Budgeting Tips to Get out of Debt and Build Wealth

Do you think having a budget is painful?  Are you unwilling to sacrifice your usual lifestyle in order to put more money toward debt repayment?  Yeah, I know.  None of us wants to change our lifestyle, but the reality is our high-flying lifestyle (yes, those gourmet Pizza Hut meals and that expensive vintage diet soda you’ve been splurging on) has gotten us where we are today, in the hole.  We want to be debt-free, but does it have to be so painful?

Actually, there are some small things you can do to cut back on spending while not making drastic changes in the way you live.  This is a good place to start, and once you get used to the idea of living on a budget, you may be willing to make larger cut-backs.

Here are some little ways to cut your costs for things on a daily basis:

1) Use coupons.  Some of the very staples of your regular way of living are available at a reduced cost if you just remember to look for coupons before you go shopping.  In fact, I cannot believe how much money I’ve been wasting by not using coupons!  Where do you get coupons?  Lots of places.  They print out at the check-out and are given to you with your receipt.  They are sometimes on the back of your receipt too.  They are (as they’ve always been) in newspapers and magazines.  And they are online.  Gone are the days when the local grocer wouldn’t accept internet coupons… now they take them, as long as there is a bar code.  Visit sites like coupons.com, valpak.com, and smartsource.com.

2) Watch for deals.  Store circulars come in the mail, are inserted in newspapers, and are now often available on the store’s website.  Keep an eye out for deals on your favorites.  Keep a running shopping list of things you know you will need on a regular basis (i.e. what you stock your pantry, fridge and freezer with).  Keep an inventory and when something goes on sale, stock up!

3) Go generic/store brand on the things that don’t matter much.   You can shop at a store like Aldi’s or just buy the store brand products at the grocery store or Walmart etc.  We all know that some generic or store brand products do not come near the quality of the name brand stuff.  So choose the things that you don’t mind going generic on.  For me, this includes pasta, sometimes eggs, regular soda, sugar, flour, cereal, crackers, sometimes milk and other dairy, and over-the-counter meds like “mucus relief”.   Make sure the generic ones are really cheaper than than the name brands, though.  Sometimes the name brand item is on special, and especially if you can combine the coupon with a discounted price in the store on a name brand, you can beat the store-brand price.

4) Pay your bills on time.  How much money have you wasted on late fees?  Enough said.

5) Don’t pay full price for gas.  So many supermarkets and superstores offer incentive programs that give you pennies-per-gallon discounts that you should never pay full price for gas anymore.

6) Order things online via cashback sites to be picked up in the store.  When you click through the store’s link on a cashback site that you’re a member of, you can get a percentage of the purchase price refunded to you.  The price is the same as if you went to the store and took the item off the shelf and bought it, but you would not get cash back if you did that.  Order online for in-store pick-up and get a little bit back.

7) Take your time and shop for the best deals.  If you can convert yourself from an impulse-buyer to a smart shopper, you can get a lot more for your money.  Take your time and find the best deals, negotiate before you buy, and use cash to negotiate the lowest possible price.

Just cut back a little on everything.  Use a little less hand soap or shower gel, a little less shampoo, a little less dish soap, drink a little less soda, fill the washing machine up a little fuller per load, drive a little less, eat out a little less, etc.  Make small, pretty much painless reductions in your habits and it will have a big impact on your budget.

9) Reign in the kids.  If you have been suckered into toy after toy after game after game purchase, it’s time to guide your kids away from the gimmes.  They will be just as thrilled to have you spend time with them throwing the ball around, if not more thrilled, than if you bought them the latest video game.  It is healthier all the way around.

10) Love what you have.  Take care of the things you have now, and appreciate them.  You may find that you don’t need to buy a new sofa when the one you have will look great if you just clean it.  Besides, you may never find such a comfortable one again.  Enjoy the things you already own and keep them up.  You will save tons of money with just a little TLC.

So there are some small, painless ways you can cut your spending now to help you save money and pay off your debts faster.

Posted By: Becoming Debt Free - Paying Debts, Family Budget, Frugal Living - Reducing Spending by Darcy