If you have ever made a trip to the grocery store for a small list of things and been surprised at the total, you know little things add up.
Here are seven practical ideas to cut spending costs and find some extra money in your income to put towards your debt. Some of these things I actually implemented myself in my debt-free journey.
Photo by Christian Koch
1.Rent/Mortgage
“Ain’t nothing wrong with living within your means and doing it well” - Brithney Joseph
Get roommates or move back home
Downsize (cheaper space)
Rent out your space
Sub-lease your house or apartment
Don’t forget to check any spikes in your utility bills
Photo by Jaikishan Patel
2. Call Customer Service
The customer is always right.
Call your service providers (credit card, cable, subscription services, etc. )
Be polite, assure them of your good standing payment history
Ask for adjusted interest rates, waive an overdraft fee, new deals, discounts, etc.
Photo by Nathan Dumlao
3. Reduce, Don’t Cut
“Keep things that bring you genuine joy!” - Brithney Joseph
Identify three areas you spend the most money
Identify three areas you spend the least money
Reduce costs on things you spend the most on
Cut out costs on things you spend the least on
Photo by Emil Kalibradov
4. Use Cash not Credit
It feels good to swipe but regulate yourself.
Freeze credit cards after direct deposit, withdraw some and only use the cash
Set strict purchasing days or periods
Put cash into envelopes categorized by purchases
Remove credit cards from online accounts
Photo by Zachary Nelson
5. Find Free Activities
“If it’s free its for me!” (Don’t say that out-loud though)
Find your city's event calendar online. Search for events that interest you
Use apps like Eventbrite and Groupon to find free and discounted events in your area
Make friends with event hosts and night life promoters or become one
If the weather allows, go out and embrace nature
Photo by Luke Southern
6. Tell Your Friends
Only keep like-minded people around you
Let your close friends know which financial goal you are working on
Let your close friends hold you accountable
Let your close friends know not to hit you up for random nights out
7. Create a Budget
“Budgeting is a fancier, shorter term for ‘setting yourself up for success” - Brithney Joseph
Figure out how much money after your bills you can live off of per month
Then, figure out how much money after that can go towards your living expenses and your liabilities
Then, decide how much you can live off of after making monthly payments to your liabilities
Break that amount down into paydays. That amount is how much you can spend on living and miscellaneous expenses
READY TO GET YOUR MONEY RIGHT?
Use this automated tool to help control your spending
What are some things you do to cut spending costs?? Please share the wealth. Comment below.