So you want to get rid of debts? Not sure how to make extra payments since you don’t have enough money in your checking account?
Dude if you really want to get rid of debt, you have to change your lifestyle to squeeze extra money from your budget.
I’m not asking you to take up a part-time job like most bloggers say. But you have to change your finances for leading a debt-free life. You have to stop buying a few things to build a financial cushion. Otherwise, it won’t be possible to get debt free quickly.
Here are a few things you should stop buying when your goal is to lead a debt-free lifestyle.
1 Wine, whiskey and other hard drinks: Having a drink with a friend on a quiet weekend can cost you between $50 and $200. Use it for getting a debt-free life.
2 Cigarettes: Statistics say that every state spends more than $38,000 in 20 years for buying cigarettes. This figure doesn’t even include the medical expenses of smoking cigarettes. It’s said that the treatment for lung cancer costs over $60,000.
Just think the amount of money people spend on cigarettes and associated medical expenses. You can buy a car with this money.
Stop smoking for your health and finances.
3 Designer dress and bags: Who doesn’t like having a good fancy handbag or a dress? But when you’re in debt, there are a few things you need to sacrifice. A designer dress or a handbag falls into that category. You can live without it.
4 Fancy meals: Stop pining for fancy things in life when you’re in debt. This includes designer bags, dress, and meals at expensive restaurants. Have meals at home. Carry brown bag to the office for reducing your food expenses.
Don’t frown. You can have good meals at home too. All you need to do is get the recipe from the Youtube.
5 Gym memberships: Gym memberships cost a significant amount every month. If you want to lose weight or stay fit, you can workout at home also. Open youtube videos and learn about the exercises you can do at home. Wake up early in the morning and do the exercises to stay in shape.
6 Haircuts: Salon visits cost $150 a pop. If you can’t cut your hair even with a good scissor, then use the following tricks to save money:
7 Gas: Take a bus ride to your office or school. You can also start cycling to the office. This will not help you save money every week but also keep you fit.
8 Beverage: I know you have read this line on many blogs and websites. But believe me when I tell you that you can potentially save $150 every month by skipping coffee at Starbucks. Spend $199 and buy an espresso machine for your home. This is the only investment you have to make. Buy milk and coffee powder for your home. Make refreshing coffee for your home in your brand new espresso machine every day. You’ll save $1800 every year.
Stop applying for new credit cards since they push you towards buying things you can’t afford. Credit cards are awesome financial tools to build a credit history. But when you’re in debt., you should avoid credit cards unless the APR is low or 0 percent. Also, make a habit of buying necessary things in cash. To avoid impulsive purchases.
Everything depends on you. You have to make certain changes in life to get out of debt. Are you ready for making those changes? Are you willing to sacrifice many things in life to make huge savings and extra payments on your debts? If so, then give up drinking, smoking, and shopping.
It’s not only about drinking and smoking. It’s about many other things. It’s about how much you are ready to sacrifice for attaining financial freedom. Can you stop having expensive vacations and be content with short weekend trips? Can you stop partying at bars and have a small party at home? Think hard.
Are you in debt? What small steps are you taking for paying back your creditors? How do you want to secure your future? Tell us and inspire millions of people who want to get debt free.