Everyone has heard the talk about debt consolidation loans and other "debt solutions" but here are 5 truly easy tips that anyone can use to save money and get on track to a healthy financial standing.
1) Take Lunch to Work
Bringing a lunch instead of buying it will not only save money it is usually a much healthier option also. A bag lunch can be made for a fraction of the cost of buying a meal and without having to leave for lunch you will also save money on gas. Estimated savings from sacking the sandwich is $1,300 per year.
2) Freeze the Cards
Overspending is a common problem and having a credit card handy can make it so easy to purchase unnecessary items on a whim. Instead of cutting up your credit cards that you may actually need at some point, simply put each one in a glass of water or plastic bag and throw it in the freezer. If you want to use it for a quick purchase you are forced to really consider whether it is worth thawing out the card to make the purchase.
3) Become Your Own Bank
One of the single biggest ways to save money on credit card interest is to build your own line of credit for emergencies or other purchases through a savings account. By saving at least $500 you will have a cushion for unplanned car repairs or other situations that would otherwise require you to put it on a credit card. Saving money on interest payments can add up quickly over time just be sure to pay yourself back!
4) Don't Make a Habit of Eating Out
Make visiting the restaurant a special occasion that you do once or twice a week and plan for it in advance by adding it as a line item to your budget. Make note of your restaurant expenditures and you will be surprised how the meal, tip, and gas can add up to an expensive date.
5) Budget with Cash
Using cash to pay for daily purchases makes you realize how much money you are actually spending. Some people refer to it as the "envelope system" which is when you carry enough cash to pay for the everyday items in your budget but no more. This will keep you from overspending because you literally do not give yourself access to additional funds. This idea has grown in popularity in recent years and continues to be a focus for many budget conscious people everywhere.
Everyone can make practical changes to move toward a balanced budget.