Avoiding Debt: 4 Tips to Help You Live within Your Means

Monday, June 3, 2019, 6:00 AM | Leave Comment

Living above your means is not difficult to do. You may look at your paycheck and see that you make a decent wage.

Once you factor your bills and other expenses you may have for a pay period, you realize you don’t have as much money as you thought you did.

Here are four tips to help you get organized and live within your means.

Avoiding Debt: 4 Tips to Help You Live within Your Means

  1. Don’t Spend All of Your Money

    When you have money, it’s tempting to spend it, especially after you’ve paid your bills. Don’t spend the money you have left. You never know when an emergency will occur. Unexpected expenses are the primary cause of debt for millions of Americans. Once your savings account reaches a certain limit, you can start to get ahead on your bills by paying them early.

  2. Look for Less Expensive Alternatives

    The alternatives to some things aren’t as bad as you may think. Instead of name brand cereal or meals, try the store brand or generic brands. You should consider purchasing used or refurbished items. Some items may not be brand new out of the box, but functions just as well. Laptops, desktops, TVs, and other electronics work well even though you are not the first owner. Buying used cars can also provide opportunities to save money and still get a high quality product. Some things can be better the second time around.

  3. Give Your Income a Boost

    If your budget reveals you are not making ends meet, you need to make some changes. Making changes means, like many Americans, you are living paycheck to paycheck. You can start boosting your income by getting a part-time job or getting a side hustle. Side hustles can include walking or babysitting dogs or delivering food. Food delivery platforms you can use include Postmates and Door Dash. You can do freelance work from home to earn more money.

  4. Save Money for Major Purchases

    Credit cards are convenient among other things. Using a credit card for major purchases can put you in debt. Instead of using a credit card for major purchases, save your money. Save money every paycheck until you have enough to buy the item. You don’t have to worry about interest rates and paying late fees if you don’t use a credit card.

Trying not to live above your means can be difficult. Use these tips and others to help you avoid debt and stay on track with your finances.

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