Saving money is often at the bottom of everyone’s to-do list, especially if they have debt to pay off. The focus is usually on finding ways to make more money, like taking a second job. However, the more money you can save, the more you will have to pay off the debt. Here are some savvy tips for getting out of debt:
Tip 1: Pay Your Bills on Time
This one may sound obvious, but how many people actually pay their bills before the shut off date instead of the due date? If you wait until the shut off date, you are probably getting charged a late fee every month. It may only be a few dollars, but it all adds up, especially if you’re doing this with all of your bills. To prevent this from happening, set up your bills on an automatic plan. If you have a late payment because you do not receive your pay check until after the due date, contact the company and see if they will move your due date forward by a week or two.
Tip 2: Avoid Buying on Impulse
If you are in debt because you pull out the credit card every time you see something you want, start leaving your credit card at home. This will reduce the likelihood that you will purchase something on a whim.
Tip 3: Bring Your Own Snacks and Drinks to Work
It may not sound like much, but spending money at the vending machine at work can cost you a lot over a few months. Instead, buy variety snack packs in bulk and bring one to work every day. You can do the same with water or drinks. Instead of buying bottled water, bring a thermos to work. Buy a case of soda and bring a couple in with you to work.
Tip 4: Stop Eating Out
Instead of eating out or picking up fast food, start cooking and eating at home. Save your meals out for special occasions. Plan your meals ahead and learn to cook foods that will last for more than one meal. If you really do not have much time to cook, look for packaged dinners at the grocery store. They are more expensive than cooking your own food, but cheaper than going to a restaurant.
Tip 5: Go Shopping When You Have a Deadline
People spend more in a store when they have time to shop and browse at items. If you have a deadline to be somewhere else, you are more likely to just buy what you need. If you give yourself the time to browse, who knows what other expensive items you might purchase. Saving money is all about taking small steps that add up over time. These small steps are much easier to commit to and they really help you get out of debt.
Check out Debt Free Me for a tested debt management plan.