There are some hard savings truths that we need to discuss. They aren’t the easiest to hear, but they need to be heard when you are serious about starting your journey to less debt more life.
Comparing these hard truths to something else is a lot like dieting. While many people are waiting for the miracle fix for losing weight or keeping fit, they’ll procrastinate on doing what we already know is a hard truth around fitness; we need to eat right and exercise.
When it comes to saving money and getting on that successful financial path, we need to deal with four essential hard savings truths. They may not be groundbreaking, but they are important so let’s get started.
Stop wasting money.
The statement “stop wasting money” might get us promoted from Private Obvious to Captain, but it is still a lesson many haven’t learned. Every dollar that you earn could help you take another step on your debt-free lifestyle, and if you have subscriptions that aren’t being used, buying coffee from the local shop every day, and just being careless with your money, then your money isn’t working for you.
Taking the time to sit down and work out a budget, like outlined in this blog here, can ensure that you are not wasting your money and instead make it work for you while understanding where the money is coming from and where it’s going.
Plan, plan, plan! Have a savings goal!
No one wants to worry about money. We want to be secure with our savings and know that when we retire, there will be enough money for us to do that. Well, the only way to get there is to plan. You need to take control of your money now to ensure that there is plenty there for the future. Sadly, money doesn’t grow on trees, and your wealth can’t grow without nurturing it. Time to get started!
Shed the debt ASAP!
Debt hanging over you is going to hinder your journey to financial freedom. Saving that debt as soon as possible is the only way to put those money worries behind you and start enjoying your life and securing retirement. If your mortgage is your most considerable debt, then the expert team at Credit Connection can help you save years and thousands of dollars off that debt. You can contact them here to find out more.
Other forms of debt, such as credit card debt or small loans, should be paid off as soon as possible. Paying off more than the minimum repayment means that you’ll pay it off quicker and stop racking up interest on those debts—a win-win.
Be DIY where you can!
We know that coffee always tastes better when made from that friendly shop down the street. We know that takeaway is tastier than making dinner yourself. We also know that those expenses add up REAL quick, and you’ll end up paying triple the amount for something that you could be making at home.
Making food and coffee at home might mean more effort, but it’ll drastically reduce costs and doesn’t that taste the sweetest? The occasional treat is fine and a great way to celebrate a savings milestone, but the hard savings truth is that you should be making as much as you can at home to save as much as you can.
These are just a few of the complex financial truths that we need to sort through to start our debt-free journey; if there are any more that you would like us to discuss, please let us know.
Good luck. You’ve got this!