How do I stay out of Debt?
by Melissa Winger
We get this question quite a bit: How do I stay out of debt?
Once you are on the road to paying off unsecured debts, the last thing you want to do is accumulate more. That is easier said than done, though, in most cases! Spending less than you earn can be challenging but rewarding.
Here are some General Tips and Budget Savers that we offer to our clients.
*Find Additional Income- a part time job, work over-time, do side jobs for friends or relatives, review tax withholding allowances and retirement contributions.
*Track your Expenses-write down where you spend your money and adjust if you can.
*Make savings a priority- this will allow you to have a cash cushion for those emergencies instead of charging.
*Take advantage of Flexible Spending accounts or Health Savings Accounts.
*Practice Moderation-Cut back on budget items such as eating out, entertainment, cable TV/Dish, magazine/newspaper subscriptions.
*Grocery shopping- Use coupons, store apps for savings, and meal plan around the weekly sales ads to save money on grocery costs, and stick to your list.
*Lunches/Coffee out- This can be a big money saver especially if you eat out for lunch daily or pick up coffee on the go.
Successful Money Management is about habits and consistency.