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Tip #43: Get out of the spending habit

We are surrounded with advertisements that tell us to buy, buy, buy.  When we want to read a book, we buy it.  When we want to go somewhere, we take a cab or drive rather than walking. 

Stopping spending consciously can be hard, but heading to your local library, walking instead of taking a car, buying a used computer instead of a new one - all can help you spend less and save more. There are several ways you can save money and pay off your debts faster by spending less:

1) When you head out, carry a small amount of cash with you and leave your credit cards at home.  That way, you will not be able to overspend.

2) Stop catalogs from arriving at your house or discard them unread - advertisements and catalogues encourage you to spend and buy when you don’t need to.

3) Do it yourself. Eat in rather than dining out.  Dining at restaurants or getting food delivered is always more expensive than doing your own cooking. Also, do your own taxes rather than farming the job out to someone else.  Wash your own car, run your own errands, mow your own lawn.  When you do something yourself, you spend less.

4) Watch less television.  It sounds strange, but television can make you overspend - television contains many professionally-created advertisements pushing us to spend and spend.  These ads are so well done that not spending after watching them is sometimes very difficult (just what advertisers want!).  Switching off your television can help you avoid temptation.

5) Make do or do without.  While you are repairing your credit, channel all your extra money into paying off debts and reestablishing good credit.  Make so with what you have and avoid shopping as much as possible.

6) Buy discount or used.  Whether it is furniture or shoes, you can save money by refusing to pay retail price.

Saving your money by spending less can let you pay off your debts faster, something that can improve your credit score dramatically. 

     
Tip #44: Save Money

One of the best ways to ensure that your credit rating stays good is to save money each month.  Whether you are able to save $25 a month or $200 or even more, saving and investing your savings will prepare you for financial emergencies, will get you out of overspending, and will allow you to build investments that can help you in later years. 

With savings at your bank, you don’t have to worry that sudden illness will make you unable to pay your bills, resulting in dings on your credit. 

Saving ten percent of your income is a nice, reasonable goal. You can use your invested savings to make certain that your debts never get overwhelming.  Most employers and banks will even deduct a certain amount of money from your paycheck or account each month to be put into investments. 

This can be a very convenient way to save, as you are unlikely to miss or spend money you have taken out before you can get your hands on it.

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