Sick and Tired of Saving Money while paying a debt? Read This.
“Building wealth is a marathon, not a sprint. Discipline is the key ingredient.”
Most of the common New Year’s Resolution is to s be saving money.
But how can you save money if you are also in debt?
Use these straight to the point tips to come up with ideas to saving money in your day-to-day life.
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Categorize your expenses
- Amount of money you want to save
- Cost of living (rent/loan, food and utilities)
- Entertainment (travel, eating out, clothes)
From this, deduct the amount that you want to save from your income.
Noting how much you want to save.
You are more likely ending up spending a part of your saving so why not allot a few more dollars on top to offset the loss?
Once you’re done paying interest on your debt, you can put that money into your savings.
If you need assistance with a debt settlement, please call our friendly team on 1300 43 65 69 or email us at info@creditfixsolutions.com.au.
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Set Your Goals
One of the most effective ways of saving money is setting a goal with a timeline.
Think of a motivation.
Want to buy a dream car in two years with a 20 percent down payment?
Now that you have a target goal, it will become easier for you to save each month.
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Watch your savings grow
Check your progress every end of the month.
This will help you identify and fix problems quickly and start saving money.
It will also help you motivate yourself to stick to your plan and achieve your goal faster!
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Eliminate unnecessary habits
Does smoking cost you $50 each week?
Do you buy snacks in the office for $10 every day?
That means you’re spending a $1,000 or more every year for cigarettes and junk food.
If you start eliminating these habits, imagine how much you can add to your saving account.
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Step into a Debt-Free Life
Improving your savings while paying off your debt could be a challenge, but it does not mean it’s impossible.
You need to have a plan to successfully achieve both objectives.
The toughest part could be sticking to your budget, given your situation, which you must do anyway.
Remember that your financial behaviours can lead you to a road of financial freedom.
If you wish to be like our client who just had a saving of $13,905 reduced on her unsecured personal debts (names withheld for privacy), contact our friendly team now on 1300 43 65 69.
Email us at info@creditfixsolutions.com.au or check out more articles at https://www.creditfixsolutions.com.au/
