I hear many clients and other people say that there is no way they can reduce their spending, cut back or stop buying this and that. Yes you can! If I could do it you can to. Reducing your spending is all about control, discipline and changing how you think about money.
You are your worst enemy. Only you can change your current financial life, only you can prevent collections, late payments, liens, judgments. Even if you don't have the money to pay back the debt there are other things you can do to prevent negative marks on your credit report. The first step is by reducing your spending. Here are 10 ways to cut back on spending. You can use the extra money to pay down debt, create an emergency fund and accomplish your financial goals.
1. Live like college. Live like you did when you were in college or when you first moved out on your own.
2. Eat out of a can. Eat noodles, soup, tuna, canned meat, bologna sandwiches, peanut butter & jelly sandwiches and whatever else you can buy for a few dollars. No one has to know.
3. Buy generic brands. Skip buying name brand products when you go to the drug store or grocery store. Many times the generic brands are just as good as the name brands and are in many cases cheaper.
4. Buy on sale. Buy items on sale, in bulk and use coupons. Some stores honor coupons and give you double the coupon.
5. Buy raw foods. Only buy raw foods such as fruits and vegetables in season.
6. Reduce expenses. Reduce expenses such as cable, cell phone, eating out, shopping and entertainment.
7. Reuse. Reuse bags, printer and fax paper, and boxes for shipping.
8. Downsize. Move to a smaller home or trade in a luxury car for a smaller cheaper car. One of the richest men in America, Warren Buffet bought his house for $31,000 and still lives in it and he is worth $47 billion.
9. Skip drinks. Buy water instead of soda or buy generic soda.
10. Make your own. Use fresh fruits and vegetables to make your own juice drinks and smoothies.
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