Avoiding debt is no easy task. With student loans, credit cards, and home mortgages, most Americans have some debt. However, that is no reason to drown in a mountain of debt! With these simple tips, you can get out of debt quicker, and avoid it in the first place.
1) Coupons matter!
Finding deals is a great way to save money and avoid debt. At the grocery store, always look at what items are on sale before making my purchases. Grocery stores offer advertisements that indicate all of the items that have special deals. We are also living in the age of Groupon and Living Social. Group buying is another way to increase your savings, especially if you want to go out to a restaurant or enjoy some sort of outdoor activity. Buying items that are on sale or discounted can get you great deals, and save you a ton of money!
2) Create your own meals
While going out to eat is enjoyable experience, it can also be expensive. Staying home and cooking your own meals is a great way to save money. Cooking spaghetti is very cost-effective, and can last you several meals. In addition, having scrambled eggs for breakfast is a great way to eat healthy and save money as well.
3) Brew your own coffee
The amount of money many Americans spend at Starbucks can reach astronomical proportions. While getting a “Mocha Frappucino”can be delicious at times, purchasing coffee every day can really hurt your bottom line. Instead, make coffee at home, take it to go, and watch your savings pile up!
4) Always carry cash with you, not just a credit card
Studies have shown that people who purchase items using a credit card are more likely to spend more money than they will if they use cash only. Every time you spend money using cash, you have to physically see the money leaving your hands, and you are aware of the money you are losing. Using a credit card disassociates you from the amount of money you are actually spending, since you do not have to pay off the bill until later, and you are not physically exchanging money. In addition, credit card companies often charge very high interest rates, so credit cards can be dangerous for big spenders!
While debt in many ways is part of the American lifestyle experience, getting out of it is a liberating feeling. So use these tips, save money, and avoid debt as much as you can!