With the economic hardship many of us face today, it can be very difficult to pay off your debt, live life and save money while covering necessary expenditures. For these people, it’s a juggling act from which there seems to be no relief. However, with some planning and a lot of discipline, it’s possible to save money on a shoestring budget.
One of the best ways to find money where you’d least expect it is to write down each and every penny you spend in a journal. Even the smallest of expenditures can add up to significant amounts over time. This may include daily coffee or fast food stops that don’t seem very pricey. Religiously writing down your expenditures can help you see where your money is going and change your spending habits to increase cash flow.
While many expenses are necessary, money can be shaved off the cost. Shop around for the best prices on insurances, transportation and food. When grocery shopping, compare prices at various stores near you and compile a list. Make sure you stick to your list and buy items only when they’re on sale if possible. It’s also helpful to limit the number of times you shop so you avoid impulse buys.
You can also save a significant amount of money on clothing and gifts if you plan ahead and create a budget for such purposes. One or two well-planned gifts or handcrafted items are often worth more than many gifts purchased on impulse. Buying clothing on sale and ensuring the pieces can be mixed and matched can stretch a wardrobe further than buying pieces that must be worn together to form an outfit.
Most importantly, to increase your cash flow and personal finance budget, apply the money you’ve saved and start paying your debt off as quickly as you can. Avoid creating new debt on credit cards and loans and focus instead on living on cash only while reducing what you already owe.
Superior Debt Services has been helping people manage their debt since 1998. Our debt counseling services can help you live and save money on a shoestring budget. Contact us today to learn how we can help you reach your goals.