3 Ways To Reduce Debt And Still Live A Good Life

How do you cut down your debt but still enjoy life? Paying off debt is the last thing anyone wants to do and having debt hang over your head can certainly be annoying. Whilst paying off your debt you may feel like you can’t do what you want or spend what you want. However, there are ways for you to live a good life and still cut down your debt.

Everyone should be able to live a good life. Even if you have debt that you are working to minimize, here are three ways to live a good life irrespective of your current financial situation.

  1. Write Down What You Spend Weekly 

It seems like a hassle to write down where every single penny goes, but it does not actually have to be difficult. You can start writing down what you spend weekly or monthly by creating a spread sheet, of every transaction made (cash and/or credit/debit card). If you really feel that it’s a hassle, then there are many apps that can help you track what you spend daily, weekly or monthly. For example a few great apps are Spending Tracker, Money Dashboard & Moneyhub. Always remember to make an allowance for tax deductions, NI contributions and any student loan repayments you may have. The UK salary calculator is a great tool that can be beneficial in giving you a good summary of the outgoings that aren’t within your control.

How can doing this help you live a good life?

By writing down what you spend or at least keeping a track of what you spend, you can begin to allocate funds to the things you love doing. This could be anything from travelling to nights out or splurging on some good books.

  1. Find Deals And Discounts

When planning a holiday, a meal out or buying a product, you don’t always have to pay full price. There are a handful of deals, which are online; so be sure to do some searching because you make your purchases. If you don’t know where to begin, then start with Wowcher and Groupon. There are deals and coupons from 50% – 90% on beauty spas, restaurants and travel and courses.

How can doing this help you live a good life?

Finding deals and discounts can help you cut down your spending; it can also help you think about you want versus what you need. Always check discount sites before you make any purchases, you may just be surprised at what you find.

 

  1. Distinguish What You Want From What You Need

We often tend to buy things we really don’t need. When you establish what you want from what you need, this can help you figure things out. Have you ever come home from a shopping trip only to think about why you bought an item you didn’t need? It’s no fun seeing your money go on items that you can’t recall without looking into your shopping bag.

Have clear spending goals and give every purchase a purpose. Being clear on what you want will put a stop to indecisiveness and/or impulsive buying.

How can doing this help you live a good life?

This is another good way to cut down your debt and still live a good life; it can help you reduce impulsive buys, which means more money in your bank account and less financial worry.

 This post was written by Freda.

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