livingdebtfree

I hear from so many that living within your means can’t be done as they have so many bills that are more than their current income.  Is it possible to do?  Well of course it is an anything is possible if you really would like to be able to make it happen.

I will share with you on how to make this occur however keep in mind that you must be willing to do this. It will take sacrificing some of the of the extra for a decent time frame to be able to complete this.

1.  Keep an eye on all of your purchases.

Yes I said all of your purchases!  That means the big purchases and the small ones.  I know that  spending money on buying lunch everyday or a few days a week can really add up to be over $100 a month.  Instead make lunch from home, and take it with you to work. Use leftovers for lunch and dinner. To save money on groceries use coupons, buy in bulk, watch for the sales flyer advertisements from the grocery stores.

2.  Create a budget by listing all of your expenses such as food, gas, clothing, cable, music CDs/mp3s,  subscriptions, utilities, etc.

3.  If your credit cards are really taking over all of your income in paying it back.  Then consider seeking credit counseling services.  They will be able to help with consolidating all of your bills, and pay one low amount.  However, do keep in mind that some have fees involved.  So do make sure that you remember to add the fee in additional to your payment.

4.  Create a Rainy day fund by putting a percentage of your income into your savings, I would say 10-20% would be helpful to start with this and increase as you see fit.

5.  Make sacrifices by getting rid of unnecessary items.  Yes there is life after not having cable.  Instead buying magazine, and newspaper subscriptions, go to the library and read them there. Also a lot of local news is available online through your local TV network.

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