We’ve all at one point or another needed a little help getting our finances back on track. Whether it be after Christmas and you spent every single dollar on gifts, or you simply just want a fresh start.
Whatever your reasoning may be, here are 10 tips that’ll surely help you get back on track:
1. Avoid going out to eat
This is a tip that is a little hard for my husband and I to follow especially now with two kids under two. However, that is one of the major reasonings as to why we are able to live off one income and I am able to stay home with the kids. Trust me, this one will be a major help.
2. Plan Weekly Meals
Planning weekly meals is another big one. By doing this you have less of a chance to overspend at the grocery since you already know exactly what you need for the week. You can also check out this free weekly meal plan sheet from printable crush.
3. Write down all your expenses
I know this might seem a little too much for some of you but it can be very beneficial when done right. Writing down all your expenses can help you figure out where you’re wasting your money and helps you with bad spending habits. Printable Crush also has this free monthly expenses sheet.
4. The envelope system
Okay, so this one you can literally start it today. If you’ve been doing your research for how to budget then you have probably heard of this method already. Basically you grab a couple of envelopes (however many categories you want) and write down either the bill name on it or gas/food/entertainment etc. Every week (or whenever you get paid) you set aside some money for each envelope. You do this in order to know exactly how much you have for each category. And you’re not allowed to grab money from another envelope to a different envelope! If you need more info on this method you can get it from the budget mom.
5. Sell things that you no longer use
I’m sure you’ve heard the phrase, “one man’s trash is another man’s treasure.” You can sell things right from your house to make some extra cash. You’ll be cleaning up and making money, how great does that sound! There are so many apps and websites where you can sell things online. Even facebook has its own selling section!
6. Create a budget – And stick to it
You know how much each one of your bills are and you can guestimate how much your expenses are (gas/food/etc). You can now create a budget with the money you have leftover each week on how much you can spend on “extras.” These include any entertainment, gifts, eating out, subscriptions and all the other things you consider entertainment.
7. Use tax refunds to pay off debt
This is one of the easiest/fastest ways to get out of as much debt as you can. As soon as you get your tax refund put it into all your debts. I know it’s tempting to just spend it on a nice summer vacation but you’ll be happy when that debt is gone and you no longer have to worry about it.
8. Create an emergency savings fund
Most people seem to get into debt because of something unexpected. That could include hospital bills, car accidents, car repairs, etc. By creating an emergency savings fund you are helping yourself for any of those unexpected situations.
9. Always pay above the minimum
Credit cards are huge for putting people into debt due to high interest rates. Instead of paying just the minimum make sure to pay a little extra. You’ll see a big dent in your debt.
10. Get a side hustle
You can use the extra money to pay off some debt. It doesn’t have to be a serious job. You can babysit, cut grass, walk dogs, there are so many side hustles out there.
It doesn’t happen overnight, but if you apply all these tips and tricks you can be sure to get out of your debt! Just remember to stay motivated and keep your goal in mind.
Let me know how it goes and leave a comment if you have any questions!