Over half the country is living paycheck to paycheck. And increasing their debt each month just to cover the basics.
What Is Debt?
Debt is the balance on the credit card you can’t pay off. It’s all the buy now pay later items you have acquired.
How To Stop The Debt Cycle
Stop living paycheck to paycheck by learning how to live below your means and pay down your debt. Living frugally can help you save money.
What Is Frugal Living?
Living frugally is the act of living below your means, saving money and making smart financial choices.
How Can Frugal Living Help You Save Money?
Choosing to live frugally is about making simple changes to your everyday that will help you save more money.
Simple examples of frugal living that can help you decrease your expenses and decrease your debt are meal planning, DIY crafts and hobbies and growing your own food. Below you will find some great tips to help you decrease your debt.
How Can Frugal Living Get You Out Of Debt?
A frugal lifestyle is about living well on less. Which enables you to put more funds towards your debt and savings.
Being Debt Free
Debt free people are smart about money. They live frugally, pay off their credit cards or don’t have one at all. They don’t keep up with the Joneses. And work to increase their savings.
How To Be Debt Free
Being debt free is about getting rid of your current debt and saving up cash for the things you need. Below you will find common everyday activities you need to stop to help you be debt free.
Related Debt Free Posts:
Things You Need To Stop To Be Debt Free:
The must have it impulse
You know the one I am talking about. The need it now impulse. The it will look really good next to… Or I have the perfect shoes to go with that dress.
Avoid the impulse, save the money and set the goal for being debt free.
The constant need to be entertained
You do not need to be, nor do your children need to be entertained every minute of the day with the latest gadgets, toys, movies and adventures.
Make a plan, save up for the latest gadgets, concerts, vacations and more.
Our family was guilty of this and it helped put us into debt. Skip the eating out and try some home cooking.
Simple, easy to make meals will keep your bank account in the green instead of the red.
Related Recipe Rosts:
Coffee & conversation
As adults we have come to love tea and coffee. What else is great is when someone else makes it exactly the way you want it with a side of pastry and adult conversation.
Serve me up a good latte, seated on the coffee shop patio during a warm spring day and I am a happy mom. But… it can get pricey and it can easily put you into debt.
I am not saying skip the coffee shop altogether. Opt for making coffee at home more often. Checkout these 21 amazing Starbucks copycat recipes.
The keeping up
And comparing. In the age of social media. It’s so easy to get sucked into wanting what someone else has or what their Instagram or TikTok was about.
Social media is a mecca of the best and the photo edited. Skip the need to keep up and compare. Be you and go after your dreams and your wants. Just save up for them first.
Related Stop Living Paycheck To Paycheck Posts:
- Save Money On Household Expenses With Over 275 Frugal Tips
- How To Save Money When Things Are Tight
- Secret Must Haves Of A Frugal Home
How to budget
Even millionaires have budgets. Budgets and knowing where your money is will help keep you out of debt.
Bigger is better
Don’t be house poor. Yes, it is big, beautiful and it holds all your stuff. But can you pay for it and still live the life you want to lead?
It’s brand new, I just drove it off the lot
Did you know that a brand new vehicle depreciates in value 10% the moment you drive it off the lot? Plus do you really need those big payments?
A used vehicle will save you a bundle of cash and still get you from place to place.
I want to be seen
Having the best of the best will get you seen and it will also show you the value of debt. If you want to get noticed for whatever your reason do it on the cheap.
Dress up a vintage outfit. Try a new shade of lipstick. Don’t go into debt simply to impress people, you aren’t really sure you want to impress.
The kids have been real good
It’s just one toy. I have been guilty of this. You are out running errands and the kids have been so good that you treat them to a toy and maybe lunch.
This action in its own right is not a problem. It becomes a problem if it happens over and over again and puts you into debt.
Becoming Debt Free
Don’t let life keep you from being debt free. Setting limits, keeping a spare toy on hand and yummy snacks in the car will help you out of overspending in a pinch. For more money saving tips and trick checkout the best Dave Ramsey money saving hacks.
Updated May 6, 2021