Budgeting Tips to Get out of Debt and Build Wealth

Have you ever gone out of your way to save a few dollars or cents, or to make an extra few bucks, only to find out it wound up costing you money instead of getting you money?

This is exactly why you have to be careful about what internet surveys and cashback offers you get involved with.  Here are some scenarios to watch out for:

* You have to use your credit card to sign up for a “free trial” in order to claim the reward.

This is a typical scheme on some of the less-professional survey-taking websites.  However it doesn’t have to be a deal stopper.  You just need to ask yourself, am I disciplined enough to say no to offers that really cost me money, especially if it’s not something I need?  You also need to ask yourself, am I organized and disciplined enough to cancel the free trials before I get charged (assuming it’s not a service you need and desire to sign up for)?

* It takes hours upon hours of time you could be using more productively to do the money-saving activity (whether it’s the paid survey websites, or coupon clipping, or researching for the best deal).

This is certainly a trap we could fall into.  And it will be different for everyone.  There have been many articles written about how much your time is worth per hour.  However I have seen people miss opportunities or procrastinate using the excuse that their time is too valuable to stoop to such an insignificant task (such as coupon clipping).

Think about it.  How much time have you wasted on Facebook or MySpace when you could have been filling out paid surveys? How many times have you been zoning out in front of the TV when you could have been building up an envelope of useful grocery coupons?  Come on, are you REALLY that valuable by the hour?  If you are giving up opportunities to consult or make sales or write articles or create artwork that will actually earn you some income, then you may have a legitimate reason not to waste your time on these “snowflake” earning opportunities.  If so, then maybe you can delegate them to your kids!

* The coupon trap: you get fooled into buying things you don’t really need.

Oh this is a classic!  It’s right up there with supersizing your fast food meal (which you should not be buying in the first place if you are trying to get debt free, tsk tsk).  Here’s one I have fallen for in the past:

“Hey look, juice boxes are only $1.50 each!” That is for a pack of 8 6.75 oz. juice boxes, vs. buying a gallon of Sunny D for $3 on sale that week, or a 64- oz bottle of generic apple juice for under $1.50.

Buyer beware!  Make out your list before you go shopping and stick to it.

Keep your eyes open for the little income possibilities that come along, but don’t forget the concept that time is money, and that it’s not worth it if it’s going to cost you more in the long run.

Posted By: Becoming Debt Free - Paying Debts, Snowflaking by Darcy