Whether you’re trying to save to buy your first home or for your kid’s education, money can be really tight. You’re not alone, either. According to CNBC, a whopping 80% of Americans are in debt and struggling! There are moves you can make to beat your budget crunch,so long as you have patience and discipline.
1. Refinance Your Debt
Be it your mortgage or credit cards, whatever debt you have should be as light of a burden to you as possible. Refinancing, for example, should lower the amount of interest you pay and that can really add up. Look into a second mortgage, if that will help, and talk to a loan specialist about debt consolidation. Done right, consolidating can literally save you thousands.
2. Buy In Bulk, Even If You’re Single
The cost of living for any area takes into account what you pay for life’s “necessities”, but if you’re not buying these items at the lowest possible price, you’re maxing out that COL. Buying in bulk is one way to beat costs, and you can do it even if you’re single. Split the packages with a roommate, friend or relative and watch how that helps stretch every dollar. Especially with the high cost of food. Bulk makes a big difference!
3. Vacation For Less
Yes, you need a vacation, but no, you don’t need to spend a fortune on it. Would your family have fun pitching a tent? Why not visit national landmarks and stay in the great outdoors, as opposed to an expensive hotel? Drive to your destination, if possible. Find new and exciting ways to enjoy your time off, without having to spend too much of your hard-earned money.
4. Make Your Home Energy Efficient
Most homes are allowing energy to escape ,costing the homeowner dearly. Use simple and cheap ways to seal the home, keeping the air you pay so much to regulate inside, where it belongs.
Debt is a heavy burden to bear, especially when you’re struggling every month with your budget. Let go of the stress and start being more proactive about your financial health. It’s a tall task, but with self-control and a few smart moves, you will get yourself ahead of the game.