When you are buried in debt, you know that something’s really got to give. It’s either you give up your time or you give up some of the things that you were used to spending on. Most of the time, people will automatically think that they need to increase their income. However, frugality will give you more than just the means to increase debt payments.
If you try to learn how to be frugal, you learn how to live below your means. That will help you develop good spending habits and will keep you from acquiring more debts in the future. Solving your debt problems requires not just paying off your debts but addressing the reason why you got there in the first place. So by being frugal, you are actually hitting two birds with one stone.
To help you live a more frugal way of living, here are some things that you can do.
Get Rid of Things You Do Not Need
Search your attic, garage, and basement. You will surely find things that can be sold – instead of leaving them to acquire a lot of dust. It is time to organize a yard sale and dispose of them to grow your debt payment fund. Or if you want, you can sell your items on eBay.
Save Those Coins
If you think that piggy banks are beneath you – they are not. Deposit your spare change at the end of the day. Fatten up that piggy bank and you will find that it will acquire quite an amount after a few months. Every time you fill it up, put that as extra payment for your debts.
Cut up Coupons
All those dollar or cent savings should be taken into consideration. These small savings on ordinary purchases will add up to a big amount at the end of the day. It takes a bit of time to gather but you may be surprised at how much you can afford with the limited budget that you have.
Roll Up Your Sleeves Instead of Hiring
There are several household chores that you can do yourself instead of hiring someone else to do it for you. Not only will you save a couple of bucks, you will give yourself some exercise too. What you used to pay for the service can be added to your payment fund.
Convert Gifts and Bonuses Into Payments
Any cash gifts that are given to you can be put into your debt payments too. In fact, a lot of extras outside your regular salary should go into your payments. These increases can help expedite your debt reduction further. In fact, a wiser thing to do is to divide the extra money and send a part of it to your payments and another to your savings.
Aim for Freebies
Being frugal does not necessarily mean that you deprive yourself of the things that you enjoy the most. If you and your family love to eat out every Sunday, you can utilize the picnic parks in your community and bring your own food. If you need to exercise, you don’t have to spend so much on the gym. Jog on biking and hiking trails. Enjoy hobbies but find ways to get it for free (if possible).
When you think about it, frugality is a friend of financial freedom. You cannot have the latter without practicing the former. So you may want to consider this even if you prefer taking on another job to increase your income for debt payments.