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5 Hacks To Have Debt-Free Living

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5 Hacks To Have Debt-Free Living

If you want to live a peaceful and nice life, then it is important that you have a solid financial plan. It is important to have a well-planned strategy if you want to live an anxiety-free life. It is important to have a proper spending plan if you want to make sure that the spending and earning are in balance. If you are overspending then you will end up in a debt and live with a debt is stressful. Once you are under debt you can drown in it if you are careful. There are several people who manage to live a life free of debt.

Whether you had a debt in the past or not moving on with life without the tension of debt depends on your attitude. You do not need to waste your money paying off debt when you can invest that money in something profitable. Here are some of the tips that can help with leading a debt free life.

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1. Benefits of having large savings

It is not always easy to create a good sized saving account. It requires time and planning, but it is worth all the work because in a case of an emergency the savings are the best way of pulling you out of the hot waters. The savings are perfect to make sure you do not need to go into a debt so when you need some extra cash. Emergencies do not come with an invitation so you have to be ready for unexpected circumstances. Consider saving a long term investment which can help in any unexpected costs. Living a life without loans will help in creating a healthy and large savings.

2. Do not delay credit card transactions

Always remember that delaying credit card transactions are not going to make them go away. If you delay the payments you will only end in stacking the payment. The credit card has several perks as it makes it easier to protect your money while traveling, making reservations or renting. But if you are not careful with the credit cards, then you can end up with an extensive credit card debt. It is important to be careful with credit cards. Always pay off the purchase on time. It is better not to wait for a monthly bill. It will make sure that you consider the budget before you try purchasing using your credit card. If you accumulate debt, then you can deal with it with the help of an individual voluntary arrangement.

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3. Need a car, buy a cheap one

It is not easy for middle-class citizens to buy brand new cars. They are expensive and probably not worth taking a car loan. If you need a car then you can go for an affordable option and buy a used car. It will be cheap and it is not going to put any extra strain on your financial circumstances. But while buying a used car you need to make sure you do not fall into the trap of crafty dealers. It is better to do complete research so that you buy a reliable model. You should find a model which requires minimum maintenance and will last a long time.

4. Taking care of student loans

You do not always have to get loans to earn a higher education. There are ways of getting a good education without worrying about the debt. A community college is an excellent way of getting an affordable education. You can start there and then move to more prestigious to institute with the help of scholarships and loans. A student loan can be a big problem and you can make a wise choice by working slowly through the college.

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5. Be a smart buyer

You can save a lot of money by being a smart buyer. It is important to control the impulse purchases. While shopping has always had a strategy that helps in prioritizing. Buy only the things that you need. If you want to buy something extra and expensive then you need to make sure that you have a plan so that it does not put a strain on your budget. Always make sure that you go for shopping with the mindset of saving money. Make a budget and make your best effort not to exceed it.

If you follow these simple tips then you can lead a happy and debt free life.

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Featured photo credit: flashcopter.com via flashcopter.com

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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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