7 Simple Tips To Save Money and Get Out Of the Debt Trap with Better Spending Habits

7 Simple Tips To Save Money and Get Out Of the Debt Trap with Better Spending Habits

by admin on June 5, 2014

In this age of economic meltdown, many people seem stuck in quagmire of debts and struggling to make ends meet. If you are one of them and wondering how to save some bucks and get out of debt without approaching any debt consolidation company, then learn some basic debt management strategies, which can help you to reduce spending across the board and save money on shopping, utilities or credit card bills.

Credit card debt which carries the highest APR, spiraling interest and additional charges can drive your life crazy unless and until you put a stop to impulse purchases with credit card. Remember, less money spent on groceries and other items means more money is available to pay off credit cards and other debts. Read on the following ways to save money in your everyday life and pay off your debts sooner than before.

  • Your first and foremost duty is to determine, where those finances are heading for. For at least two weeks, carry a notebook and keep a track of your spending. Every purchase you make must be recorded and the individual prices should be clearly mentioned.
  • Once you finish tracking you purchases, add them up and figure out how much a particular spending habit is really costing you and exactly what are the areas you tend to overspend. That daily bottle of soda might seem insignificant, but over the course of a year, that daily soda can cost you more than $500! Follow more cost-effective methods like purchase a 2-liter bottle of soda which is usually for the same price or less than the small soda bottle and refill it to make it easier to drink on the go.
  • Learn to avoid luxuries like dining out frequently or visiting Starbucks for the time being. Instead of purchasing coffee from a convenience store, make coffee at home and save both your money and health. This will save in excess of $100 a month or $1,000 a year indeed.
  • Plan all shopping and purchases beforehand. For example at the beginning of each week, create shopping lists for the grocery store, the drug store, etc. In fact, before heading out to the store, save money by checking store circulars for sales and coupons. In addition, you can visit coupon websites to find printable coupons for groceries, cleaning supplies, diapers and baby supplies and much more.
  • Prefer Buying in bulk and save money on groceries, paper products, cleaning supplies, over-the-counter medication
  • Make sure you turn off the lights and unplug appliances when they are not in use to save money on electric bills. To save money on home heating bills you can winterize the house as well.
  • Last but not the least, avoid impulse purchases. Wait 24 hours at least before purchasing a non-essential item. Waiting for 24 hours period will allow you adequate time to reconsider the purchase and understand its necessity in your life.

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