For a lot of people saving money to cut back on your overall debt means sacrificing a lot of your lifestyle choices, but is it possible to spend less and save a lot more money without it impacting on your quality of life? It’s a big debate, but the solution is all about saving in small ways that can take a lot of pre planning, but the way you end up saving a lot of money is not just by cutting back on one small outlet, but on various ones. So let’s help you to escape debt.
Keep An Eye On Your Expenses
This is more common sense than anything, but when we are used to a certain quality of life, it can mean we are a bit oblivious what we actually spend our money on. So it makes a lot of sense to have a good look at how much money you are spending, and see what is essential in your life (and what isn’t)! A small but potent example is something like medication, while medication is essential, you could save money on a prescription which adds up over the course of a year. Have a look at repair.credit for a bit more advice on cutting back on medical bills for a bit more information in this respect, but it’s all about saving a little bit of money here and there, so it adds up. If you can save $10 a month on one prescription, this means $120 at the end of the year!
If you have outstanding debt on more than one credit card and you’re paying interest on each one this is something that will add up. But if you pay off the debts, it is a sacrifice right now, but it leaves you with more savings overall to spend on your lifestyle. You could also refinance debt into a personal loan. This is infinitely more affordable, it will save you money, and can also help you to pay off the debt quicker.
Think about it, in your family home if you’ve got lights and TVs on in every room, that is wasting electricity. The same applies for cable packages and streaming services, if you are paying for packages that you don’t use, what is the point? So to cut back on your bills over the course of the year it’s time to take a scalpel to your bills not just to cut electricity, but if there is a sports package that nobody watches anymore it’s going to save you a lot of money!
Buy In Smaller Quantities
This may sound counterintuitive but if you use a lot of fresh products such as fruit and vegetables it makes sense to purchase perishable goods in smaller amounts to cut down on waste.
Something you may already be aware of, but if you buy items online, you can still get the high-quality brands but for a lower price!
It is possible to get out of debt and to have a thrifty lifestyle without it impacting on your quality of life, but it just requires a bit of common sense and more shopping around than you are used to.