If you’re struggling with your finances and getting further into debt every single month, it’s clear that something needs to change. Getting a higher paid job is one way to balance the books again but that’s easier said than done. If you like your current job and don’t want to move, you’ll have to find more money another way. A lot of people look at their budget and think that there’s no way they can possibly make any cuts but that’s only because they’re thinking within the confines of their current lifestyle.
If you live a fairly extravagant lifestyle, it’s easy to trick yourself into thinking that you need all of that stuff. People are often too proud to admit that they’re living outside of their means but sometimes you have to be realistic and admit that it’s time to downgrade your lifestyle. If that’s the point that you’re at, here are some simple ways to do it.
Move To A Smaller House
Your mortgage payments are likely to be your biggest expense and if you’re living in a big house, you’ll be really stretched. If you’ve got plenty of space and extra rooms in the house, you don’t need to be paying that much and you can save a lot of money by downgrading to a smaller place. If you’re in dire straits and need to make changes quickly to keep your head above water, there are ways that you can sell your house in a week with companies like Flying Homes, follow this link to find out more. If you can sell your overpriced home quickly and move into a more affordable place, you can use all of the money you’re saving to pay down debts and get yourself into a more stable financial position in just a few months. By moving house, you can also live closer to work which is going to save you a lot of money on fuel costs as well.
Get Rid Of Your Second Car
If you and your partner both have a car, that’s costing you a lot of money every month in insurance and running costs, not to mention repairs every now and again. If you’re both working jobs that are nowhere near each other and you’ve got no other way of getting there, you can’t really do without them, but that’s not always the case. If you work quite close to one another, one of you could drop the other off and then drive to work themselves. Or, if there is a bus or a train that one of you could get, you could try that instead of driving. By getting rid of the second car, you can save yourself a lot of money and use the lump sum you get from selling it to clear some of your debts.
As well as selling off your second car, you could consider trading the other one in as well and getting something that isn’t quite as expensive to run. There are quite a few cars that you don’t need to pay any road tax on because they have such low emissions and the fuel costs will be a fraction of what you’re spending now.
One of the first things people look at when they’re trying to save money is their food shopping. Getting rid of unnecessary snacks, not buying name brands, and buying fresh ingredients to cook yourself instead of pre made stuff are all great ways to save money on your weekly food shop but if you’re still shopping at an expensive supermarket, you won’t make that much of a saving. If you’re going to the more expensive supermarkets like Sainsbury’s or Waitrose, you’ll be spending way more than you need to and you can get the same stuff somewhere like Lidl or Aldi for a fraction of the price. The budget supermarkets often get a bit of a bad name and people think that the more expensive ones sell better quality products but that’s a complete myth. The quality of products at budget supermarkets is no different to more expensive places, it just doesn’t come with the hefty price tag. Check out this supermarket comparison site to see just how much you can save.
A lot of people say that if you’re trying to save money, you shouldn’t eat out in restaurants at all. That’s sensible if you’re in a really bad position but you don’t always have to be so drastic. If you’re going to expensive luxury restaurants every time you eat out, that’s costing you a lot of money. But you don’t need to spend loads money to get great food. There are plenty of cheaper restaurants that still have great quality food on the menu. If you do a search on Tripadvisor for local restaurants and use the price settings to find some more affordable places, you’ll find all sorts of places where you can get good food without having to pay a premium for it.
Are you paying for Sky TV and a load of online streaming services as well? That’s probably not necessary unless you’re watching TV all day, every day. A lot of the content on streaming services appears on lots of different ones anyway so you’re paying multiple subscriptions for a lot of the same content. Once you’ve signed up for the services, it’s easy to forget that you’re even paying them and even though they aren’t usually that expensive, those small costs add up. If you’re trying to downgrade your lifestyle, you can save quite a bit of money by getting rid of most of them and just keeping one, and there’s no need to be paying loads of money for Sky because most of those shows will pop up on Netflix at some point in the future anyway.
Once you’ve become accustomed to a certain lifestyle, you might think that you couldn’t possibly live without any of the stuff that you have but in times of financial stress, you might have to downgrade your lifestyle.