How to Save Money and Get Out of Debt

You’ve said it before, but don’t let yourself have to repeat it. Focus on your finances this year. It’s a new year. Use the fresh start. There’s never a fun time to buckle down and get out of debt, but it’s now or next year (again). Check out the tips below to help get you there.

Budget Every Month

Setting a budget at the beginning of the year is a great start, but be sure to follow up with it. You will have added expenses in some months, and bills will change a little. Create one overall budget for the year, and then reevaluate at the beginning of each month to see how you can do better.

Track Your Spending

Ask your financial institution if they have a service that’ll categorize your spending. Most of them do; you probably just aren’t utilizing it. See what you’re spending your money on, and cut out the unnecessary expenses.

Cut the Cards

Yes, I’m serious. If you can’t stop yourself from spending money on your credit card, then cut it up. Obviously, debit cards are fine because you can’t spend more than what is in your account. Credit cards trick you into thinking you have more money than you really do. Don’t fall into the trap anymore.

Save the Change

If you use cash, get a jar. Put your coins in it. Don’t take anything out until it is full. If you use a debit card, some financial institutions have programs to help you save the change from every transaction! When you’ve filled up your jar or saved a certain amount through your debit card, use that money to “splurge.” Sure, it won’t be a huge amount, but you’ve earned it.

No Spending Weekends

Normally people go and splurge on weekends. Take the opposite approach. Find local, free things to do. Look for a new hiking trail or park to visit. Have a movie night at your house, and invite friends over. Host a potluck. Get creative with it, and have fun!

Now use all the money you saved to pay off your debt!