Want to pay off your debts faster? This post from Phil Bradford shows how to do it.
When getting rid of painful debts is your prime concern, you have to be frugal; otherwise, you won’t be able to stick to the debt repayment plan. No matter what debt relief plan you're following, you have to be consistent on it. For this, you need to embrace frugality. Don't worry! Frugality doesn't mean depriving yourself of things that make you happy. Being a frugal person means you need to make mindful choices. Frugality is spending money to get the maximum value.
By embracing frugality, you can save more dollars. Saving more money means you can pay off debt faster. Initially, following a frugal life can be a little difficult task. But, once you understand how to cut expenses in different areas, it will be easier for you to be focused.
How to master the frugal skill
Frugality is not as scary as people think. You just need to understand when to spend and when to save. For this, you have to create a budget based on your total income. Following a budget helps you to stop overspending and saving a certain amount each month. Following a budget will help you to live frugally.
Here are some frugal living ideas that help to save money to make your debt payoff journey easier.
Cook food at home instead of hitting restaurants
We all have to eat to live. Not knowing how to cook can't be an excuse or hitting restaurants can't be a solution. If time is the issue, then you have to plan your meal in advance. To do so, you have to be sure about the meals at the beginning of the week. Just make a list of the dishes you're going to eat for the whole week and shop accordingly. Cook all the dishes when you’re free.
- Mastering cooking skill
- Saving money on restaurant bill
- Eating healthy
- Fewer health issues
- Saving money on grocery
- No food waste or grocery waste
Optimize entertainment costs
Entertainment is another tricky area where you can make a lot of changes to save money. Now, people shop to entertain themselves, which is a blunder. Shopping, catching the latest movie, attending every concert, and video games are some entertainment options that cost you dearly.
But, there are many other fun ideas that can make you equally happier. For example, playing with kids, hiking, cycling, enjoying time with pets, catching up with friends, hitting nearby parks or beach, arranging yard picnic, gardening etc. Even a simple evening walk with whom you love most can be a mood enhancer. So why waste money on those costly entertainment that give you momentary enjoyment?
- Saving more money
- Giving more time to family
- Staying fit
- Staying in connect with friends
- Living a green life
Learn home maintenance and automotive skill
Owning a home and a car can cost you big on maintenance time to time. But you can tackle issues related to your home and car repairing easily. How? Just browse YouTube to learn basic home and car repair methods. Why hire experts when you can manage issues like caulking, fixing a drawer, unclogging drains, repairing leaky faucets, cleaning gutters, changing oil or batteries.
- Saving money on costly maintenance
- Facing less hassles
- Saving money on service charge
Celebrate no gift festivals or exchange DIY gifts only
Festival time is the ultimate budget buster. People love to exchange pricey gifts starting from Mother's Day to New Year’s Eve. Birthdays, anniversaries are add-ons. Why don't you experience a no gift celebration? You just need to inform your relatives or friends “regarding no gift idea” in advance.
If you can't think a celebration without gifts, then consider DIY gifts instead of store bought products. Make cookies, cards, poster, winter clothes or scented candles to make your dear ones happy. Homemade gifts will make them more happy than ever.
- Saving money on costly gifts
- Enjoying appreciation
- Practicing old talents
- Living a green life
Saving money on day-to-day living can help you to save a lot of money. Having enough money will effectively help you to get rid of financial obligations. The add-on benefit is you'll master the skill of living on less to make a big difference.
Don't forget to share your experience after applying any of these frugal skills to save money.
Phil Bradford is a financial content writer and a web enthusiast. He has expert knowledge about personal finance issues. His passion for helping people who are stuck in financial problems has earned him recognition and honor in the industry. Besides writing, he loves to travel and read books.