Posted by Lorimer Wilson
When people talk about getting their personal finances in order, they usually try to find relatively pain-free and low-cost ways to reduce debt and increase savings but this is a long-term approach which some people just cannot “afford”. For them it may be worthwhile to consider taking the hard way out of debt. Let me explain.
Instead of making small changes, make big changes which can have a large impact. The advantage is that you can put a huge dent into any debt you might have or supercharge your saving rate, with large increases over a short period of time. Here are 10 hard ways to get your finances in order.
1. Only buy things used – and save 50% or more!
New is nice, but there are very few items that you need to purchase new. Learn to buy everything you want used or don’t buy it at all. eBay, Craigslist, second-hand shops, consignment stores, flea markets and garage sales will be your new shopping grounds. This should reduce your spending by 50% or more and with a bit of work and a good eye, you’ll be the only one to know you didn’t pay retail prices.
2. Only buy what you NEED!
You know that you have too much stuff and your closets and other storage areas prove it. If you really want to purchase something, vow to donate, sell or get rid of three items for every one that you buy. If you want that new shirt, those new shoes or a new book, you have to give up three of each to get it. While it is not easy giving things you have up, this will ensure that you only buy things that you really want and avoid gathering that 80% of junk that most people buy but no longer use.
3. Turn Christmas into a no-spend holiday – and do some volunteer work instead!
Decide that you are opting out of the commercialism of Christmas or whatever winter holiday you celebrate and turn it into a no-spend holiday. Instead, go back to the roots of what the holiday is supposed to mean [and even contribute to the spirit of Christmas by doing some volunteer work in the community]. It will not be easy and friends and family may not understand, but not only will you save a bundle of money, you’ll have a less stress while getting a lot more meaning out of the holidays.
For the remaining 7 ideas on how to reduce expenses, save money and get out of debt read the balance of the article here at our associated site.
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