1. I complete a debt worksheet every paycheck to show myself how much I owe. Once I see that bottom number after mortgage, student loans, car, and credit card balances, I immediately put back that new electronic toy I want. Sometimes we need a reminder that there are more important things to pay for.
2. I have not had cable in my home for almost a year. I started out with Netflix on my Wii and getting 2 DVD’s at a time (before they split and raised costs). Now, I got rid of that too! Instead, I focus my time on my business and school. When I want to watch something, I either go to Redbox, borrow from a friend, or watch what I already have. Sometimes I miss having cable, but the television networks have full episodes on most of their sites so I can keep up. If I wasn’t going to school online, I’d get rid of the internet to save some more money per month.
3. I’m looking for a person to rent my spare bedroom to cut utility costs and mortgage costs. I can either use that money to put towards a business savings, or pay off debts immediately.
4. Spaghetti, peanut butter sandwiches, and cereal are my favorite foods. They are extremely cost effective and I don’t get sick of them. I haven’t been much of a breakfast person, but I think it’s time to re-vamp my eating habits. When I was in the army I had a large breakfast, moderate lunch, and very light supper. I was active all day so I worked up those calories and kept my weight under control. I might need to bring back that discipline to my life.
5. I have become a crazy couponer and even my co-workers are getting into it. We all gather newspaper inserts, I clip them, I take what I want, and we pass around what is left. I check the weekly specials with what coupons I have and take advantage of the extra savings. It’s a good idea to stock up on non-perishible items such as toilet paper, paper towels, toothpaste, deodorant, etc. because you know you’ll need them. I’m not saying fill up a storage unit with these itmes, but at least get a month or two supply ahead so you don’t have to worry about that when you can’t afford to get it.
6. I have not bought clothes or jewelry for months. I used to be the type of person to buy a new shirt to go out in each week, but now I mix and match my wardrobe to keep looking nice but still not spending any extra. I’m thinking of getting a sewing machine and making some clothing/accessories myself with materials on sale to save even more.
7. If the item doesn’t need to be name brand, then I will go to Dollar General or Dollar Tree to get it. For example, my dog doesn’t care what toy or treat she gets as long as she can have it. So getting cheap toys at yard sales or for $1 at Dollar Tree saves a lot. She destroys it in five minutes anyway!
8. I don’t buy home decor until after the season is over and it goes on clearance. I’ve put up my fall decor I got last year when fall went out of season and I love it! Same with Christmas. I have a lot of new Christmas items to put up this year because I got some on 75% – 90% off clearance in stores last year. It makes you that more excited for the next holiday. Auctions are a great place to find home decor for cheap too. You can spruce up an item that has been neglected by checking out HGTV or DIY Network websites. They have amazing ideas!
Those are some penny-pinchers I’ve done so far and I’m sure there are more I’m forgetting. The bottom line is you need to write down what you spend and cut out what you can live without. It’ll make it that much more enjoyable when you can afford to have it back. Make goals and plans to reduce that debt! Good luck!
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