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Getting out of debt and creating savings isn’t always easy, but with these quick tips that your grandmother might have had… well, it doesn’t have to be so hard. And if you want to learn some of the best ways to save money, then check out the tips down below!
Important Side Note:
If you’re in debt, then I would definitely read Dave Ramsey’s book The Total Money Makeover which you can check out here. He’s helped MILLIONS of people climb their way out of debt and have financial peace and security. So DEFINITELY check him out!
Also! He has another great book called the Legacy Journey which is a great read. Check it out here!
Always pay on time.
Companies that provide you with services can sometimes give you a grace period to pay. After the grace period, they’ll start charging interest that builds up very quickly. As long as you always pay on time, you can keep the interest down and plan ahead with your finances.
Use the very last bit of everything.
There’s always a little bit more toothpaste in the tube or laundry detergent in the bottle. Squeeze the very last bit out of everything you buy, whether it’s mayo, toothpaste or shower gel. Once it looks like you’re done, cut the packaging open and use the product one last time.
Live within your means.
You should always have some money left over at the end of the month. If there’s none, you’re living beyond your means. Make a spreadsheet with all your income and bills to figure out where you can save some money.
Almost all the packaging you buy can be reused in some way. For example, large plastic grocery bags can be reused as trash bags. Plastic water canisters can be cut into trash cans. Be frugal, recycle and constantly squeeze as much value as you can out of everything.
Look for the best value.
Take your time and shop around. Don’t rush something, but take time to look into different deals and even thrift stores and garage sales. You never know what you might find!
Repair instead of buying new.
A lot of the things you might own can be repaired for a fraction of the cost. And whatever it is that you’re buying, you should have an idea of how long it will last before repairs and how much the repairs will cost you.
Pay yourself first.
Whenever you get money, put some into your savings, some towards your long-term goals, and then spend the rest towards bills and other necessities. By paying yourself first, you ensure your income is always bringing you closer to where you want to be and not spending the majority of it on unnecessary things.
Do handiwork yourself.
Whenever you can, do small repairs on your own. For example, you can buy a sewing kit and replace a missing button or stitch up a torn seam. Get small tools, such as screwdrivers and pliers, and become comfortable using them for handiwork.
Whether you want to get out of debt or retire sooner, these tips will help you do just that. So give some of these a try this week and see how it goes!