5 Ways You Can Increase Your Savings And Avoid Getting Into Debts

We all want to be debt free one day. We want to not rely on credit cards and short loans to get buying life. The only way we can do this is by getting out of debt. Saving our money when we have plenty will mean that you can go ahead and use the money later on dark days. If you want to get the right kind of balance between saving and spending then this article is meant for you. Below are some basic tips on how to save and avoid debt.

  1. Live below your means.  Most people will tell you to live within your means but that doesn’t always work out the way we plan it. We always end up going over budget. This is why you should live below your means. This way when you go over budget you are now in the correct price range.
  2. Avoid trends.  Most of the money we waste or the debts we find ourselves in are caused by following trends. The latest IPhone is out and you want it despite having a well working phone. There are new jeans in the market and you want to trade in your trusted unnamed jeans for a brand sign. Most of the times you will only wear these clothes for a while and then end up keeping them in the house as the next trend comes along. Some people will even max out their cards for the latest designer bag.
  3. Know your money.  The reason why we get into debt is because we do not even know our money. If you cannot get your finances in order then get a professional to do it. An accountant or a financial advisor may be worth it. Plan out all the money coming in and the money going to your bills and so forth. This will leave you with an estimate of how much you’re left with once you have settled your bills. Choose the items you can spend on every month to avoid impulse shopping.
  4. Open a savings account.  If you still cannot restrain yourself then open up a savings account. This will get the amount you plan cut from your pay check and sent straight to your savings. This way you can avoid the urge of 'stealing from yourself'. It also helps you to keep track of how much you have saved easily. With time it will become a habit and you will no longer need to save so much
  5. Buy in bulk.  One way to really save is buying in bulk. You do not have to do it by yourself. Ask a friend to team up with you and you can buy everything in bulk. Use the coupons you get whenever you have the
Pin It

Comments powered by CComment

Now On Angels TV

Funny video discloses the possible ways of pranking out the ghost in someone. Don't miss out.

Search Angels Ad