are you stressed out over your finances? Do your finances remind you of a weedy jungle, full of chaos and danger?
If this description strikes a chord, it’s time to get control over your financial life. One of the biggest benefits, and curiously under-touted aspects of simplifying your life, is that it can help you save money. Simplifying your life can not only help you save lots of money, it can also help you breathe easier. And who doesn’t want to breathe easier?
These things-money, stress and organization-are intricately connected to one another. When we get one into control, the others will follow. Here are some tips for getting control of your finances, save money and lower your overall stress levels.
Spend 15 minutes every day cleaning up your finances
Many of us who find ourselves trapped in a chaotic financial life probably overlook the regular financial housekeeping that can keep the chaos at bay. It can be easy to forget, avoid or simply overlook several small tasks. These things eventually gather dust, take up space and pile up to the point that they become overwhelming, scary and bad for our finances.
Here is a simple habit to fall into that can help protect you from the horrible sight of stacks of unpaid bills and stray papers overflowing on your kitchen table or desk.
Spend fifteen minutes each day cleaning your desk, kitchen table, or wherever it is that you keep your important financial papers. Go over bills, throw out old mail, sharpen your pencils, and put things in order.
If you are not the kind to keep extensive tabs on your papers, make it easy for yourself. Dedicate one desk drawer to your bills and other financial papers. Go through your drawer each day and make sure that there is nothing in there that will surprise or scare you one day. Simply dedicating fifteen minutes each day is an easy way to simplify your life, stay organized and save money on unpaid bills, fines or other surprise costs.
Get a bill calendar
With many of us juggling numerous bills, it can be easy to drop the ball every once in a while. Keep things simple and your bills paid by keeping a handy bill calendar. Buy an oversized calendar and put it somewhere easily visible. Make a note of when you have to make payments. Even simpler, automate your payments online if possible.
Make your own easy household products
Here is an easy way to save money and keep things simple. Why spend five bucks on a bottle of multipurpose cleaner when you can spend pennies on your own homemade household product. Replace your expensive Windex cleaner with your own concoction of ammonia, vinegar, water and rubbing alcohol. If you want it to look blue, add a few drops of blue food dye. You can make a full bottle for about 35 cents. This is an easy way to make an effective, safe and very inexpensive household cleaner.
Keep household essentials in stock and save money by buying in bulk
Ever reached for tissue and find that you are out? Or what about needing a napkin and finding none in stock?
Not having household essentials on hand can be stressful and frustrating. Many times when we are hurried and harried and shopping for a household essential, we tend to overpay. After all, who has time for comparison shopping when you are in the midst of a throbbing headache? Save yourself the stress by shopping in bulk for household essentials. You should only buy in bulk when you know you’re getting a good deal. If tissues are on sale, grab a few boxes. There are many non-perishable household essentials that are easy to buy in bulk, including toilet paper, toothpaste, tissues, napkins, canned food and others.
Sign up for email updates
If you can’t automate your payments but you check your e-mail often, signing up for email updates is an easy way to keep track of your accounts. Most credit card companies offer many easy tools for keeping a close eye on your accounts.
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March 20, 2010
Filed under: Debt — Sabine @ 11:56 pm
7 Pointers to Saving Serious Money!
Living below your means and sticking to a budget does not have to be painful. Many reformed shopaholics and over spenders who adopt a more frugal lifestyle like to spread the gospel of living below your means.
Why do so many people who adopt frugal habits speak so highly of this lifestyle? There are several reasons. First, living below your means keeps you out of debt. Living below your means allows you more freedom in many parts of your life. Living below your means also lowers your stress. And living below your means keeps things simple. Here are seven painless pointers for lowering your bills and adopting a lifestyle that allows you to live below your means.
Learn how to cook and brown bag your own lunch
This is a very simple way to keep your bills low. You can save money without even feeling like you’re saving money and even adopt a healthier lifestyle. If you enjoy eating out, you probably don’t even notice how much you spend on this expensive habit. This doesn’t mean that you have to give it up entirely. If you go out to eat several times a week, take it down to one or two times a week. Learning the pleasures of preparing your own meals can introduce you to a whole new world and save you lots of money in the process.
Don't eat your hard earned cash
Keep your car for as long as possible
Buying a new car is one of those major purchases that can keep you drained of savings for years. Instead of buying a new car, or leasing, every few years, keep your car for as long as you can and watch the savings add up. Keep your car in good working order by taking it for regular maintenance and driving as lightly as possible. Become attached to your car, take good care of it and hopefully you will give yourself many years of trouble-free driving without having to make those hefty new car payments.
Reconsider your living situation
Are you paying a large rental bill for a two-room apartment and you live alone? Are you paying too much on your mortgage balance each month? If you are serious about lowering your bills, it’s time to sit down and reconsider your living situation. Maybe you can live just as comfortable in a somewhat smaller, and less expensive, apartment. Maybe you can lower your monthly mortgage payment significantly by refinancing your home. Whatever your situation looks like, sit down and see how much you’re paying per month on living expenses. Chances are, there are ways to lower this expense significantly.
Always buy the generic brand
Most people who buy name brand household products do so out of habit. These days, you can find high quality products for much less than the name brand simply by buying generic. You would be surprised how much you can save on staples such as detergent, disposable diapers, canned food and more. Expect a savings of approximately 30% simply by switching to the generic brand.
Get rid of your land line if you’re not using it
Do you still have a land line that rarely gets used? Do you live by your cell phone? These days, with increased cell phone stability and advanced technology, most people use their cell phone for most of their communication needs. If this sounds like you, perhaps it’s time to cut that land line service and save on your monthly telephone bill.
Shop second-hand whenever possible
New clothes, furniture and electronics are nice, but they are usually marked up pretty high. Watch the prices plunge as you step into your local second-hand store or thrift shop. You can buy high quality clothes, furniture, books and music at your local second-hand shop at a deep discount.
Pay yourself first
This long-held adage still rings true today. Most people in debt are anxious about saving, but it’s time to deposit a little into your own private savings stash every month. Make an emergency cushion for yourself by having ten percent of your pay check automatically deposited into savings account each month. But if you are in deep debt, pay this down first.
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March 8, 2010
Filed under: Debt — Sabine @ 5:24 am
Follow the steps below and begin saving money on your baby products.
Having a child is a wonderful experience; however people often become pinched for cash when spending money on different baby products. Baby products can be expensive and ad up over time, but luckily, there are ways to cut corners and save money on different items that you have to buy for your child
Use store brand products. Instead of buying expensive brand name products, use the generic store brands as a substitute. These products are usually always the same quality, but for half the price. A friend of mine works in a factory – once a week they stop the machines and put the ‘home brand boxes in. The same product as you can buy for 3 times the money!!
Find a WIC program. There are several Women Infant and Children programs throughout the country which work to help women who are living on low incomes. Find one of these programs in your area to see how they can help you save money with different products.
Use cloth diapers. Although many people don’t seem to like this idea, it is really an easy way to save money on baby products. Instead of spending money on diapers, you can save money by washing cloth diapers and reusing them.
Use coupons. Check the Sunday paper, the packaging of products or call the manufacturers directly for coupons. The money you save on individual items adds up over time.
Nurse your child. If you are physically capable of nursing your baby, you should do this instead of buying formula. Purchasing formula for your child adds up over time so eliminating this product will save you money.
Additionally, besides following the above mentioned ideas, remember that if you have to buy formula for your baby, choose the powder formula instead of the pre-made formula. It is the same quality and cheaper in price.
Remember that if you are trying to cut costs on medication by using a cheaper substitute, you should contact your physician to make sure that the medication you want to switch to is a healthy and effective substitute for your baby.
Right about now is the correct time to plan for retirement. Assuming there is a steady career in place, and possibly a home with a family, the target age for most individuals is around fifty-five. Yet in today’s society the average age of retirement continues to be pushed back, currently the average age stands at sixty-one and a half years of age. Now that may not seem like much, but considering the average life expectancy is about eighty-three years, losing six and a half years is approximately one third of the remaining years.
Of the aforementioned, the only one that can be deemed reasonable is the weakening economy. When looking at a bank account in middle age, there really is no reason to worry too much about other people. The children will eventually be earning their own money, and hey if there is a need for some side cash in retirement would it not be better to retire seven years earlier and work part time for a few years? These questions should be looked at on a per case basis, but really it is not the time to put away the dreams that have been made for the sake of others, or the sake of fear.
Now is the time to make a plan for the future. There is no excuse for being taken off guard by the issues involved in retirement, really with a proper plan the retirement can be met earlier than the average, and while losing six years may not sound like much now, when there is only eighteen left to live, it will.
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February 28, 2010
Filed under: Debt — Sabine @ 12:53 am
A Better Deal – but Don’t Break your Budget
How to Talk to Creditors Who Call
You probably have seen the commercials about the harassing creditors and have thought that is you. Some days you may not even want to answer your phone. Why is that?
It usually is because some of the creditors you deal with are not very negotiable. If you encounter a problem like this it is best to find a professional who is qualified to help you receive lower interest rates, settle on a reduced amount to be paid in full, or help determine reasonable monthly payments.
That is an extreme situation, however. Most creditors are happy to at least get you on the phone, and all they really truly want is an answer.
If a creditor phones you to ask you when you will be able to pay a bill do not say “I don’t know.” Saying “I don’t know” is the fast track to an unpleasant argument. Instead, if you are on the phone with them say you will pay it on a specific date-even if you do not know if you can.
The only exception would be if you are required to put in writing when you will pay your debts. In this case tell them something such as you will call your accountant. Then, set a date when the creditor can call you back.
Dealing with Different Types of Creditors
Of all the types of creditors to deal with, student loan companies are probably the easiest to negotiate with. You have several options before you even become near being in default.
You can obtain a forbearance, receive a deferment (no-interest grace period extension), or simply send in an amount you can afford. They usually will work with you and usually these type of lenders are easy to negotiate with and usually do not require a professional.
The hardest creditors to deal with usually are the credit card companies. They usually are very rigid-even if you are a faithful customer who has paid every month for several months.
About Debt Negotiation Help
Different types of debt negotiation help include credit counselling, dept management plan, and debt consolidation. Bankruptcy is another option, although in most cases is a last resort. Please see the definition list below for further explanation:
Credit Counselling: One or more consultations scheduled in order to discuss your financial situation as a whole. Credit counsellors will usually ask you some questions about the amount of money you make and help you be accountable as you devise a reasonable monthly budget. Your new financial plan (budget) usually will involve the allocation of money toward repayment of past debts.
Debt Management Plan: This is a specific system used by professionals to help people calculate how much of their debt they can pay back per month. This system is usually based on a certain block of time, such as two, three, or five years.
Using this type of repayment plan your financial counsellor usually will handle all of your money. All you need to do is deposit it in an account set up by your debt manager (financial counsellor).
This system of repayment can be costly, as you need to pay the person who manages your debt for their time. However, often non-profit organizations and churches offer reduced-fee plans for low-income people.
Debt Consolidation: This is the process of combining all your debt together (usually unsecured ones like credit cards and quick loans) in order to only have to make one monthly payment. Financial counsellors will usually calculate the anticipated payment schedule of consolidated loans in order to determine if it is worth it for you to consolidate.
If your new interest rate after consolidation will be lower than it would be worth it to combine all your bills. If not, then you probably should not consider this option.
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February 22, 2010
Filed under: Debt — Sabine @ 12:48 am
Are you feeling the pinch in your pocket? If you are, you are certainly not alone. Millions of people are feeling the effects of an economic downturn, environmental uncertainty and a slow job market. Saving money has never been so important in some households than right now.
1) Cook your own dinner
One of the simplest ways to begin to save money is to get into the habit of cooking often at home. Even if you don’t know how to cook or think you may not like it, eating out is by far one of the most costly pleasures that many of us indulge in. Unlike a major purchase or a vacation, it can be hard to keep track of how many times we eat out every week or how much we spend on that smoothie, latte or brunch.
JUST A LITTLE TIP: keep a journal for a few weeks and write down every time you spend even only 1 dollar on eating out – yes even that little ice cream, hot dog or….. You will be surprised how much money you are spending!
2) Brown bag it to work
Speaking of eating out, work lunches are another of those invisible drains on our wallet. Eating out for lunch often does not feel like eating out because it is usually not a pleasure outing. You are simply filling up before heading back to work. But if you are like most people, it can be very easy to eat out several times a week without even realizing how much money you are spending on lunch. If you’re serious about saving your hard-earned cash, make it a priority to bring your own bag your lunch at least three times a week. If you still need incentive, sit down and do the math. Once you have seen exactly how much you’re spending just by going to work, you might feel differently about brown bagging it.
3) Make a shopping list (and stick to it)
Without a list, there is a very high chance that you will buy items that are not urgent or even necessary One of the biggest mistakes that most of us make before going shopping is that we arrive at the store unprepared. It can be very hard to resist temptation if you arrive at the grocery store without a plan of attack. You may even leave the store without buying one or more of the items you came to buy! Before heading to the grocery store, make a real effort to sit down and make a complete list of everything you really need. Don’t rely on your excellent memory and cross off each item as you move along the aisles – and try not to buy anything you already decided you don’t need!
4) Stock up on perishable items when they’re on sale
Be savvy when you go shopping. You will always need certain items: toothpaste, toilet paper, shampoo, cereals and other common household goods are good things to stock up on when they happen to be on sale.
5) Use your local library
Maybe you haven’t stepped inside a library since . . . ever. If you are not familiar with the modern library, you will probably be surprised about what you’ll find inside. Free internet use, new release movies, bestsellers, free movie nights-many local libraries offer numerous opportunities for free entertainment. Remember that your taxes pay for the library, so go ahead and use it.
6) Make comparison shopping a habit
No matter what kind of purchase you’re making, large or small, the smart consumer always does a complete price check. Whether you’re planning on buying a new book or a new car, simply checking online and making a few calls can save you a lot of money.
7) Get organized
One of the easiest ways you can save money year-round is by becoming more organized. Organize your monthly bills, credit card accounts, shopping lists, clip coupons and organize all of these in one easily accessible folder. Save money on unnecessary late fees and don’t overpay simply by organizing your financial papers and accounts.
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January 26, 2010
Filed under: Debt — Sabine @ 7:29 pm
What does it mean to “live within your means without debt”?
Living within your means signifies being on top of your finances
It means knowing at the drop of a hat exactly how much you can afford.
Knowing how much you have and how much you can spent, means not waking up in the middle of the night and wondering how to pay off the credit card bills.
It means knowing exactly what you can afford and what not. It also means much less stress
Secrets to living within your means without debt :
These are not really secrets-most people who are debt-free or serious about becoming debt-free can find these out for themselves. The true secret is to live below your means. That is, spend less than you make. A lot less. How can you do this? Try to attack the problem from the angle that you already know needs attention. For instance, if you are a shopaholic, work on curbing your shopping sprees by making a written list of only the items you need before stepping out the door. Cross off each item as you shop. Also, consolidate all of your shopping needs into one trip, rather than smaller shopping trips spread throughout the week. Always buy the store brand, which is usually just as good as the name brand and a lot cheaper.
Spend less than you earn
This is a simply mantra that you should adopt in your quest to live within your means without debt: spend less than you earn. It really is that simple. Most of us, however, do the exact opposite.
Spending less than you earn means you have to sit down and face the cold hard facts of your current financial template. Sit down and do some simple math: how much gross income do you take in a month? Next, subtract how much you need for life essentials. Life essentials include putting a roof over your head, food in your body and clothes on your back. Some financial gurus have come up with specific numbers on how you should ideally be spending your money each month.
How are you spending your money?
Roughly 10 % of your monthly income should be directed into a savings account. – no matter how little or much these 10% are!
Study your numbers
Now that you have the numbers, do the math and see how your monthly spending stands up.
Are you splurging on your entertainment budget or spending half your income on shopping sprees? Are you paying off enough debt each month to really make a dent on those credit cards, or are you merely paying off interest?
Are you saving anything for emergencies and the future?
These can be hard questions to answer, especially if you have a sinking feeling that the answer is a resounding “no” on all accounts. But this is also a very important step to take if you are serious about living within your means without debt
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