Plot Your Way to Debt Free Living

Money sometimes flows out of your budget faster than it is replenished by your income. The condition is a normal part of money management, reflecting the ebb and flow of healthy finances. As long as you eventually make-up the difference, you’ll personal finances will ultimately balance. On the other hand, if the shortfalls arise again and again, never allowing you to catch up, you may have a hard time finding equilibrium. When the scales tip too far toward excessive personal debt, making substantial changes may be the only way to restore your financial health.

Spending often traces a regular pattern, with spikes occurring during the year-end and summer holiday seasons. Unfortunately, bills you rack up during these periods can linger throughout the year, taking many months to clear from your debt load. Not only do the outstanding balances add to your financial burden, month after month, but debts also generate finance charges. In the worst cases, interest grows to unaffordable levels, preventing debtors from wiping their principal balances.
Whether you are struggling against a rising swell of debt or just want to maintain better habits, set spending boundaries and use simple strategies to save money on every day buys.

Stock Up When Prices Dip

Buying consumer goods the moment you need them is one of the most expensive ways to manage spending. For a more affordable result at the market and other retail outlets, approach spending with the big picture in mind. At the market, sale prices reduce food by as much as 50 per cent. When the items you use regularly are on buy, set yourself up for a few months’ worth of use, taking advantage of the low price. Coupons provide additional incentives to stock-up, which can be added on top of in-store buys. And if you are savvy tracking discount voucher codes, you may be able to uncover hidden savings.

Use Cash Back Cards and Apps

The consumer marketplace has grown so competitive sellers of all sorts now offer cash back on purchases. Starting with your primary credit card, it is possible to get money back on almost everything you buy. To get the most money back, use a generous rewards card to buy groceries and make other every day purchases. As long as you pay your entire balance each month, you won’t suffer finance charges while you’re reaping the benefits of cash back cards.

Individual retailers offer cash back incentives, but there are other ways to get money back. Downloading certain apps enables you to enjoy rewards from multiple sellers, without registering individually at each store.
Explore Car Boot Sales and Charity Shops

Major retailers aren’t the only ones selling clothing, household goods, and other useful items. Bargains can be found on thrift, at boot sales and second-hand shops. If you haven’t hopped on the bandwagon, you’re missing-out on the used values found at these outlets. You’ll uncover designer clothes and vintage furniture in charity shops, for a fraction of the cost of new items. And car boot sales bring myriad bargains you can haggle for, making the hunt for unique objects almost as much fun as the deals you’ll find on display.

Shop Off-Season

Retail goods appear and disappear on store shelves in a seasonal cycle you can use to your advantage. To make the most of your clothing budget, buy what you need during the season opposite when the items are needed. The approach calls for planning ahead, but if you watch for seasonal markdowns and buy on clearance, you’ll never pay full price for clothes.

Buy Food Priced for Quick Sale

Markets rotate their stock to keep the freshest goods on display. As bread, sweets, and other items are replaced with new stock, the “day old” varieties are deeply discounted. To take advantage of these bargains, look for the telltale yellow stickies grocery stores use to mark down items “priced for quick sale.”

When debt takes on a life of its own, creating an unhealthy financial flow, restoring balance is the only way to get back on track. Every step in the right direction makes your finances more secure. Use these and other tactics to trim spending and climb your way to debt free living.

Paul graduated in 2001 with a degree in Finance. Since then he has gone on to work for several of the UK's most well-known financial institutions.

An avid blogger and a huge football fan, Paul is here to guide you through the ins and outs of personal finance and perhaps save you some money in the process!

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