4 Tips to Help You Stop Overspending
The average American has over $38,000 in personal debt, and this estimate excludes mortgage costs. As the most reputable bankruptcy law firm serving Bucks County and nearby regions, we want to share advice with you to help you avoid insolvency and mountains of debt. Below are some tips that can help you to spend less money and start saving to avoid, or get out of debt.
Plan a Budget
Keep track of your spending by logging daily entries into a budget spreadsheet. This will help you to monitor your spending habits over time. Search Google for useful budget planners and there a range of free services readily available. Do a full analysis of your budget and pinpoint the areas that you can cut out or cut down on the amount that you spend. Most importantly, make sure that your outgoings are not exceeding your earnings.
Eat the Food That You Already Have in the House
Think about how much food you throw away each month. If you check your fridge and pantry before heading to the store, you’ll probably save money and realize that there is food already in the house that you can eat without buying more. Another tip is to eat before your weekly grocery trip; hungry shoppers buy less food! Try to cut down on eating out, and you’ll also start to notice a steady increase in your savings.
Cancel Catalogs and Emails from Online Retailers
How many times have you bought a product after reading the latest email or newsletter from your favorite store? Unsubscribing from their mailing lists can remove any reminders about sales, and the temptation that comes with them. Remember, these emails are written to entice you to buy – people are employed for this specific reason. Canceling catalogs will also remove purchasing temptations from your very doorstep.
Cut up Your Credit Cards
If they’re not there, you can’t use them. If you find that you are continually overusing your credit cards and they are leading you deeper into debt, cut them up. By removing the cards, you’re removing the physical reminder that they are available. Try and only spend money that you already have, as debts incur charges and lead you into more and more debt, it’s a vicious cycle that is designed for this very purpose.
For more information, or to schedule a discussion with a professional debt settlement lawyer in Montgomery County, please don’t hesitate to contact us.