Struggling? Debt piling up? Living paycheck to paycheck? Feelings of helplessness? Thinking that there is nothing you can do to change your circumstances? Don’t give up! There is an answer! By changing our money habits you can begin living frugal today for a debt free tomorrow.
Skeptical? That’s ok. Many people think that living frugally means that you have to do without things, but that isn’t the case. Making some minor changes to spending habits can give you more money in your pocket. You can use that extra money to pay off debts, buy a new car or house, save for your children’s college education or make sure that you have an emergency fund.
What are those minor changes? First, figure out how much money your household brings home and how much money is necessary to cover bills. Changes can’t be made unless you know how much money you have. Creating a frugal budget will give you an idea of what you can and can’t afford. This budget will help you to make important decisions. Such as, can I afford that new dress right now? Is this really necessary now or can it wait? If I buy this, will it cut too much into my savings? Don’t forget to include saving goals and debt repayment.
Next, make sure to get the most bang for your buck. What do I mean by this? Well, prices are soaring on many items that we need. Sometimes it might be necessary to scale back on some items or buy in bulk when things are on sale. Shopping at multiple stores to get good deals is another option. For instance, Winn-Dixie usually has good meat sales. Their buy one get one free deal is a good option. It saves you money and doubles the value. Coupons and rebates are another good source. For example, Walgreens will allow you to use a Walgreen’s coupon and a manufacturer’s coupon together for the same item. Menards, Lowes, and other stores offer rebates. Don’t look at it as a hassle to fill those forms out! Look at it as more money in your pocket for the next project that you have or something breaks and you have to make an emergency purchase. Rebates come in handy when your short on cash and you need to purchase something right away.
Finally, find ways to minimize costs. If you haven’t already done so, evaluate your bills and see if there are ways to cut back. Are you purchasing cable television, internet and phone services separately? Find a provider that bundles those services in a package, you will not only save money but have only one bill. You can also cut back on extra features of those services. Do you really watch all of those cable channels or are you paying extra for channels that you don’t watch? How about the phone bill? Other ways to minimize are shopping around for cheaper insurance, seeking entertainment that isn’t expensive, and using energy saving products. Also, pay your bills on time, if you can. Every time that you are late, a late fee is added. That is an extra $5-10 a month that you are giving away. Sometimes paying late is unavoidable because unforeseen occurrences befall us all; however, making an attempt could put an extra $60-120 in your pocket a month.
Money management, bargain shopping, and minimizing costs are great ways to get started. Remember frugal does not mean depriving yourself of things; it’s a way to make your dreams come true. Taking these steps will help you to live frugal today for a debt free tomorrow.
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