If you are in debt then you are one of thousands, well actually millions. Just because you are one of millions, that are living on someone elses money, it’s not ok. You need to address this problem NOW, because trust me, the economy is not going to get better in the near future. If you want to protect what you have, start doing it now. Your salary is buying you a lot less than it did one year ago and the need to look after every cent you earn is now essential.
If you feel you are unable to take care of your debt problem on your own and cannot afford to pay a financial advisor then many Charities and church establishments offer free debt counseling. Counseling will help take some of the burden from you and look at things from a different perspective. Make use of the help, if you need them, use them. Once you get back on your feet, a donation would probably be very appreciated.
If you feel you can go it alone then here are some budget tips that will be helpful to you.
- Draw up a realistic budget: To do this write down your income including wages, benefits and other income as well as ALL your expenses.
- Ensure your expenditure includes: Insurances, holidays, house improvements and savings.
- Stop using credit: Paying cash is a perfect way to know exactly what you are spending your money on.
- Once you have drawn a budget, stick to it: Resist the temptation to buy now and pay later.
- Plan for the future: Create a new savings account to save money for future expenses and allows your balance to increase.
- Stock up on the essentials: Toilet paper, shampoo, soap, laundry products when they are marked down in price.
- Shop close to closing time; Many shops and bakeries offer discounts for food in the hours before they close.
- Buy Cheaper: If you shop at the farmers markets in the weekends you will pick up better quality and often cheaper fruit and vegetables and fresh-baked goodies.
- Leave your wallet at home: Unless you are specifically going shopping try leaving the wallet at home.
- Turn your air conditioner off: If your fuel is low turning the air conditioning will help reduce fuel consumption.
- Refrain from buying that delicious cappuccino every day: Now this is a hard one for me. Cut it down to twice a week.
- Empty the refrigerator: Before buying more food eat everything out of the fridge you will be surprised what you can make out of virtually nothing.