3 Tips to save money and live a Debt free life

It is quite impossible to attain your short and long term financial goals when you are in buried under the burden of debt. You may have incurred debt due to poor money management skills or you’ve experienced a financial hardship. However, regardless of the cause, you should try to solve your debt problems as quickly as possible and restore your healthy financial position.

3 Tips to save money and live a Debt free life

Here are the 3 practical tips which you can follow to save a considerable amount of money and live a debt relief life.

1. Plan a realistic budget and follow it

It is difficult to save money without planning and preparing a realistic budget. Consider  your monthly income and expenses and plan a suitable budget that matches your financial activity.

In order to save surplus amount of money one needs to plan for cutting down expenses, as much as possible.

Moreover, it is necessary that you don’t incur further debt till you pay off the existing ones. One of the easy ways to avoid debts, is to use credit cards rarely.

By doing so, you can avoid buying items which you cannot afford to purchase through paying lump sum amount of money at the point of sale.

2. Make a list of items you need to purchase

Whenever you go for shopping, always make a list of items that you need to purchase. It is very much required when you visit department stores for shopping your grocery items every month. In this way, you can avoid buying items on impulse. You can also consider buying items in bulk. Most of the stores offer discounts when you buy items in bulk. However, you should buy those items, especially food items, which you require on daily basis. Also check the expiry dates before buying items in bulk. You can also collect and use discount coupons to get additional discounts on your purchased items.

3. Restrict eating outs to once or twice a month

Instead of eating out frequently, you can prepare dinner at home. By doing so, you can save a significant amount of money. You can also invite your friends to have dinner at your home instead of reserving a costly restaurant.

Apart from saving money, it is good for your health, too. You can create a fund and deposit the additional amount that you would have used to pay your restaurant bills. You’ll be astonished to see how much you can save by restricting eating outs to once or twice a month.

At last, it is worth mentioning that you should always try to build an emergency fund so that you can overcome your emergency financial situations without falling into debt. So, always try to save at least 10% of your monthly income and deposit it into your emergency account. It will help you manage your personal finances in a much better way as you can use the accumulated funds when required.

This is a Guest Post by RP who writes at http://www.debtconsolidationcare.com.

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11 Responses to “3 Tips to save money and live a Debt free life”

  1. Amandeep Singh

    Jan 27. 2011

    Nice tips, RP :)

    Eating out is where most of my money goes every month ;)

    Reply to this comment
  2. Segar

    Jun 22. 2011

    Very good plan thnks if more information

    Reply to this comment
  3. Alice Dunn

    Aug 10. 2011

    The advantage of eating at home instead of eating out, is that you will become a great cook. I’ve been cooking at home for a few months now and I can hardly believe how good of a cook I’ve become. On top of that I know which ingredients are good and cheap. It really is worth it and who knows cooking might become fun!! :D

    Reply to this comment
  4. paris56

    Sep 26. 2011

    Nice plan, thanks for the info.

    Reply to this comment
  5. laser

    Oct 06. 2011

    great post indeed! Any meal prepared at home is approximately 50% of the cost of a restaurant meal. You’re allowed to inspect the kitchen, so you can be assured of cleanliness standards. You can limit the amount of fat and sodium and nobody rolls their eyes if you want salad dressing on the side or fries instead of a baked potato. No tipping. And, lastly, you’re fairly certain that nobody is spitting in your food

    Reply to this comment
  6. sasuke05

    Oct 12. 2011

    Wow! Very nice tips for how to save money. Thanks alot for sharing this tips. GREAT! | :P

    Reply to this comment
  7. Adoness

    Oct 13. 2011

    Great plan, Thanks for sharing.

    Reply to this comment
  8. Belenda

    Oct 24. 2011

    Saving money it is good for your health, too. You can create a fund and deposit the additional amount that you would have used to pay your restaurant bills. Thanks for sharing..

    Reply to this comment
  9. diamond56

    Oct 29. 2011

    The advantage of eating at home instead of eating out, is that you will become a great cook. I’ve been cooking at home for a few months now and I can hardly believe how good of a cook I’ve become.

    Reply to this comment
  10. ducati56

    Nov 12. 2011

    it is good for your health, too. You can create a fund and deposit the additional amount that you would have used to pay your restaurant bills. You’ll be astonished to see how much you can save by restricting eating outs to once or twice a month. | :P

    Reply to this comment

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