Do you feel like you constantly struggle with the amounts your earning vs. the amount you are spending in real time? Don’t worry you’re not alone. Many people feel the same exact way, which is why we want to bring this topic to light & talk about the ways you can live under your means without breaking the bank and still being able to live a fulfilling life !
To prevent debt, obviously, you need to spend less than you earn! This sounds simple and to the point, but for many, it isn’t (shocker). Bills don’t really change and there are things you must cover every month. You should be able to find other ways to save money on your necessities and start looking at your luxuries. Here are five simples ways to spend less than you earn each month:
1. Get a Less Expensive Vehicle
If you need your vehicle right now, think about the amount that it costs to run. This isn’t just about gas, it’s about everything else too. You also need to think about the cost of tax and insurance. Look into other vehicle options and find one that is less expensive to run on a monthly basis. You may find it costs less to buy, so you have money left over from this one that you sell. After all, you don’t need to be boujee.
2. Refinance Those High-Interest Loans
When you took a loan out a few years back you may not have had the choice over the interest rate. However, after some time of regularly paying it back, your credit rating will improve and you could get a finance deal at a much lower interest rate! A few percents may not sound like a lot now, but over the course of the loan time, it will take your monthly repayments down. Look into refinancing your high-interest loan and see if you can save a little more each month.
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3. Enjoy a “Staycation”
Getting away for a break is something many individuals and families dream of doing, but they can be so expensive and taxing. Change it this year by doing a “staycation.” You can stay at home but enjoy trips out during the day to affordable places. Try free museums or trips to the park with a picnic to enjoy time with the family or even take a hike somewhere!