How to cut expenses and get out of debt with small changes

The end of the year parties are coming up and, at this time, the desire to meet all friends, give presents to family members and enjoy the many invitations to parties is great. With the events, however, there are also many expenses and, if you are not in the most comfortable financial situation, it is difficult to keep up with the pace and give gifts to everyone who wanted to. Good Lenders Bank selected some actions you can take in 2016 to cut expenses, get out of debt and have a calmer 2016.

 

Know your spending

Consolidate all debts into one

 

Keep those words: organization and planning. Put on paper (or in the application! See how Good Lenders can help you!) Fixed expenses, such as energy, water, food, and transportation. You can’t get rid of them, but you can reduce them by evaluating small wastes, like leaving the tap running while soaping dishes or when you stop making the shopping list and put items in the cart without criteria. You can also reduce superfluous expenses, for example, stop spending on chocolate here and a coffee there on the street, reduce trips to the beauty salon, and avoid eating out.

 

Search opportunities

 

Do you buy cable TV, telephone and internet services? If the answer is yes, check if you are on the plan that best suits your real needs. Also, assess whether the competition offers cheaper packages that are consistent with your goal of reducing costs. You may be surprised at how much you can save by making these small adjustments.

 

Save, save and save

save money

 

Even small amounts can raise your budget. A piggy bank is sure to help. The change of bread, instead of becoming a treat, can be kept. Take this measure once and for all and you will have less fat and more banknotes.

 

Know how to differentiate “I want” from “I need”

 

At all times we are bombarded with “offers”, “promotions,” “unique and unmissable opportunities”. Before accepting them, ask yourself: do I want it or do I need it? If you just want to, reflect, is it worth it to blow the budget due to this desire? If you believe you need it, consider whether that need can wait for a more convenient time.

 

Practice detachment

Practice detachment

 

In the past few months you were not so conscious and bought everything that seemed useful. Scan the house and see what’s unusable. Tell your friends that you are selling some things to raise money, spread it on social networks or use websites that provide this service. Clothes, appliances and knick-knacks can make up a heritage that you never imagined having.

 

Engage your family

 

If you live with your family it is important to involve them in new practices. Everyone needs to remember to turn off the light when they leave an empty room. And do not even think about abusing the time in the bath and the hours that the television is on without anyone to watch it. Children also need to be made aware of the current situation. If everyone is committed, positive results will be faster.

 

Negotiate debts

Negotiate debts

 

Remember: the main reason you are dedicated to saving money is to build your financial freedom. Paying your debts and getting rid of them is the first step. Then see if any negotiation is possible and evaluate your current possibilities. If the lender you owe doesn’t have a specific debt negotiation industry, insist and see what can be done. Do not break the agreement. You don’t want them to lose confidence in you, do you?

Have you ever had a hard time not knowing how to cut expenses? Share your experience in the comments. Take the opportunity to tell us what attitudes you can implement right now to get out of debt.

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