Being in debt can be really frustrating and can become a vicious cycle. So many people say they would love to pay down their debt or get rid of it altogether – however they aren’t quite sure of the best way to do it, or where to start.
There really isn’t one simple or ‘best’ way that works perfectly for everyone but here are 9 proven money-saving tips to get you started.
- Make your coffee at home
- Pack and prep your lunch for the whole week rather than buying it each day.
- Get together with family to have dinner once a week. This usually tends to lead to left overs for the next day.
- Say “NO” to hosting or attending in-home product parties where you feel obliged or tempted to buy products that you just don’t need.
- Rather than paying for a gym membership, go for a walk and get fitness tips and how-to videos from YouTube
- Call your utility company to see if you can get a reduced rate for paying your bill early or on time.
- Boxed breakfast cereals are expensive. Give your self a protein head start to the day by having oats, eggs and fruit for breakfast.
- When eating out, share a large main meal and skip dessert.
- Downgrade your Foxtel or get-rid of it entirely. Sign up to Netflix instead.
When tightening the belt on spending, it’s ok to keep some luxuries such as dining out once a month or grabbing a coffee and a treat once a week. Finding a friend or sibling to be your confidant is a great way to keep you accountable and motivated. A support network will help you succeed in reducing your debt.
Ignore what your friends are buying and doing. If they’re living a lavish lifestyle with an average income, they are most likely in debt themselves. Have confidence in your choices when you say “NO” to expensive meals out or a concert ticket.
The sooner you start dealing with your debt, the sooner you’ll have the freedom to start saving and investing in your future.