Eliminating Debt
Eliminating Debt
No-Nonsense Tips for Living Within or Below your Means
All of us, especially in these times, could probably stand to save some money and lower our spending. But if you are heavily in debt or a chronic over spender, what can you do in order to live within, or better yet, below your means? Here are some no-nonsense tips for living within or below your means.
Use up all of your change
There is a good chance that you ignore your spare change. Those few stray dollars floating around in your jeans pocket or stuffed into your wallet does not command much of your attention, nor does that spare change jingling in your pocket. Well, it's time to start paying attention to those stray dollars. Set up a stray change jar on your kitchen counter, bedside table or wherever you are likely to see it. Every day when you come home from work, school or wherever you spend your days, add a little something to the jar. Do this for a week and it will become habit. Do this for six months and you will find yourself with a cache of extra spending money. Make a deal with yourself to add to the jar for three months before you start taking from the jar. Or draw a line midway around the jar and don't take from it unless the change and money reaches the line. Or if you are really disciplined, tape a sticker to the jar with a date six months from the date you started the jar and don't take from it until that date. The trick is to trick yourself into saving money, and becoming more conscious of how you treat your money.
Make your own coffee
If you are like a lot of working Americans, you probably begin your day with a hot cup of joe. And you probably let someone else make the coffee for you. Whether it is Starbucks or a less expensive brand, you are probably spending a good chunk of change just by having others serve you coffee. Remember: coffee is no longer ten cents a cup like it was in the good old days. You are talking about at least three to five bucks a pop for a name brand latte or cup of coffee. Save yourself some hard-earned cash and invest in a good coffee maker (you probably already have one) and a good, sturdy and attractive portable coffee cup or canteen. Experiment with different coffee brands until you find one that you enjoy even more than that expensive caf coffee. Simply getting into the habit of making your own coffee two or three times a week will save you hundreds of dollars over a year of coffee drinking.
How much are you spending on rent?
Are you overpaying on rent? Many people are. Are you paying extra for a pool you never swim in, a fitness center that you never use, or a private clubhouse that you never frequent? If your monthly rent is padded with amenities that you never take advantage of, take a serious look at your living situation and calculate how much you would save if you moved to a house, condo community or apartment complex that better suits your lifestyle. Other things to consider: paying for extra space that you don't really need or use, or consider taking in a roommate if you don't want to move but would like to save money on rent.
Take public transportation to work or school
How much are you spending on a weekly basis on just getting to work or school? In these days of record-high gas prices, chances are you're spending too much on your commute. Just taking the bus or carpooling a few times a week can help you live within your more means more comfortably.
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