Thursday, September 21, 2017

Embrace Living On A Budget And Learn To Love It

When you find yourself wallowing in a pit of financial troubles, life can go one of two ways. You could bury your head in the sand, accruing more debt while hoping that it’ll all go away at the same time. Or you could take the bull by the horns, take a step back and reassess your financial situation with the main goal being to clear your debt. The first option is easy but foolish. The second takes guts, courage and a whole lot of planning. However, get it right, and you could be debt free eventually. The financial freedom that you will achieve will be worth the months, maybe even years of frugal living.

Sticking to a budget can be tedious, and the temptation to break free and spend frivolously will always be there. However, there are ways that you can live on a shoestring budget and learn to love it while seeing your debts decrease.

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Start Networking

Head online and join some forums to meet like-minded people who have chosen to live a thrifty lifestyle. By connecting with people who have the same frame of mind as yourself, you won’t feel so isolated in your quest of achieving a debt free life. Explain that you are a newbie and ask questions. Forum members are there to share advice, stories and help you through the initial difficult few weeks of adapting to a less extravagant way of living.

Budget

Set yourself a realistic budget. If you are used to gourmet ready meals and eating out regularly, it’s time to reign it in. Download a free personal budget template from office.com and begin listing all of your current outgoings and start to analyze where you could make savings. That weekly trip to the spa for a massage can go as can the daily cappuccino from your favorite coffee house. These savings, although small, soon add up and can be put towards your debt repayments.

If you are concerned that the capital of your debt is barely being touched and you are having a hard time trying to clear only the interest, it might be time to look into merging your separate debts into one monthly repayment. Head to consolidatingdebt.co where you will find advice on how to apply for a credit card with 0% interest on balance transfers. By placing all of your outstanding debt on this card, any payment you subsequently make will be paying off capital. This means your debt will be easier to manage and will clear much faster.

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New Way Of Life

You may find that you settle into your new way of thrifty living and learn to relish the challenge of finding cheaper alternatives to more extravagant things. If you are used to eating out, the ability to source local, cheap ingredients to create some nutritious culinary creations could reinvigorate your passion for cooking.

If you’ve been an exercise bunny in the past but have had to give up your expensive, exclusive gym membership, you may love heading outdoors and enjoying the scenery as you partake in a free jog, hike or walking session.

Living frugally doesn’t mean living like a pauper. With the right support and a strong commitment to sorting out your finances, you will see the light at the end of the debt tunnel and will be able to reap the rewards of financial freedom.

xoxo,
Therese
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