Congratulations! You’ve recently taken the first steps towards financial freedom by deciding to enroll in a debt settlement program.
A key benefit of enrolling in a debt settlement program is that it helps alleviate the stress of making multiple payments by consolidating your debt into one manageable payment. That way, you’re better able to focus on your overall budget and financial goals.
As you navigate through your debt settlement journey, consider implementing these four tips to help save even more money and achieve your financial goals faster!
Reduce Daily Spending
While trying to create an effective budget, it can be easy to focus on your more substantial expenses. After all, it’s much easier to visually see how larger chunks of money play into your overall budget. But the reality is that it’s often our daily spending habits that can have the greatest impact.
For instance, let’s say that you stop every morning on your way to work and purchase a $5 latte. At that moment, $5 may not seem significant, but let’s say you do that five days a week. In one week alone you’ve already spent $25. Do that for a month, and you are up to $100. Fast forward to a year of that daily habit, and you’re officially out $1,200.
Our small daily expenses often become such a regular part of our routine that we don’t even think of them as expenses anymore. To help eliminate this mindset and start saving money, make it a point to make your coffee at home and limit your latte purchases to a few occasional “treat yourself” moments.
Dine Out Less
Similar to our coffee example, dining out is another one of those expenses that can quickly add up. In fact, did you know that the average American household spends roughly $3,000 a year on eating out alone?
We’re not saying you need to eliminate dining out altogether, but it’s a good idea to take the time to evaluate your frequently-purchased meals. This can help you identify areas of opportunity to save money and create a more effective budget.
For example, if you find yourself purchasing lunch several times a week, make an effort to plan and prepare homemade meals and bring your lunch instead. If you typically spend $10 a day on lunch out, you can easily reduce that cost by brown-bagging it.
Buy Used When You Can
Another great way to save money when you are budgeting is to buy second-hand items. Whether it’s home furniture, athletic equipment, or clothing, buying items such as these that are gently used can help save you money!
If you’re not sure where to start, consider shopping at local consignment shops, online markets, or even your neighborhood yard sales. You might just be surprised at all the great finds (and deals) you come across.
Explore Cost-Free Activities
When you’re trying to stick to a budget, the idea of weekend entertainment may seem like a far and distant luxury. But here’s the thing: fun doesn’t always have to mean expensive. Depending on your interest and level of creativity, there are a ton of free activities right in your own backyard!
Live near a large city? Spend the day playing tourist and take in the local sights. Enjoy history or art? Try visiting free museums or local art galleries. Prefer to be outside? Pack a picnic and head to your local park. Prefer a night in? Plan a game or movie night at your house.
The key is to plan an activity that is fun, enjoyable, and—most importantly—friendly to your budget and money-saving goals.
Need Additional Help?
If you find yourself struggling with maintaining a budget or are looking for additional ways to save during your debt settlement journey, reach out to ACCS today. Our Debt Specialists are always happy to assist and walk through your financial options with you!